Purchasing Strategies: The Case of the Royal African Company*
نویسندگان
چکیده
This paper considers the choices a company faces in purchasing intermediate goods for production. It examines the case of the Royal African Company for which there is detailed purchase data available for 1672-1699. Empirical analysis indicated that the company purchased from more suppliers when it had higher demands, and purchased relatively more from a supplier with whom it had a longer relationship. The company's purchasing pattern is broadly consistent with what would be predicted from optimal purchasing strategies under relationship-specific investment and incomplete contracts. *We are grateful to Jennifer Key and Robin Koenigsberg for research assistance and Ron Smith is grateful for the hospitality of the Department of Economics while he was visiting the University of Colorado at Boulder. ** Department of Economics, University of Colorado at Boulder, Boulder, CO 80309. *** Department of Economics, Birkbeck College, London W1P 2LL
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