Publications

This paper introduces the concept of strategic learning to explain long run dynamics of strategic behaviors and organizations. Strategic learning is organizational learning which improves the strategic capability of the organization and changes…

In this article, we consider the possibility that some liquidity traders preannounce the size of their orders, a practice that has come to be known as ‘sunshine trading’. Two possible effects preannouncement might have on the equilibrium are…

The first analysis of this part, Analysis 4, presents and analyzes various possible technological improvements. Proposing such improvements requires more understanding of appropriate technologies than would be provided by a typical Operations…

We initiated this section in the Nov-Dec 1989 issue of Interfaces with the publication of the National Cranberry Case and an invitation to submit analyses by May 1, 1990. We promised to “review the reports, select and edit the best sections from…

This article analyzes the value of a corporation as a function of_x000B_its ownership structure. Shareholders can acquire costly information_x000B_about the manager’s effort to produce output. Concentrating share_x000B_ownership leads the…

The last three or four years have seen an explosion in the literature on asset markets with asymmetric information and especially on trading mechanisms, an area called the ‘microstructure of financial markets.” There are a number of reasons for…

The last three or four years have seen an explosion in the literature on asset markets with asymmetric information and especially on trading mechanisms, an area called the ‘microstructure of financial markets’. There are a number of reasons for…

In this paper we examine the relation between a firm’s stock return and the earnings of other firms in the same industry, controlling for the firm’s own earnings. We document considerable cross-industry variation in the relation between a firm’s…

The authors derive a theoretical relationship between the market share price elasticity matrix and the aggregate brand switching matrix using a logit model of individual consumer choice among competing brands. The elements of the market-level…

*Reprinted in Max H. Bazerman (2005), Negotiation, decision making, and conflict resolution (Volume III), pp. 304-330. International Library of Critical Writings on Business and Management Series) Northampton, MA: Elgar Publishing.…

We present one possible rationale for the emergence of everyday low pricing (EDLP) as a competitive strategy in grocery retailing. Using a game theoretic model, we show that under certain circumstances two competing retailers choose different…

The authors develop and test a probabilistic model of purchase incidence and brand choice for frequently purchased consumer products. The model incorporates two ways of shopping in a category. Shoppers who have planned their purchasing (made a…

We study the viability of a securities market model with continuous trading in which agents are required to remain solvent at all times and cannot add funds to their portfolio of securities in excess of an exogenous endowment. We show that…

We study the joint effect of the trading mechanism and the time at which transactions take place on the behavior of stock return using data from Japan. The Tokyo Stock Exchange employs a periodic clearing procedure twice a day, at the opening of…

In earlier work, I examine the situation where information pertinent to political decisions is dispersed among the members of a society. Rational, self-interested individuals may take costly political action to signal their private information to…

In the last decade, there has been a resurgence of interest in problems of cooperation, stimulated largely by Axelrod’s work. Using an innovative tournament approach, Axelrod found that a simple strategy, tit-for-tat (TFT), was most…