Organizations face a competitive certification market for their statements, the statements do not convince third parties unless certified, the organizations are sometimes better served by a lie, and honest mistakes are possible. In our model of such a market: if certifiers are liable for...

The capabilities of network technologies have facilitated the growth of electronic commerce. Major issues — notably, security and product quality uncertainty — still pose serious challenges to the further adoption of electronic commerce. Traditional market transactions have a long history...

We set up a game-theoretic model to examine the oligopolistic price competition, considering two features of online search: the existence of a common search ordering and shoppers who have non-positive search cost. We find that in equilibrium firms set their prices probabilistically rather than...