This project has two related parts. The first studies the economics of compatibility standards, especially those that are set by relatively "cooperative" committee processes, rather than the market processes typically analyzed in the economics literature. Many standards are set by committee: telecommunications offers especially many examples. The second part studies the economics of competition over time in markets in which buyers become locked in to the sellers from whom they buy. The analysis includes both the case of no long-term contracts, in which a buyers only protection from ex-post exploitation is the sellers desire to sell to new buyers; and the case of long-term contracts, in which it is possible to specify in advance some or all of the features of the relationship. The research is significant for the understanding it will give about the standard setting process. The research adds significant elements of realism by making the framework for analysis a combination of committee and market outcomes.
