pricing decision for substitutable products with retail competition in a fuzzy environment abstract this paper studies the pricing problem of substitutable products in a supply chain with one manufacturer and two competitive retailers the consumer demands and manufacturing costs are of uncertainty which are described by fuzziness based on different market structures one centralized pricing model and three decentralized pricing models are developed and the corresponding analytical equilibrium solutions are obtained using the game theoretic approach finally numerical examples are presented to illustrate the effectiveness of the theoretical results and to gain additional managerial insights

conceptualising environmental responsibility abstract downstream responsibility is rarely addressed in the academic literature and in corporate sustainability reporting we conceptualise downstream responsibility for the example of carbon emissions by establishing a terminology as well as a framework for quantifying downstream carbon footprints by extracting emissions intensive sales chains for a number of australian industry sectors and comparing these to emissions intensive supply chains we demonstrated the ability of input output analysis to quantify emissions responsibility in both directions we extend the definition of downstream responsibility beyond the product use and disposal phases to include what we call enabled emissions this term implies that whatever is sold downstream enables our customers to operate and emit irrespective of whether it is our product that is combusted or that directly combusts fuels or not our structural path analyses and threshold capture relationships reveal stark differences between industries with regard to the data collection efforts necessary to achieve a reasonably complete footprint assessment industries appear to have their own specific carbon footprint profiles and one cannot design generic relevance tests that tell which data to collect moreover we conclude that current completeness standards in carbon reporting cannot be satisfied using relevance thresholds input output analysis and structural path analysis are excellent tools that can help companies undertake screening exercises which in turn help prioritising and streamlining the collection of data needed to establish a corporate downstream carbon footprint compared to conventional manual approaches hybrid life cycle assessments assisted by input output analysis and structural path analysis achieve more complete results with substantially less staff money and time

pricing and the news vendor problem a review with extensions in the newsvendor problem a decision maker facing random demand for a perishable product decides how much of it to stock for a single selling period this simple problem with its intuitively appealing solution is a crucial building block of stochastic inventory theory which comprises a vast literature focusing on operational efficiency typically in this literature market parameters such as demand and selling price are exogenous however incorporating these factors into the mode l can provide an excellent vehicle for examining how operational problems interact with marketing issues to influence decision making at the firm level in this paper we examine an extension of the newsvendor problem in which stocking quantity and selling price are set simultaneously we provide a comprehensive review that synthesizes existing results for the single period problem and develop additional results to enrich the existing knowledge base we also review and develop insight into a dynamic inventory extension of this problem and motivate the applicability of such models

is global social welfare increasing a critical level enquiry abstract we assess whether global social welfare has improved in the last decades despite or because of the substantial increase in global population we use for this purpose a relatively unknown but simple and attractive social evaluation approach called critical level generalized utilitarianism clgu clgu posits that social welfare increases with population size if and only if the new lives come with a level of living standards higher than that of a critical level despite its attractiveness clgu poses a number of practical difficulties that may explain why the literature has left it largely unexplored we address these difficulties by developing new procedures for making partial clgu orderings the headline result is that we can robustly conclude that world welfare has increased between 1990 and 2005 if we judge that lives with per capita yearly consumption of more than 1 248 necessarily increase social welfare the same conclusion applies to sub saharan africa if and only if we are willing to make that same judgment for lives with any level of per capita yearly consumption above 147 otherwise some of the admissible clgu functions will judge the last two decades increase in global population size to have lowered global social welfare

reference points in revenue sharing contracts how to design optimal supply chain contracts abstract coordinating supply chains is an important goal for contract designers because it enables the channel members to increase their profits recently many experimental studies have shown that behavioral aspects have to be taken into account when choosing the type of contract and specifying the contract parameters in this paper we analyze behavioral aspects of revenue sharing contracts we extend the classical normative decision model by incorporating reference dependent valuation into the decision model and show how this affects inventory decisions we conduct different lab experiments to test our model as a result human inventory decisions deviate from classical normative predictions and we find evidence for reference dependent valuation of human decision makers we also show how contract designers can use the insights we gained to design better contracts

channel competition and coordination of a dual channel supply chain with demand and cost disruptions the impacts of simultaneous disruption of demand and cost on pricing production and coordination of a dual channel supply chain with one manufacturer and one retailer are examined first coordina

managing channel profits a channel of distribution consists of different channel members each having his own decision variables however each channel member s decisions do affect the other channel members profits and as a consequence actions a lack of coordination of these decisions can lead to undesirable consequences for example in the simple manufacturer retailer consumer channel uncoordinated and independent channel members decisions over margins result in a higher price paid by the consumer than if those decisions were coordinated in addition the ensuing suboptimal volume leads to lower profits for both the manufacturer and the retailer this paper explores the problems inherent in channel coordination we address the following questions what is the effect of channel coordination what causes a lack of coordination in the channel how difficult is it to achieve channel coordination what mechanisms exist which can achieve channel coordination what are the strengths and weaknesses of these mechanism what is the role of nonprice variables e g manufacturer advertising retailer shelf space in coordination does the lack of coordination affect normative implications from in store experimentation can quantity discounts be a coordination mechanism are some marketing practices actually disguised quantity discounts we review the literature and present a simple formulation illustrating the roots of the coordination problem we then derive the form of the quantity discount schedule that results in optimum channel profits this article was originally published in marketing science volume 2 issue 3 pages 239 272 in 1983

inter firm network policies and firm performance evaluating the impact of initiatives in the united kingdom abstract this paper explores the strengths and weaknesses of inter firm networks as a public policy resource that has necessarily required experimentation and adaptation the focus of the paper is an evaluation of public policy network initiatives in the united kingdom from the point of view of the companies participating in these initiatives the study finds that inter firm network initiatives have faced a number of problems resulting in the level of inter firm interaction being generally fairly low and unintensive this has severely limited the number of firms that have benefited from participation as well as the overall impact on firm performance and growth more positively it is shown that the initiatives have resulted in substantial gains for albeit a small number of participating companies the small number of companies achieving substantial benefits were most often those involved in initiatives that were able to formalise sustainable networks the key policy problem is that this situation has occurred in only a very restricted number of circumstances with formal network initiatives being subject to extremely high drop out rates it is suggested that policies aimed at formal network initiatives should be abandoned as a mechanism for creating a critical mass of sustainable networks instead the progression of policy models based on informal initiatives appears to offer the most plausible means of catalysing inter company contact

who s afraid of atmospheric stabilisation making the link between energy resources and climate change abstract the distribution of fossil fuel reserves and resources between different regions and deposits has strong implications for climate change economics and policy the task of stabilising the atmosphere is intimately linked to the question of long term energy supplies as conventional petroleum reserves deplete notwithstanding debates about the scope for reserve extension through continued exploration and development it suggests a supply side component to complement the consumption orientation of existing climate policies the task is to ensure that investment and innovation moves towards the low carbon frontier instead of the high carbon frontier this also implies that the opec countries have little to fear about the long run impact of climate change policy the priority is to deter development of more carbon intensive unconventional petroleum deposits and technologies and to ensure that the existing trends to diversify power generation sources continue and extend more widely over time supply side constraints will not solve the climate problem in themselves but they make the task a lot easier if the opportunities are taken

the rise of europe atlantic trade institutional change and economic growth the rise of western europe after 1500 is due largely to growth in countries with access to the atlantic ocean and with substantial trade with the new world africa and asia via the atlantic this trade and the associatedcolonialism affected europe not only directly but also indirectly by inducing institutional change where initial political institutions those established before 1500 placed significant checks on the monarchy the growth of atlantic trade strengthened merchant groups by constraining the power of the monarchy and helped merchants obtain changes in institutions to protect property rights these changes were central to subsequent economic growth

quality quantity and duration of lives the evaluation of development processes and of public policies often involves comparisons of social states that differ in income distributions population sizes and life longevity this may require social eva luation principles to be sensitive to the quality the quantity and the duration of lives this paper 1 reviews some of the normative issues at stake 2 proposes and discusses some specific methods to address them in a generalized utilitarian framework and 3 briefly illustrates the application of som e of these methods to the global distribution of incomes population sizes and longevity over the last century depending on the approach taken it is found inter alia that global social welfare in 2010 can be deemed to be between 1 8 and 407 times that of 1910 the role given to the quantity of lives bei ng particularly important in that assessment

ordering policy and coordination of a supply chain with two period demand uncertainty abstract we develop a two period game model of a one manufacturer and one retailer supply chain to investigate the optimal decisions of the players where stock out and holding costs are incorporated into the model the demand at each period is stochastic and price sharply drops in mid life we assume the retailer has a single order opportunity and decides how much inventory to keep in the middle of selling season we show that both the price protection mid life and end of life returns pme scheme and the only mid life and end of life returns me scheme may achieve channel coordination and access a win win situation under some conditions the larger the lowest expected profit of the retailer the lower the possibility of win win situation will be combined with the analysis of feasible regions for coordination policies we find that pme scheme is not always better than me scheme from the perspective of implementable mechanism finally we find that adopting the dispose down to ddt policy can bring a larger improvement of the expected channel profit in the centralized setting and it is interesting that by using ddt policy double marginalization occurs only at period 1 and however does not plague the retailer in period 2

revenue sharing and vertical control in the video rental industry revenue sharing contracts in which retailers pay a royalty on sales to their suppliers are now widely used in the video rental industry we show that revenue sharing is valuable in vertically separated industries in which demand is either stochastic unpredictable or variable e g systematically declining downstream inventory is chosen before demand is realized and downstream firms engage in intrabrand competition unlike two part tariffs revenue sharing achieves the first best outcome by softening retail price competition without distorting retailers inventory decisions our theories are also consistent with trends in prices and availability following retailers adoption of revenue sharing contracts

ranking income distributions a large variety of policy questions involve choices between social states and a consequent ordering of the feasible alternatives when these social states are related to the levels of welfare experienced by individuals or households two central issues stand out in determining the relative desirability of different social outcomes one of these is the essentially positive exercise of achieving comparability between households with different characteristics such as composition or preferences operating in different environments for example facing different price structures the other concerns the normative judgments implicit in the evaluation of alternative allocations of resourcesthe emphasis placed on inequality between households and the extent to which greater inequality can be compensated by higher average living standards this paper focuses on the second of these issues and in doing so we abstract from the problem of household comparability by considering a population of n households identical in all respects except for their incomes the question of ordering social states then becomes one of ranking income distributions over a group of anonymous households or individuals borrowing the usual assumptions imposed on consumer preferences we may suppose that a social ordering of income distributions can be represented by a welfare function 2

social criteria for evaluating population change abstract many applications of economic analysis require social evaluations of alternatives involving different numbers of people in this paper we use the tools of social choice theory to provide an axiomatic formulation of this problem it yields a class of social criteria called critical level generalized utilitarianism this class and its implications are compared with other criteria and are found to yield intuitively appealing results

institutional barriers to associative city region governance the politics of institution building and economic governance in canada s technology triangle it has been argued that collaborative and associative forms of governance can enhance the economic competitiveness of cities and regions institutionalist approaches to urban and regional economic

modeling secrecy and deception in a multiple period attacker defender signaling game abstract in this paper we apply game theory to model strategies of secrecy and deception in a multiple period attacker defender resource allocation and signaling game with incomplete information at each period we allow one of the three possible types of defender signals truthful disclosure secrecy and deception we also allow two types of information updating the attacker updates his knowledge about the defender type after observing the defender s signals and also after observing the result of a contest if one occurs in any given time period our multiple period model provides insights into the balance between capital and expense for defensive investments and the effects of defender private information such as defense effectiveness target valuations and costs and also shows that defenders can achieve more cost effective security through secrecy and deception possibly lasting more than one period in a multiple period game this paper helps to fill a significant gap in the literature in particular to our knowledge no past work has studied defender secrecy and deception in a multiple period game moreover we believe that the solution approach developed and applied in this paper would prove useful in other types of multiple period games

macroanalysis of the economic and environmental impacts of a 2005 2025 european union bioenergy policy using the gtap model and life cycle assessment abstract this paper describes a new tool to assess the medium and long term economic and environmental impacts of large scale policies the approach macro life cycle assessment m lca is based on life cycle assessment methodology and includes additional elements to model economic externalities and the temporal evolution of background parameters the general equilibrium model gtap was therefore used to simulate the economic consequences of policies in a dynamic framework representing the temporal evolution of macroeconomic and technological parameters environmental impacts expressed via four indicators human health ecosystems global warming and natural resources are computed according to policy life cycle and its indirect economic consequences in order to illustrate the approach two 2005 2025 european union eu energy policies were compared using m lca the first policy the bioenergy policy aims to significantly increase energy generation from biomass and reduce eu energy demand for coal the second policy the baseline policy is a business as usual policy where year 2000 energy policies are extended to 2025 results show that compared to the baseline policy the bioenergy policy generates fewer impacts on three of the four environmental indicators human health global warming and natural resources at the world and eu scales though the results may differ significantly at a regional level the results also highlight the key contribution of economic growth to the total environmental impacts computed for the 2005 2025 period a comparison of the results with a more conventional consequential lca approach illustrates the benefits of m lca when modeling the indirect environmental impacts of large scale policies the sensitivity and uncertainty analysis indicates that the method is quite robust however its robustness must still be evaluated based on the sensitivity and uncertainty of additional parameters including the evolution of economic growth

dealing with environmental savings in a dynamical economy how to stop chasing your tail in the pursuit of sustainability abstract in most countries people are urged to change their pattern of consumption and lifestyle in a less energy consuming and more environmental friendly direction but gains in ecoefficiency are likely to be annihilated by a larger consumption the so called rebound effect resulting in an increased throughput in the economy here is an obvious contradiction another contradiction entails from the fact that most governments strive to promote economic growth which includes increased consumption the paper takes a look at various means to handle these contradictions in order to avoid or balance the rebound effect environmental policies including such measures as green taxes may redirect consumption from one kind to another but this demands that the alternative spending is less harmful than the one dissuaded from two other tested means are to alter the sector mix of the economy and to shorten the working hours work sharing to match the increasing efficiency

the impact of classes of innovators on technology financial fragility and economic growth in this article we study innovation processes and technological change in an agent based model by including a behavioral switching among heterogeneous innovative firms the model is able to replicate via simulations well known industrial dynamic and growth type stylized facts the main original element of the model is that firms are allowed to endogenously change among three different classes namely single innovators collaborative innovators and imitators moreover our analysis focuses on the impact of these three innovation categories on micro meso and macro aggregates we find that collaborative companies are those having the highest positive impact on the economic system furthermore we have paid particular attention to the role of credit market in promoting smart growth for this purpose we analyze the role of banks as sources of external funds for innovative entrepreneurs our results suggest a trade off between short term profit maximization and long term efficiency which prevents banks to foster investment in r d and technological progress the model is then used to study the effect that different innovation policies have on macroeconomic performance

revenue sharing coordination in reverse logistics a reverse supply chain as a post consumption activity aims at extracting value from products at the end of their life cycle it could be comprised of reusing refurbishing remanufacturing and recycling activities in this paper we revisit the issue of revenue sharing in reverse supply chains to formulate the decision problems of coordinating parties manufacturer and retailer the coordination is formed in a dynamic setting where a feedback relationship exists between the return incentive policy of the retailer and the revenue sharing incentive strategy of the manufacturer to model this process we have adopted the use of a system dynamics sd approach sd is well suited for studying the behavior of complex systems over time and where internal feedbacks and delays exist we first identify pareto optimal solutions for individual players and from environmental perspectives of landfill diversion and carbon offset we then focus on revenue sharing as a widely practiced coordination scheme in reverse supply chains it resembles a leader follower stackelberg strategic decision making game with an equilibrium solution that yields lower performance for environmental criteria in this context we investigate if how a revenue sharing mechanism can be coordinated to achieve a higher environmental performance

manufacturer s return policies and retail competition manufacturers returns policies are a common feature in the distribution of many products the obvious rationale for returns policies is insurance practitioners not surprisingly have a different perspective and view returns as a cost of doing business in this paper we study the strategic effect of returns policies on retail competition and highlight its profitability implications for a manufacturer the setting for our research is the distribution of products with uncertain demand limited shelf lives and retail competition our objective is to provide a better understanding of when manufacturers should adopt returns policies the insights are obtained with a model based on the economics of strategy and decision making under uncertainty we show that when retailing is competitive and there is no uncertainty in demand a returns policy subtly induces retailers to compete more intensely the provision of a returns policy reduces retail prices without affecting wholesale prices thereby reducing retailer margins and improving manufacturer profitability the intuition is that with a returns policy cournot like levels of retail stocks cannot be sustained each retailer will order stocks so that it will not be constrained by stocks and so intensifying retail competition when however demand is uncertain and there is a single retailer a returns policy encourages the retailer to over stock and so decreases upstream manufacturer profits while the provision of a returns policy leads to lower retail margins the optimality of returns policy depends on the overall uncertainty and marginal cost a returns policy reduces the dispersion in retail prices between the high and low states of demand and the range of retail prices in the returns case is contained within the range of retail prices for the no returns case in the general setting when there are competing retailers and demand is uncertain there is a trade off for the manufacturer between the benefits more intense retail competition and the costs excessive stocking of a returns policy we find that a manufacturer should accept returns when the marginal production cost is sufficiently low and demand uncertainty is not too great to validate the results of our theory we conduct an empirical test with data from a major u s retailer the tests confirm our prediction that a returns policy intensifies retail competition and reduces retailer margins our theory and empirical test should interest practitioners and researchers in distribution especially those concerned with managing retail competition

duopoly information equilibrium cournot and bertrand abstract in a duopoly model where firms have private information about an uncertain linear demand it is shown that if the goods are substitutes not to share information is a dominant strategy for each firm in bertrand cournot competition if the goods are complements the result is reversed furthermore the following welfare results are obtained 1 i with substitutes in cournot competition the market outcome is never optimal with respect to information sharing but it may be optimal in bertrand competition if the products are good substitutes with complements the market outcome is always optimal 2 ii bertrand competition is more efficient than cournot competition 3 iii the private value of information to the firms is always positive but the social value of information is positive in cournot and negative in bertrand competition

channel coordination when retailers compete this paper explores channel coordination by a manufacturer that sells through competing retailers and that treats these retailers equally as required by the robinson patman act the authors show that in general there exists no single two part tariff with a constant per unit charge that will duplicate the behavioral results i e prices quantities and channel profits that are obtained by a vertically integrated system that is the channel cannot be coordinated except in the trivial cases of identical or noncompeting retailers however an appropriately specified quantity discount schedule will enable the channel to earn the same profits generated by a vertically integrated system conditions are derived under which a manufacturer will prefer to offer various two part tariffs with constant per unit charges instead of the channel coordinating quantity discount schedule the authors also establish the existence of a menu of two part tariffs that mimics all results of a vertically integrated system however only under stringent conditions will retailers select the appropriate tariff from the menu when these conditions are not satisfied the channel is worse off than in the case of a single second best tariff it is also demonstrated that under a wide range of parametric values the manufacturer will prefer to offer the second best two part tariff rather than a menu of two part tariffs that could maximize channel profits

an industry equilibrium analysis of downstream vertical integration this paper investigates the effect of product substitutability on nash equilibrium distribution structures in a duopoly where each manufacturer distributes its goods through a single exclusive retailer which may be either a franchised outlet or a factory store static linear demand and cost functions are assumed and a number of rules about players expectations of competitors behavior are examined it is found that for most specifications product substitutability does influence the equilibrium distribution structure for low degrees of substitutability each manufacturer will distribute its product through a company store for more highly competitive goods manufacturers will be more likely to use a decentralized distribution system this article was originally published in marketing science volume 2 issue 2 pages 161 191 in 1983

on the efficiency of bertrand and cournot equilibria with product differentation in a differentiated products setting with n varieties it is shown under certain regularity conditions that if the demand structure is symmetric and bertrand and cournot equilibria are unique then prices and profits are larger and quantities smaller in cournot than in bertrand competition and as n grows both equilibria converge to the efficient outcome at a rate of at least 1n if bertrand reaction functions slope upwards and are continuous then even with an asymmetric demand structure given any cournot equilibrium price vector one can find a bertrand equilibrium with lower prices in particular if the bertrand equilibrium is unique then it has lower prices than any cournot equilibrium

a critical assessment of the evaluation of eu interventions for innovation in the sme sector in wales in this paper the eu structural fund intervention framework is critically assessed in an effort to reflect on the problems faced by policy makers when trying to make sense of the complexity associ

pricing decisions for complementary products with firms different market powers abstract this article reports the results of a study that explores the pricing problems with regard to two complementary products in a supply chain with two manufacturers and one common retailer the authors establish five pricing models under decentralized decision cases including the ms bertrand ms stackelberg rs bertrand rs stackelberg and ng models with consideration of different market power structures among channel members by applying a game theoretical approach corresponding analytic solutions are obtained then by comparing the maximum profits and optimal pricing decisions obtained in different decision cases interesting and valuable managerial insights are established

positive and negative feedback in consequential life cycle assessment abstract in this paper we develop a typology of consequences that can be used for environmental assessments of investment in technologies as an illustration we estimate how the inclusion of different cause effect chains could affect the estimated greenhouse gas emissions resulting from buying and using a fuel cell bus today in contrast to earlier studies we include cause effect chains containing positive feedback from adoption e g economies of scale and learning we discuss how our findings affect the usefulness and limitations of consequential life cycle assessment lca and how lca methodology in more general can be used to support strategic technology choice a major conclusion is that environmental assessments of investment in emerging technologies should not only include effects resulting from marginal change of the current system but also marginal contributions to radical system change

social criteria for evaluating population change an alternative to the blackorby donaldson criterion abstract an ethical objection is raised against the blackorby donaldson criterion of optimum population maximizing the sum total of utilities in excess of some critical level since it may disprefer a social state with more people and with more worthwhile lives however the criterion may serve as a practicably reasonable compromise between maximizing total and average utility nevertheless an alternative compromise the maximization of number dampened total utility is proposed that is free from the above objection

on the number and size of nations this paper studies the equilibrium determination of the number of countries in different political regimes and in different economic environments with more or less economic integration we focus on the trade off between the benefits of large jurisdictions and the costs of heterogeneity of large and diverse populations our model implies that i democratization leads to secessions ii in equilibrium one generally observes an inefficiently large number of countries iii the equilibrium number of countries is increasing in the amount of economic integration

transposing lessons between different forms of consequential greenhouse gas accounting lessons for consequential life cycle assessment project level accounting and policy level accounting abstract greenhouse gas accounting has developed in a number of semi isolated fields of practice and there appears to be considerable opportunity for transposing methodological innovations and lessons between these different fields this research paper identifies three consequential forms of greenhouse gas accounting consequential life cycle assessment project level accounting and policy level accounting these methods are described in detail and then compared in order to identify the key methodological differences and the potential lessons that can be transposed between them analysis of the substantive methodological differences suggests that consequential life cycle assessment could be enhanced by adopting the same structure used in project and policy level accounting which provides a time series of impacts aggregate level analysis and a transparent specification of the baseline and decision scenarios there is a case for conceptualising a unified form of consequential time series assessment of which project policy and product assessments would be sub types

pricing decisions for substitutable products in a two echelon supply chain with firms different channel powers abstract pricing decisions for two substitutable products in a supply chain with one common retailer and two competitive manufacturers are considered in this paper the purpose of this paper is to analyze the effects of the two manufacturers different competitive strategies and the channel members different power structures on the optimal pricing decisions one centralized pricing model and seven decentralized pricing models are developed and the corresponding analytical equilibrium solutions are obtained by using game theoretic approach finally numerical studies are presented to illustrate the effectiveness of the theoretical results and to gain additional managerial insights

the economics of technical change this paper reviews the recent rapidly growing literature on technical change in the economy it concentrates on innovations and their diffusion at firm and industry level since this was the area designated as relatively weak in earlier literature surveys the review argues that the extensive empirical evidence and theoretical analysis now available presents a basic challenge to neoclassical theory after indicating some weaknesses in the neo schumpeterian literature the paper concludes by advocating an experiment with a new form of assessment by neighboring disciplines to economics itself which would take full account of the fundamental issues at stake in this modern methodenstreit c 1994 academic press inc copyright 1994 by oxford university press

inequality among world citizens 1820 1992 this paper investigates the distribution of well being among world citizens during the last two centuries the estimates show that inequality of world distribution of income worsened from the beginning of the 19th century to world war ii and after that seems to have stabilized or to have grown more slowly in the early 19th century most inequality was due to differences within countries later it was due to differences between countries inequality in longevity also increased during the 19th century but then was reversed in the second half of the 20th century perhaps mitigating the failure of income inequality to improve in the last decades jel d31 f0 n0 o0

manufacturer s revenue sharing contract and retail competition this paper investigates a revenue sharing contract for coordinating a supply chain comprising one manufacturer and two competing retailers the manufacturer as a stackelberg leader offers a revenue sharing contract to two competing retailers who face stochastic demand before the selling season under the offered contract terms the competing retailers are to determine the quantities to be ordered from the manufacturer prior to the season and the retail price at which to sell the items during the season the process of pricing and ordering is expected to result in an equilibrium as in the bayesian nash game on the basis of anticipated responses and actions of the retailers the manufacturer designs the revenue sharing contract adopting the classic newsvendor problem model framework and using numerical methods the study finds that the provision of revenue sharing in the contract can obtain better performance than a price only contract however the benefits earned under the revenue sharing contract by different supply chain partners differ because of the impact of demand variability and price sensitivity factors the paper also analyses the impact of demand variability on decisions about optimal retail price order quantity and profit sharing between the manufacturer and the retailers lastly it investigates how the competition between retailers factor influences the decision making of supply chain members in response to uncertain demand and profit variability

technical change growth and trade new departures in institutional economics this article analyses the main theoretical and policy issues emerging from the literature on the evolutionary institutional economics of technical change the four distinguishing characteristics of which are that technology is often proprietary in nature only a part of knowledge is codifiable in handbooks blueprints patents and so on there are fundamental variations in the above two points across different technological fields and the evolution of knowledge is highly path dependent