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Inefficient Delays in Strategic Trades

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Author Info
Kim-Sau Chung

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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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Publisher 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

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References listed on IDEAS
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  1. Chamley, Christophe & Gale, Douglas, 1994. "Information Revelation and Strategic Delay in a Model of Investment," Econometrica, Econometric Society, vol. 62(5), pages 1065-85, September. [Downloadable!] (restricted)
    Other versions:
  2. Jehiel, Philippe & Moldovanu, Benny, 1995. "Negative Externalities May Cause Delay in Negotiation," Econometrica, Econometric Society, vol. 63(6), pages 1321-35, November. [Downloadable!] (restricted)
  3. Milgrom, Paul & Stokey, Nancy, 1982. "Information, trade and common knowledge," Journal of Economic Theory, Elsevier, vol. 26(1), pages 17-27, February. [Downloadable!] (restricted)
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  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. [Downloadable!] (restricted)
  5. Dixit, Avinash K, 1989. "Entry and Exit Decisions under Uncertainty," Journal of Political Economy, University of Chicago Press, vol. 97(3), pages 620-38, June. [Downloadable!] (restricted)
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  6. Gale, Douglas, 1996. "What have we learned from social learning?," European Economic Review, Elsevier, vol. 40(3-5), pages 617-628, April. [Downloadable!] (restricted)
  7. 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. [Downloadable!] (restricted)
  8. Henry, Claude, 1974. "Investment Decisions Under Uncertainty: The "Irreversibility Effect."," American Economic Review, American Economic Association, vol. 64(6), pages 1006-12, December. [Downloadable!] (restricted)
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