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  • Asher Wolinsky
  • Stephan Lauermann

Abstract

The bargaining process is a critical part of the model. Due to the information asymmetry, we cannot use the simple surplus sharing solutions that are common in the search literature. Instead, we assume that the buyer has all the bargaining power and offers a general mechanism which the seller can either accept or reject. Thus, we model bargaining as a principal-agent problem, with the buyer being the informed principal as in Myerson (1983).

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Bibliographic Info

Paper provided by Society for Economic Dynamics in its series 2009 Meeting Papers with number 827.

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Date of creation: 2009
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Handle: RePEc:red:sed009:827

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Cited by:
  1. Peter Postl, 2011. "Efficiency vs Optimality in Procurement," Discussion Papers 11-03, Department of Economics, University of Birmingham.
  2. Braz Camargo & Kyungmin (Teddy) Kim & Benjamin Lester, 2013. "Subsidizing price discovery," Working Papers 13-20, Federal Reserve Bank of Philadelphia.
  3. Shengxing Zhang, 2012. "Liquidity Misallocation in an Over-The-Counter Market," 2012 Meeting Papers 529, Society for Economic Dynamics.
  4. Peter Postl, 2013. "Efficiency versus optimality in procurement," Economic Theory, Springer, vol. 53(2), pages 425-472, June.
  5. Alp Atakan & Mehmet Ekmekci, 2012. "Auctions, Actions, and the Failure of Information Aggregation," Discussion Papers 1553, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  6. Zhiguo He & Konstantin Milbradt, 2012. "Endogenous Liquidity and Defaultable Bonds," NBER Working Papers 18408, National Bureau of Economic Research, Inc.
  7. Diego Moreno & John Wooders, 2013. "Dynamic Markets for Lemons: Performance, Liquidity, and Policy Intervention," Working Paper Series 5, Economics Discipline Group, UTS Business School, University of Technology, Sydney.
  8. Simon Loertscher & Andras Niedermayer, 2008. "Fee Setting Intermediaries: On Real Estate Agents, Stock Brokers, and Auction Houses," Discussion Papers 1472, Northwestern University, Center for Mathematical Studies in Economics and Management Science.

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