In this paper, a market-oriented knowledge management methodology (KP methodology) is developed. The methodology is based on the idea that various knowledge management activities need to be linked to the market performance through product and process. As the speed of technological development gets faster and the accumulated knowledge becomes ever larger, the need for knowledge management would ...

A market maker sets prices over time for wagers that pay out contingent on the future state of the world. The market maker has knowledge of the probability of realizing each state of the world, and of how the price of a bet affects the probability that traders will accept it. We compare the optimal policy for risk-neutral (expected utility maximizing) and Kelly criterion (expected log-utility m...

Efficient dissemination of market knowledge within the industrial firm is essential to global competitiveness. However, use of knowledge regarding firm’s foreign markets needs more attention in research. This paper extends the understanding of the industrial firm’s use of its stock of market knowledge. Relying on the knowledgebased view of the firm and the market orientation construct, a concep...

The awakening of government programs during the past two years recognizing the information infrastructure of a country being a critical success factor for economic growth has not only stimulated the feasibility of electronic information sources but also has triggered the growth of electronic information pools. Unfortunately, the presently colossal and ever growing potential of electronic inform...

The aim of the chapter is to discuss and illustrate different approaches taken in the area of empirical market segmentation in tourism, and to raise conceptual, practical and methodological problems in this context. The chapter is limited to the discussion of empirical market segmentation, which means that an empirical data set (typically resulting from a tourist survey) represents the basis. P...

This study examines individual behavior in two well-functioning marketplaces to investigate whether market experience eliminates the endowment effect. Field evidence from both markets suggests that individual behavior converges to the neoclassical prediction as market experience increases. In an experimental test of whether these observations are due to treatment (market experience) or selectio...

We consider a model of directed search where the sellers are allowed to post mechanisms with entry fees. Regardless of the number of buyers and sellers, the sellers are able to extract all the surplus of the buyers by introducing entry fees and making price schedules positively sloped in the number of buyers arriving to their shops. This is in contrast to results that are achieved for large mar...

The efficient market hypothesis states that investors immediately incorporate all available information into the price of an asset to accurately reflect its value at any given time. The sheer volume of information immediately available electronically makes it difficult for a single investor to keep abreast of all information for a single stock, let alone multiple. We aim to determine how quickl...

The introduction makes up for the mandatory abstract.