We experimentally compare two partnership dissolution mechanisms, the widely-used buy–sell clause and the winner’s bid auction. While standard theory does well in organizing many laboratory patterns, it does not easily capture that many subjects bid valuations, especially in the buy–sell...

We compare how experienced procurement managers and students solve the newsvendor problem. We find that managers broadly exhibit the same kind of pull-to-center bias as students do. Also, managers use information and task training no better than students. The performance of managers is...