Assistant Director for Consumer Protection

This report bas been prepared by staff members of the Bureau of Economics of tbe Federal Trade Commission. The views expressed do not necessarily reflect the views of tbe Commission or any individual Commissioner. CKN 0 WLEDG EMENrS We would like to thank J. Howard Beales, lIT, who reviewed this paper for the Bureau of Economics, for his many helpful suggestions. We also gratefully acknowledge the valuable comments received from Jerry Butters, Timothy Daniel, Paulin