This article examines the daily strategizing of buyers, taking the dyad to be the elementary unit of analysis in market dynamics. The ideas are revisited that dyadic market relationships converge towards loyalty (Kirman and Vriend), and that markets tend towards social or institutional...

Using a sample of long-term supply contracts collected from SEC filings, I show that hold-up concerns and information asymmetry are important determinants of contract design. Asymmetric information between buyers and suppliers leads to shorter term contracts. However, when longer duration...

We present an agent-based model of a multi-tier energy market including gas shippers, electricity generators and retailers. We show how reward interdependence between strategic business units within a vertically integrated firm can increase its profits in oligopolistic energy markets. The...