Optimal repeated purchases when sellers are learning about costs

Article Abstract:

Buyers can minimize purchase costs by buying from new sellers and subsequently buying from one with the least price. A buying mechanism with multiple sellers who have produced at least once indicates that subsequent second-price biddings from experienced suppliers provides an optimal choice for the buyer. To add efficiency, a buyer can offer compensation to bidding suppliers until the least possible price is offered by one of the bidders. This mechanism induces competition among suppliers who sacrifice possible future price by offering lower standing offers.

Purchasing, Economic aspects, Consumer behavior, Auctions

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Hierarchies of processors with endogenous capacity

Article Abstract:

A characterization of the optimization done by organizations within their hierarchies of processors showed three distinct characteristics, the uniformity of capacity among the processors within a certain level, the increase in capacity with each rise in level and the lack of skip-level reporting between levels. The characterization works both for computer networks as well as organizations.

Production Management, Analysis, Evaluation, Industrial productivity, Processing modes

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Limits of exact equilibria for capacity constrained sellers with costly search

Article Abstract:

Two equilibrium concepts are presented, subgame perfect equilibrium and rational expectations equilibrium, for finite games using competitive matching models.

Research, Case studies, Economics, Business economics, Managerial economics

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