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Cyclical Delay in Bargaining with Externalities

  • Jehiel, Philippe
  • Moldovanu, Benny

Externalities between buyers are shown to induce delays in negotiations between a seller and several buyers. Delays arise in a perfect and complete information setting with random matching even when there is no decline. While with a deadline the authors identify delays both for positive and negative externalities, without deadline they find that, when externalities are positive, there exists no subgame-perfect Nash equilibrium in pure strategies with bounded recall that exhibits delay; and when externalities are negative, it may happen that all subgame-perfect Nash equilibrium with bounded recall have the property that long periods of waiting alternate with short periods of activity: this is the cyclical delay phenomenon. Copyright 1995 by The Review of Economic Studies Limited.

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Article provided by Wiley Blackwell in its journal Review of Economic Studies.

Volume (Year): 62 (1995)
Issue (Month): 4 (October)
Pages: 619-37

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Handle: RePEc:bla:restud:v:62:y:1995:i:4:p:619-37
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