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When to Haggle

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Author Info
Miller, Nolan (Harvard U)
Piankov, Nikita (Harvard U)
Zeckhauser, Richard (Harvard U)

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Abstract

A seller faces a buyer with unknown reservation value. We show that buyer risk aversion can make it in the seller's interest to haggle. That is, the seller should make an initial offer and then, if it is rejected, make a second offer with some probability strictly less than one. This is true regardless of whether the seller haggles over price, quality, or price and quality simultaneously. The results are extended to contexts with multiple types of buyers and multiple dimensions for haggling.

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File URL: http://ksgnotes1.harvard.edu/Research/wpaper.nsf/rwp/RWP01-025/$File/rwp01_025_miller_rev1.pdf
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Publisher Info
Paper provided by Harvard University, John F. Kennedy School of Government in its series Working Paper Series with number rwp01-025.

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Date of creation: Jun 2001
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Handle: RePEc:ecl:harjfk:rwp01-025

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References listed on IDEAS
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.:

  1. Rosen, Sherwin & Rosenfield, Andrew M, 1997. "Ticket Pricing," Journal of Law & Economics, University of Chicago Press, vol. 40(2), pages 351-76, October.
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  2. Spence, Michael, 1977. "Nonlinear prices and welfare," Journal of Public Economics, Elsevier, vol. 8(1), pages 1-18, August. [Downloadable!] (restricted)
  3. John G. Riley & Richard Zeckhauser, 1980. "Optimal Selling Strategies:," UCLA Economics Working Papers 180, UCLA Department of Economics. [Downloadable!]
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  1. repec:att:wimass:1920318 is not listed on IDEAS
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This page was last updated on 2010-1-7.

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