W every firm in a supply chain bears supply risk (the cost of insufficient supply), some firms may, even with wholesale price contracts, completely avoid inventory risk (the cost of unsold inventory). With a push contract there is a single wholesale price and the retailer, by ordering his entire supply before the selling season, bears all of the supply chain’s inventory risk. A pull contract al...

Experimental evidence suggests that people make time-inconsistent choices and display overconfidence about positive personal attributes. Do these features affect consumer behavior in the market? To address this question we use a new panel data set from three US health clubs with information on the contract choices and the day-to-day attendance decisions of 7,978 health club members over three y...

Proposals for the reform of labour legislation have been central to the reform agenda of international financial institutions, most particularly the World Bank, and have been pressed particularly on the governments of countries which formerly have had socialist or social democratic forms of labour market regulation. This reform agenda is based on a neo-liberal conception of the labour market, a...

This paper models contracting arrangements between one Seller and one or more Buyers when the ‘‘deliverable’’ or output under the contract is produced in a non-scalable capital-intensive production facility. The basic model proposed allows the Seller and Buyers to negotiate bilateral contracts for the good in advance. On the day, the Seller and Buyers can also sell excess capacity or buy additi...

This study attempts to examine whether an automobile part exported from Japan is a kind of special and hardly replaced by the same part exported from other countries by estimating the elasticity of substitution between Japan and competing countries in a third market. The recent literature on foreign outsourcing and incomplete contract suggests that international transaction of intermediate inpu...

From four hours out the error in predicting wind output typically exceeds 10% MAE(perhaps 15% RMSE). Given the asymmetry in imbalance penalties from being short or long,the optimal forward contract of wind might be expected to be less than the expected output.This note derives the optimal ex ante contract position and …nds that if wind is uncorrelatedwith the system imbalanc...