Traders choose to participate in forward or spot auctions having some probability of contract non-performance in the forward market with no associated real cost or with a transaction cost levied randomly on a forward trade. Results from laboratory markets suggest that the spot market becomes a...

The evolution of vertical coordination systems and pricing mechanisms in the Russian food system are summarized. The activities in the stages of the food vertical chain during the command economy period were coordinated administratively similar to an integrated firm. Coordination in the food...