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Inefficient Delays in Strategic Trades

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  • Kim-Sau Chung

Abstract

Inefficient delays in trades can sometimes be observed after the arrival of important public news. This paper explains these phenomena with a model in which agents defer trades in the fear that they may be taken advantaged of by better informed trading partners. Under certain conditions, delay is inevitable, yet total collapse of trade can be avoided.

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Bibliographic Info

Paper provided by Santa Fe Institute in its series Research in Economics with number 97-06-057e.

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Date of creation: Jun 1997
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Handle: RePEc:wop:safire:97-06-057e

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Keywords: delays; inefficient delays; strategic delays;

References

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  1. Dixit, A., 1988. "Entry And Exit Decisions Under Uncertainty," Papers 91, Princeton, Department of Economics - Financial Research Center.
  2. Henry, Claude, 1974. "Investment Decisions Under Uncertainty: The "Irreversibility Effect."," American Economic Review, American Economic Association, vol. 64(6), pages 1006-12, December.
  3. Gale, D. & Chamley, C., 1992. "Information Revelation and Strategic Delay in a Model of Investment," Papers 10, Boston University - Department of Economics.
  4. Zeira, Joseph, 1987. "Investment as a Process of Search," Journal of Political Economy, University of Chicago Press, vol. 95(1), pages 204-10, February.
  5. Paul Milgrom & Nancy L.Stokey, 1979. "Information, Trade, and Common Knowledge," Discussion Papers 377R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  6. Jehiel, Philippe & Moldovanu, Benny, 1995. "Negative Externalities May Cause Delay in Negotiation," Econometrica, Econometric Society, vol. 63(6), pages 1321-35, November.
  7. Gale, Douglas, 1996. "What have we learned from social learning?," European Economic Review, Elsevier, vol. 40(3-5), pages 617-628, April.
  8. McDonald, Robert & Siegel, Daniel, 1986. "The Value of Waiting to Invest," The Quarterly Journal of Economics, MIT Press, vol. 101(4), pages 707-27, November.
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