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We will assume very This means the result will be the opposite of what we want: not “buyers demand normcompatible terms” but rather “buyers do not demand norm-compatible terms.We will show that these informed buyers will buy from norm-compatible sellers....
The fewer applicable value optimal norms there are, the more terms will remain in the contracts.* As we did in the ideal market case, we divide the rest of the argument into a “buyer” part and a “seller” part.One crucial question is how many informed buyers there are....
This assumption is legitimate, since our goal is only to show that if real markets sufficiently approximate perfect competition, then the norm will arise.As we noted earlier, applicable norms may not be value optimal, or we may just not have any relevant norms at turbo vpn not connectingall.This means the result will be the opposite of what we want: not “buyers demand normcompatible terms” but rather “buyers do not demand norm-compatible terms....
Buyers can learn of terms that violate norms from consumer advocates and organizations, publications like Consumer Reports, and negative publicity arising from consumer complaints and litigation.So, in ideal markets, if we went through contracts and deleted every term that was either compatible or incompatible with a value optimal norm, we would have nothing left.They will still be willing to pay for—“demand” in our special sense of the term—the goods and services governed by such contracts....
If real markets approximate perfect competition and contractual norm completeness closely enough, the term-compatibility norm will emerge as a coordination norm.This assumption is legitimate, since our goal is only to show that if real markets sufficiently approximate perfect competition, then the norm will arise.We will show that these informed buyers will buy from norm-compatible sellers....
