Many disputes between buyers and sellers concern product quality and whether a claim of poor product performance is covered by a warranty issued by the seller. We develop an analytical framework in which average product quality, buyer preferences, production and transaction costs, and the extent...

This article develops and implements a method for evaluating an exhaustible resource (helium) whose rate of production is governed by the rate of production of a second exhaustible resource (natural gas). We determine optimum future price and consumption paths, optimal production rates from...