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Disagreement in Markets with Matching and Bargaining

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  • Samuelson, Larry
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    Abstract

    This paper develops an explanation of why bargainers often terminate negotiations in disagreement in spite of positive expected gains from continued negotiations. The key to the analysis is a model that embeds bargaining activity within a market. Agents are continually faced with the choice between continuing to bargain with an existing partner or searching for a new partner. Bargainers may then terminate negotiations without an agreement, in spite of positive expected.gains from continued bargaining, because seeking a new bargaining partner promises a higher return. Copyright 1992 by The Review of Economic Studies Limited.

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    Bibliographic Info

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

    Volume (Year): 59 (1992)
    Issue (Month): 1 (January)
    Pages: 177-85

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    Handle: RePEc:bla:restud:v:59:y:1992:i:1:p:177-85

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    Cited by:
    1. Daughety, Andrew F. & Reinganum, Jennifer F., 1994. "Settlement negotiations with two-sided asymmetric information: Model duality, information distribution, and efficiency," International Review of Law and Economics, Elsevier, vol. 14(3), pages 283-298, September.
    2. Moreno, Diego & Wooders, John, 2002. "Prices, Delay, and the Dynamics of Trade," Journal of Economic Theory, Elsevier, vol. 104(2), pages 304-339, June.
    3. Shingo Ishiguro, 2010. "Holdup, search, and inefficiency," Economic Theory, Springer, vol. 44(2), pages 307-338, August.
    4. Serrano, Roberto, 2002. "Decentralized information and the Walrasian outcome: a pairwise meetings market with private values," Journal of Mathematical Economics, Elsevier, vol. 38(1-2), pages 65-89, September.
    5. Stephan Lauermann, 2008. "Price Setting in a Decentralized Market and the Competitive Outcome," Working Paper Series of the Max Planck Institute for Research on Collective Goods 2008_06, Max Planck Institute for Research on Collective Goods.
    6. Sjaak Hurkens & Nir Vulkan, 2006. "Dynamic Matching and Bargaining: The Role of Deadlines," UFAE and IAE Working Papers 660.06, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC), revised 19 Apr 2006.
    7. Roman Inderst, 2008. "Dynamic Bilateral Bargaining under Private Information with a Sequence of Potential Buyers," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 11(1), pages 220-236, January.
    8. Calvo-Armengol, Antoni, 2003. "A decentralized market with trading links," Mathematical Social Sciences, Elsevier, vol. 45(1), pages 83-103, February.
    9. Chatterjee, Kalyan & Dutta, Bhaskar, 2006. "Markets with Bilateral Bargaining and Incomplete Information," The Warwick Economics Research Paper Series (TWERPS) 762, University of Warwick, Department of Economics.

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