We study the market partition between two distinct firms that deliver services to waiting time sensitive customers. In our model, the incoming customers select a firm on the basis of its posted price, the expected waiting time and its brand. More specifically, we quantify by a cost any departure from the ideal brand expected by each incoming customer. Considering that the two underlying queuein...

The stock market is forward looking; economic indicators and important future events are factored into stock prices. According to the Efficient Market Hypothesis†, markets operate efficiently and stock prices instantly and stock prices instantly reflect all information available. However, inefficiencies in the stock market exist due to the behaviors and expectations of investors. Stock prices m...

A securities market is order driven 1~the limit orders of some public participants establish the prices at which others can trade by market order at any time when the market is open. The paper considers how, without market maker intermediation, a population of public investors separates into limit order and market order traders, and how the order driven market achieves an ecological balance bet...

Rapid advances in Internet commerce technology have brought about the emergence of comparison-shopping Websites, which act as agents to consolidate vast amounts of product information. Researchers have traditionally focused on incorporating the latest database interrogation technology and investigating the economic implications of the existence of comparison-shopping Websites. Little attention ...

Three studies investigated whether apologies and/or thanks in a favor asking email message increase normality of the message, positive attitude about the message, sender credibility and willingness to give the favor in the U.S. and Korea. Participants as the Sender in study 1 (N = 521) and as the Receiver in study 2 (N = 386) completed one of four versions of a questionnaire regarding a prototy...

We analyze the pricing of a productive asset in a class of dynamic exchange economies with heterogeneous, infinitely–lived agents, and self–enforcing intertemporal trades. Individual incomes fluctuate and are correlated; preferences, dividends and aggregate income are fixed. Almost all economies in this class have a unique stationary Markovian equilibrium with fluctuations in asset prices. As t...

Regulated firms often sell to ‘external’ markets in addition to their regulated or ‘internal’ markets. The welfare of consumers in these ‘external’ markets is typically outside of the regulator’s domain of concern. As a result, ‘external’ markets provide the regulator with additional policy options for the strategic influence of firm behavior in the presence of asymmetric information. Without a...

This article investigates best-price clauses as a strategic device to facilitate collusion in a dynamic duopoly game. Best-price clauses guarantee rebates on the purchase price if a customer finds a better price after his purchase. Two different price clauses are distinguished: "most favored customer" and "meet or release." I examine the collusive potential of both clauses in a finite-horizon d...

Existing online forum software support limited assessment features. This paper presents an analysis of an assessment model which has been implemented in online discussion forum software. The assessment model is aimed to automate the assessment of students‟ participation in online discussion forums. The model is formulated based on four different participation indicators and educators‟ feedback....

http://dx.doi.org/10.1016/j.elerap.2015.08.006 1567-4223/ 2015 Elsevier B.V. All rights reserved. q A preliminary version of some of these results appeared in the Proceedings of the Twenty-Seventh National Conference on Artificial Intelligence (AAAI-2013) Hajaj et al. 2013. ⇑ Corresponding author. E-mail addresses: [email protected] (C. Hajaj), [email protected] (N. Hazon), [email protected]....