firms to choose even more excess complexity. Firms with lower intrinsic quality and higher production costs choose the most … excess complexity. Educating consumers to reduce their evaluation noise would generate large welfare gains. But the gains …

We study how firm boundaries are affected by the reduction in search costs when business-to-business electronic markets … are adopted. Our paper analyzes a multi-tier industry in which upstream parts suppliers incur procurement search costs … integrates search theory into the hidden-action principal-agent model and characterize the optimal contract, showing that the …

search frictions. We consider a homogeneous population where each agent, in every period, has a choice between specializing … partners. They may be found in a decentralized search market, but search takes time. Merchants set up trading posts where they … merchant's trading post must be discovered through search, producers who are informed of the location of a trading post have …

explicitly consider the complexity of implementing a strategy, introduced in the literature on repeated games played by automata … equilibria survive. Thus, complexity and bargaining in tandem may offer an explanation for co-operation in repeated games …

explicitly consider the complexity of implementing a strategy, introduced in the literature on repeated games played by automata … equilibria survive. Thus, complexity and bargaining in tandem may offer an explanation for co-operation in repeated games …