Secondary market definition

We now develop a Rational Expectations (RE) model and apply it to the secondary market model. We show that the corresponding Rational Expectations equilibrium is self-fulfilled and therefore stable. Similar to the BU model, we use superscript r to denote the optimal quantities in the RE model. The key difference between the RE and the BU model is that retailer / makes his decision based on both x, and p, the equilibrium secondary market price in the RE model. We give a formal definition of the RE equilibrium in the following ... 

The following definition is suggested Petroleum chemicals comprise chemicals, marketable chemical mixtures, and elements intended for chemical use, which occur naturally in petroleum or natural gas, or result from refining these, or are obtained from them by synthesis or reaction, and which are separable by known methods, and are now obtained or give promise of being obtained commercially within limits imposed by the necessity of profit petroleum chemicals are the resulting chemicals themselves, and not their further secondary or tertiary derivatives. (While this definition is long, no briefer one seems adequate.)... 

Some view supply chain design as integral to their strategies for competing. For them, competing successfully centers not only on products, but also on the operations that make up the extended product as described in Chapter 1. These operations deliver the physical and extended products to customers hands. With this viewpoint, supplier relations, logistics, and information systems support customer satisfaction and fall within the definition of SCM. This, in turn, leads to increased market share and profit. Costs, while important, are secondary with this viewpoint. Efforts to reduce cost must also support strategy. 

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