We study the design of sequential procurement strategies that integrate stochastic and strategic information. We consider a buyer who repeatedly demands a certain good and is unable to commit to long-term contracts. In each time period, the buyer makes a price offer to a seller who has private,...

To prevent the abuse of fiduciary relationships, the strictures of English common law prohibit fiduciaries from receiving any personal advantage from their fiduciary position – not even compensation for services unless provided for by the terms of the fiduciary agreement. Similarly,...