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Dynamic Auctions

Listed author(s):
  • Daniel R. Vincent
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    A dynamic trading game is examined in which two uninformed buyers engage in Bertrand-like competition to attempt to purchase a single object of uncertain quality from an informed seller. It is shown that there exists a unique perfect sequential equilibrium. The game is compared to an analogous bargaining game in which a single uninformed buyer makes offers to a single seller. Despite the fact that in the equilibrium of the competitive game, buyers compete away their surplus, it is shown that sellers can often gain a higher ex ante surplus in the bargaining game.

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    File URL: http://hdl.handle.net/10.2307/2297542
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    Article provided by Oxford University Press in its journal The Review of Economic Studies.

    Volume (Year): 57 (1990)
    Issue (Month): 1 ()
    Pages: 49-61

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    Handle: RePEc:oup:restud:v:57:y:1990:i:1:p:49-61.
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