The demand for goods like seasonal fashion apparel is uncertain but the lead time needed for production is long, and so it is necessary to set the production quantity before the demand is fully known. Once sale begins, if demand is less than anticipated, the price will be low. In a futile...

The demand for goods like seasonal fashion apparel is uncertain but the lead time needed for production is long, and so it is necessary to set the production quantity before the demand is fully known. Once sale begins, if demand is less than anticipated, the price will be low. In a futile...

We consider the issue of first- and second-mover advantages in a vertically related market. First, we show that the standard conclusions about sequential-move games under Bertrand and Cournot competitions can change in the context of a vertically related market. This is because an upstream...