The opinions expressed in this paper do not necessarily reflect the position of Summary We study sequential and single-round uniform-price auctions with affiliated values. We derive symmetric equilibrium for the auction in which k1 objects are sold in the first round and k2 in the second round, with and without revelation of the first-round winning bids. We demonstrate that auctioning objects i...

A manufacturer must choose to delegate component procurement to its tier-1 supplier, or to control component procurement by contracting with both the tier-1 supplier and the tier-2 component supplier. Both suppliers have private cost information and the manufacturer has an alternative source of supply with cost known to all parties. This paper proves that if the firms may use arbitrarily comple...

Changes in production cost always lead to changes in wholesale and retail price. How to adjust the wholesale price, retail price and order quantity in order to derive an optimal strategy for the supplier and the retailer is one of the most perplexing problems. The purpose of this study is to develop a strategy to maximize the expected profit by simultaneously determining the adjustment ratio o...

 International trade causes that markets to become more competitive and small-medium sized enterprises (SMEs) learn to compete effectively within this increasingly competitive global market place. SMEs are able to take advantage of increased opportunities in domestic markets that follow from international trade. It is indeed a way for internationalization of SMEs. This paper analyzes income and...

Our aim was to adapt the traditional framework for expected net benefit of sampling (ENBS) to be more compatible with drug development trials from the pharmaceutical perspective. We modify the traditional framework for conducting ENBS and assume that the price of the drug is conditional on the trial outcomes. We use a value-based pricing (VBP) criterion to determine price conditional on trial d...

Inflation depends generically on current and expected monetary and fiscal policies. There are three ways to carry $1 today into the future: money, bonds, and real assets. That dollar’s purchasing power varies inversely with the price level. The real return on money depends on the flow of transactions services it supports and the expected inflation rate; the analogous return on bonds is the nomi...

The basic model for valuation of firm is the Dividend Discount Model (DDM). When investors buy stocks, they expect to receive two types of cash flow: dividend in the period during which the stock is owned, and the expected sales price at the end of the period. In the extreme example, the investor keeps the stock until the company is liquidated; in such a case, the liquidating dividend becomes t...

The purpose of this study is to explain the relationship between the comparability of financial statements as a qualitative financial reporting feature with the expected risk of stock price crash. The statistical population of this research includes all companies admitted to Tehran Stock Exchange. In order to achieve the research goal, 81 companies were selected for the period between 2010 and ...

This paper studies auctions with a temporary Buy-It-Now (BIN) price using a two-stage model. In the first stage, a group of bidders (early bidders) are offered a ”Buy-It-Now” (BIN) option to purchase the item immediately at a listed price (BIN price). If no early bidder accepts the BIN price, the BIN option disappears and the second stage starts with an additional group of bidders (late bidders...