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Uncertainty and Delay in Bargaining

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Author Info
Cho, In-Koo
Abstract

This paper investigates the relationship between uncertainty and delay of agreement in the one-sided offer bargaining model with two-sided uncertainty where the seller makes offers. The author constructs a weak stationary equilibrium in which different types of the seller charge different prices in every period. The author completely characterizes the separating equilibrium by three regularity conditions, and shows that the time interval between offers converges to zero, the seller's initial price offer in a separating equilibrium converges with probability one to the lowest valuation of the buyer if and only if the gain from trading is common knowledge. Copyright 1990 by The Review of Economic Studies Limited.

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Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 57 (1990)
Issue (Month): 4 (October)
Pages: 575-95
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Handle: RePEc:bla:restud:v:57:y:1990:i:4:p:575-95

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  1. Lopomo, G. & Ok, E.A., 1998. "Bargaining, Independence, and the Rationality of Fair Division," Working Papers 98-18, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
  2. Dilip Abreu & David Pearce, 2003. "A Behavioral Model of Bargaining with Endogenous Types," Cowles Foundation Discussion Papers 1446, Cowles Foundation, Yale University. [Downloadable!]
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  3. Joel Watson, 1995. "Alternating-Offer Bargaining with Two-Sided Incomplete Information," University of California at San Diego, Economics Working Paper Series 94-13r, Department of Economics, UC San Diego. [Downloadable!]
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  4. Feinberg, Yossi & Skyzypacz, Andrzej, 2002. "Uncertainty about Uncertainty and Delay in Bargaining," Research Papers 1765, Stanford University, Graduate School of Business. [Downloadable!]
  5. Xavier Jarque & Clara Ponsati & Jozsef Sakovics, 2004. "Mediation: Incomplete information bargaining with filtered communication," ESE Discussion Papers 75, Edinburgh School of Economics, University of Edinburgh. [Downloadable!]
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  6. Xavier Jarque & Clara Ponsat?Author-Name: Jozsef Sakovics, 2001. "Mediation: Incomplete information bargaining with," UFAE and IAE Working Papers 502.01, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC). [Downloadable!]
  7. Clara Ponsati-obiols, 1997. "Compromise vs Capitulation in BArgaining with Incomplete Information," Annales d'Economie et de Statistique, ADRES, issue 48, pages 09, Octobre-D. [Downloadable!]
  8. Giuseppe Lopomo & Efe A Ok, 2001. "Bargaining, Interdependence and the Rationality of Fair Division," Levine's Working Paper Archive 563824000000000114, David K. Levine. [Downloadable!]
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  9. Peter Cramton, 1992. "Strategic Delay in Bargaining with Two-Sided Uncertainty," Papers of Peter Cramton 92res, University of Maryland, Department of Economics - Peter Cramton, revised 09 Jun 1998. [Downloadable!]
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