This Article reports an experimental study that provides the first empirical demonstration of the hindsight bias in patent law. The results are dramatic along several fronts: (1) the hindsight bias distorts patent decisions far more than anticipated, and to a greater extent than other legal judgments; (2) jury instructions that explicitly identify and warn against the hindsight bias do not amel...

Due to global competition and dynamic market environment, a major challenge in enterprisewide optimization [1-3] has become to simultaneously optimize the production planning and inventory control decisions for chemical complexes under demand and supply uncertainty [4, 5]. Because chemical complexes are usually composed of many interconnected processes and various chemicals, it is an important ...

One area in which experimental economics methods have been used to study operations problems is supply-chain management. We survey results from a series of human experiments based on the popular beer distribution game and find cognitive limitations on the part of managers, in particular an underweighting of the supply line. We suggest mechanisms that may alleviate this bias, including sharing i...

Classroom market experiments can complement the theoretical orientation of standard industrial organization courses. This paper describes various experiments designed for such courses, and presents details of a multi-market game with entry and exit. In this experiment incumbents have a cost advantage in their ‘home’ markets, and mobile firms decide which market to enter. After entry decisions a...

Negotiation is a powerful mechanism for facilitating effective economic exchanges. Electronic negotiations allow participants to negotiate online and use analytical support tools in making their decisions. Software agents offer the possibility of automating negotiation process using these tools. This paper aims at investigating the prospects of agent-to-human negotiations in B2C contexts using ...

This paper studies dynamic price competition between two firms selling differentiated durable goods to two buyers whose valuations of the two goods depend on their own private type as well as that of the other buyer. We construct an equilibrium based on the key observation that the expected price of either good in period 2 is the same as its price in period 1 on and off the path of play. We sho...

In this paper, we have proposed a bi-objective model for pricingqueuing problem under fuzzy environment. The objectives are maximizing the profit and minimizing the waiting time in system to receive the service. Price, warranty length, and service capacity decisions are analyzed for a seller with considering sale and service channels. To formulate the demand function, a fuzzy system is develope...

meat color is an important quality trait influencing the purchase decisions of consumers at the point of sale. maintaining the cherry-red color of fresh meat desirable to consumers is critical to retailing, and discolorationinduced quality deterioration leads to a $1 billion annual revenue loss in the US meat industry. the redox chemistry of myoglobin and its interactions with other biomolecule...