When a good or service is offered in a variety of qualities with corresponding marginal prices, a quality-based allocation of consumption units by buyers is induced. This enables a monopolist supplier to achieve partial discrimination among buyers with different consumption preferences. We...

This article establishes conditions sufficient to ensure that a decision of a firm is judged to be desirable by any one shareholder (e.g., the firm's manager) if and only if every shareholder judges it to be desirable. One such condition is that the decision would not alter the set of...

The theory of the firm under uncertainty is examined in the context of several examples which illustrate that opportunities to purchase technological information at some cost in resources may induce economies of scale even though the technology of physical production has no economies of scale....