Because uncertainties around innovative technologies resolve over time, investments in such technologies are often made in stages so that organizations can use the knowledge gained from earlier stages to decide the next step. Previous studies usually assume that once some uncertainty is...

We derive the closed-form solution that characterizes the equilibrium in the circular city model, when competing firms have heterogeneous production costs. Tractability issues in this setting are well-known and have not been resolved in prior work. In this paper, the equilibrium solution...

With the rise of the Internet economy, an increasing number of firms are offering their core products through online platforms, but retail add-ons directly to consumers. Meanwhile, many online platforms have also started adopting the agency (model) contract, where the upstream firms decide the...

Third-party sellers in online marketplaces provide wide product/service variety and are highly heterogeneous in the capability of delivering value to buyers. Seller variety and value heterogeneity shape seller competition, which then affects the marketplace owner’s profit. This paper presents...