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Public vs. Private Offers in the Market for Lemons

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Author Info
Johannes Hörner
Nicolas Vieille
Abstract

We study the role of observability in bargaining with correlated values. Short-run buyers sequentially submit offers to one seller. When previous offers are observable, bargaining is likely to end up in an impasse. In contrast, when offers are hidden, agreement is always reached, although with delay. Copyright 2009 The Econometric Society.

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File URL: http://hdl.handle.net/10.3982/ECTA6917
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Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 77 (2009)
Issue (Month): 1 (01)
Pages: 29-69
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Handle: RePEc:ecm:emetrp:v:77:y:2009:i:1:p:29-69

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This page was last updated on 2009-11-12.

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