This paper studies the incentives of short-lived agents to acquire costly private information in the presence of public signals arising from market interaction. It characterizes the social learning process, that is the revelation of information by public signals, and the information...

The model we discuss in this note is a re-examination of the classical Bertrand model of imperfect competition. the main difference is that consumers are allowed to have some strategic behavior when deciding from which one of the two sellers to buy. We will approach the resolution of the...

A key issue multicriteria evaluation in a fuzzy environment is how to compare fuzzy numbers. In this paper, the case of criterion scores in the form of L-R fuzzy numbers, i.e. the most general form of fuzzy numbers, will be considered.

We analyze an industry where a dominant buyer may foreclose its rivals (with whom competes a la Cournot in the final good market) from access to an efficient supplier of an intermediate good. We prove that the presence of asymmetric information between this dominant buyer and its supplier may...

Plaintiffs have either stong or weak cases. Both cases should be taken to court, yet weak cases need more work by the attorney than strong cases. Only the attorney knows whether a case needds additional work or not; the plaintiff is forced to rely on the attorney's recommendation. We show that...