The focus of this study is on black markets which provide an important segment of the parallel economy. These markets operate in disequilibrium,search and information costs become very important.Trafficking in drugs taken as case, to explore both theoretically and empirically. The problem,...

Web sites invest significant resources in trying to influence their visibility in online search results. We study the economic incentives of Web sites to invest in this process known as search engine optimization. We focus on methods that improve sites' ranking among the search results without...

Web sites invest significant resources in trying to in influence their visibility among online search results. In addition to paying for sponsored links, they invest in methods known as search engine optimization (SEO). We study the economic incentives of Web sites to invest in SEO and its...

In this paper we discuss the necessity of models including complex adaptive systems in order to eliminate the shortcomings of neoclassical models based on equilibrium theory. A simulation model containing artificial adaptive agents is used to explore the dynamics of a market of highly...

Web sites invest significant resources in trying to influence their visibility among online search results. In addition to paying for sponsored links, they invest in methods known as search engine optimization (SEO) that improve the ranking of a site among the search results without improving...

We investigate three ways in which firms can become "prominent" and thereby influence the order in which consumers consider options. First, firms can affect an intermediary's sales efforts by means of commission payments. When firms pay commission to a salesman, the salesman promotes the product...

This paper summarizes some of my recent work on consumer protection. I present three theoretical models which illustrate the merits and drawbacks of a number of common consumer protection policies, namely: policies which prevent firms from setting unduly high prices; policies which prevent firms...

We develop a structural model of detailing and prescribing decisions under an environment where detailing helps physicians obtain the current information sets about drug qualities. Our model assumes that a representative opinion leader is responsible for updating the prior belief about the...

Small and medium-sized enterprises (SME) of third-party logistics struggle to stay competitive and facing various pressure to stay competitive. One of the tactics to be competitive is to implement effective competitive measures. The purpose of this research was to explore the influential factors...

We document an asymmetry in the rigidity of 9-ending prices relative to non-9-ending prices. Consumers have difficulty noticing higher prices if they are 9-ending, or noticing price-increases if the new prices are 9-ending, because 9-endings are used as a signal for low prices. Price setters...