This paper is concerned with economies in which agents find sellers and employers in a time-consuming search process while they simultaneously trade with their current partners. A symmetric steady-state equilibrium does not exist, but asymmetric steady-state equilibria exist and are such that...

It has recently been suggested that a number of experimental findings of context effects in choice settings can be explained by the ability of subjects to draw choice-relevant inferences from the stimuli. We aim to measure the importance of this explanation. To do so, inferences are assessed in...

This article studies the implications of experience curves and brand loyalty for optimal dynamic pricing policy. In a continuous time model, we synthesize several results from the literature on open loop equilibria. Specifically, we show that prices should decrease over time for high discount...

A mechanism with low direct cost of use may be preferred to alternatives implementing more efficient allocations. We show this experimentally by giving pairs of subjects the option to agree on a single average price for a sequence of trades--in effect pooling several small bargains into a larger...

We analyze a duopoly through a differential game, in which the players set prices as functions of time. Under reasonable assumptions, we find that prices first decline, then increase. The market share of the biggest firm grows initially but decreases later. It is demonstrated that a firm may...

Using financial measures of performance we investigate the sources of value creation in the U.S. brewing industry between 1969 and 1979. We find that market share gains in this industry at this time are not correlated with changes in value and that the performance of individual leading firms is...

We make two clarifying comments on a recent paper by Naylor and Tapon (Naylor, T. H., F. Tapon. 1982. The capital asset pricing model: An evaluation of its potential as a strategic planning tool. Management Sci. 28 1166-1173.). The conclusions of their paper are significantly affected by this.