Fixed-Mobile Substitution, Termination Rates, and Investments

We determine the equilibrium substitution between …xed and mo- bile calls and access when consumers dier in mobility. Call prices are aected by substitution possibilities if and only if this leads to price discrimination between heterogenous consumers. We show that high mobile termination rates increased adoption of mobile telephony, while low …xed termination rates led to reduced …xed access. (IN- COMPLETE DRAFT)

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