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Efficiency and Voluntary Implementation in Markets with Repeated Pairwise Bargaining Author info | Abstract | Publisher info | Download info | Related research | Statistics Matthew O. Jackson
Thomas R. Palfrey
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The authors examine a bargaining setting where heterogeneous buyers and sellers are repeatedly matched and time is costly. They characterize efficiency and then, using an implementation approach, study the allocations that can result in equilibrium when the matched buyers and sellers bargain through some extensive game form. The authors are particularly concerned with the impact of making trade voluntary: buyers and sellers have the option of being rematched in the market. Finally, they compare and contrast the efficient allocations with those that could ever arise as the equilibria of some voluntary negotiation procedure.
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Article provided by Econometric Society in its journal Econometrica .
Volume (Year): 66 (1998)
Issue (Month): 6 (November)
Pages: 1353-1388
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Handle: RePEc:ecm:emetrp:v:66:y:1998:i:6:p:1353-1388Contact details of provider: Phone: 1 212 998 3820 Fax: 1 212 995 4487 Email: Web page: http://www.econometricsociety.org/ More information through EDIRC
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"Toward Natural Implementation ,"
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"Virtual Implementation in Iteratively Undominated Strategies: Complete Information ,"
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Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Sandro Brusco & Matthew O. Jackson, 1997.
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[Downloadable!] (restricted) Pablo Amorós, 2003.
"Nash Implementation and Uncertain Renegotiation ,"
Economic Working Papers at Centro de Estudios Andaluces
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"Matching, search and intermediation with two-sided heterogeneity ,"
Review of Economic Design ,
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