After entering into supply contracts, ...rms often later renegotiate the terms of those contracts. For example, ...rms that obtain market demand information after signing supply contracts may bene...t by renegotiating the contracts to allow buyers facing poor market conditions to purchase less than their contractual commitment and allowing buyers facing favorable conditions to purchase more. Co...

Buyers frequently delegate purchase decisions to sellers who are better informed about supply options and the cost of service. This paper analyzes how buyers optimally contract with sellers who vary in their expertise at prescribing service. We show that the most expert suppliers offer the greatest variation in advice. Buyers benefit from dealing with experts provided they contract sequentially...

When the seller of an asset grants a right-of-first-refusal to a buyer, this special buyer has the opportunity to purchase the asset at the best price the seller can obtain from the other potential buyers. We show that the right-of-first-refusal is inefficient, and it benefits the special buyer at the expense of the seller and other buyers. In a private values model, the benefit from granting a...

The aim of the present study was to identify the factors that affect and motivate the purchase of quality-labelled beef in Spain. For this purpose a total of 364 surveys were carried out on buyers of beef in three Spanish cities. The sample was divided into three groups of buyers according to the frequency with which they buy beef with a quality label. A logistic regression analysis was used to...

• Sellers distribute goods • Buyers purchase some quantity Tâtonnement mechanism • A " Hill Climbing " approach Utility Functions • Describe a player's preferences • Specify a quantity for all prices Protocol • Sellers set the initial price • Buyers pledge quantity at price • Equilibrium sets the final price Real World Market Applications • Tokyo Grain Exchange (itayose) Debate on Applicability...

Nowadays, a huge number of individuals purchase virtual items in constantly growing service environments: online game communities. Some researchers have studied gamers’ motivations to purchase virtual game items in general, but no one has separated different gamer types regarding their purchasing motivations. Understanding different gamer types is important because gamers may purchase the same ...