These benefits depend on how many consumers switch between the two firms when one of them cuts prices (the diversion ratio).

ECONOMIST: Economics focus

The switch began at 5%, and by the time the cineole level had reached 10% the ratio of time the animals spent in the two enclosures had reversed itself presumably reflecting, though this remains to be tested, the point at which they change trees in the wild.

ECONOMIST: Ecology raids the techniques of chemistry

One is through the wider use of convertible bonds which automatically switch into equity, bolstering the bank's balance-sheet if, for instance, its capital ratio falls below a trigger threshold.

ECONOMIST: Dealing with bad banks