This paper introduces a process of individual adjustment based on private local experiences and observation that allows for the emergence of a global social structure that is the equilibrium to the static follow-the-leader game of Goldbaum (2013). The setting rewards agents for being early...

This paper examines product return policies in an environment in which consumers differ by the return costs they experience themselves and impose on firms. We examine how firms use information about consumer return costs to customize product return payments, prices, and whether to permit returns...