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that the addition of these variables improves the explanatory power of the model (the adjusted R-squared in the final model is about 14%) without diluting the importance of pro-seller clauses. In the final model, the coefficient on Pro-Seller Clauses (.538) suggests that firms with those clauses have interfaces about one-half step more robust than firms without those clauses. Consistent with the discussion above, both of the industry controls have positive coefficients. Controlling for the other variables in the model, firms in the electronics industry have interfaces about one-eighth of a step (.128) more robust, while firms in the food and drug industry have interfaces almost an entire step (.869) more robust. The coefficient on the HHI variable remains small and statistically insignificant, as does the coefficient on the log of Total SKUs.
Finally, the model produces substantively significant coefficients for each of the three final variables, all of which control for various features of the website (average ticket, merchandising channel, and conversion rates). First, the coefficient for Log Average Ticket, significant at the .1% level, is .457. This suggests that an increase in the average ticket of 1% would increase the robustness of the interface by almost one-half step. For the other two site-related variables, the analysis is more tentative, because the coefficients, although substantial, are not statistically significant. Thus, conversion rate bears a coefficient of .046, which suggests that a one percent increase in conversion rate is associated with a one-twentieth step increase in robustness of the interface. To put this in the context of this dataset, moving from the 25th to 75th percentile of conversion rate would be associated with an increase of the robustness of the interface of about a tenth of a level (.09). n82 Although the relation is statistically weak, the Virtual? variable (which distinguishes between businesses that do and do not have bricks-and-mortar counterparts) has a coefficient of .246, indicating that the interfaces of wholly virtual businesses in this model are about one-quarter step more robust than the interfaces of those that are not wholly virtual. The last column of the table presents beta coefficients that allow us to discern the relative importance, within this dataset, of the variables. n83 Generally, those coefficients suggest that Log Average Ticket (.259), Pro-Seller Clauses? (.186), and Conversion Rates (.124) are the most important explanatory variables, and that the Food/Drug industry dummy (.129) is an important control.
Implications and Conclusion

The central purpose of this Essay is to dispose of some obvious misconceptions about internet retailing. This is a burgeoning area of commerce that promises to be the most rapidly growing type of retail distribution  
[*1011]  for years to come. Yet despite the ready availability of standardized information about contracts, far too little is understood about contracting in the internet retail setting. It seems that for the great majority of internet retailers, the ease of the shopping experience is more important than concerns about possible future liability. Thus, few retailers - only about 6% in our population - use contracting interfaces sufficiently robust to make it reasonable to expect that their contracts are enforceable against their customers. Even more surprisingly, the contracts found on internet retailers' websites contain the standard, pro-seller boilerplate provisions - arbitration, disclaimers of consequential damages, and the like - much less frequently than would be expected. No such clauses appear in the contracts for more than half of the retailers that we studied. We attribute the appearance of the clauses in almost half of the contracts to the conflict between two motivations: the desire to have terms that appear to be benign and the desire to have terms (albeit not in a binding form) to which consumers will accede in the event of a dispute.
More broadly, we hope to contribute to an understanding of the relation between formal and informal modes of contract enforcement. In our view, the data we present here suggest that businesses often can succeed in altering the practical terms of their relations with customers without obtaining enforceable contracts. The apparent use of unenforceable terms to guide customer behavior provides a provocative addition to the debate about whether assent should be the focus of doctrinal rules on contract formation. Among other things, it suggests that doctrinal rules that make pro-seller terms unenforceable will have considerably less impact in the real interactions of customers and merchants than scholars have surmised. This finding is particularly striking because of the remote interactions of the parties. Although many of the customers are repeat customers, there is by definition almost no opportunity online for the kind of personal interaction that characterizes relational contracting as it is commonly understood.

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