We consider the successful early emergence of cooperative creameries in Denmark in the late nineteenth century within the framework of the ‘new institutional economics’ presented by Williamson (2000). Previous work has focused on the social cohesion of the Danes, but we demonstrate that this...

The paper analyses the effect of uncertainty in a two stage duopoly model in which firms first choose capacity, then prices. We show that no pure strategy Nash equilibrium exists regardless of whether the realization of demand is known to firms before or after they choose their prices. On the...

This paper analyzes the effect of demand uncertainty in a two-stage duopoly model where firms first choose capacity then price, and shows that the equilibrium is sensitive to the decision structure of the model. If both the capacity choice and the price choice are made simultaneously, no pure...