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Bilateral Trading in Networks

  • Daniele Condorelli

    ()

  • Andrea Galeotti

    ()

We study an incomplete-information model of sequential bargaining for a single object, with the novel feature that agents are located in a network. In each round of trade, the current owner of the object either consumes it or makes a take-it-or-leave-it offer to some connected trader. Traders may buy in order to consume or to resale to others. We show that the equilibrium price dynamics is non-monotone and that traders that intermediate the object arise endogenously and attain a pro t. We also provide insights on how traders' equilibrium payoffs depend on their location in the network.

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File URL: http://www.essex.ac.uk/economics/discussion-papers/papers-text/dp704.pdf
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Paper provided by University of Essex, Department of Economics in its series Economics Discussion Papers with number 704.

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Date of creation: 01 Mar 2012
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Handle: RePEc:esx:essedp:704
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Order Information: Postal: Discussion Papers Administrator, Department of Economics, University of Essex, Wivenhoe Park, Colchester CO4 3SQ, U.K.
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  1. Giacomo Calzolari & Alessandro Pavan, 2005. "Monopoly with Resale," Discussion Papers 1405, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  2. Calvo-Armengol, Antoni, 2003. "A decentralized market with trading links," Mathematical Social Sciences, Elsevier, vol. 45(1), pages 83-103, February.
  3. Zheng, Charles Zhoucheng, 2002. "Optimal Auction with Resale," Staff General Research Papers 12664, Iowa State University, Department of Economics.
  4. Mihai Manea, 2011. "Bargaining in Stationary Networks," American Economic Review, American Economic Association, vol. 101(5), pages 2042-80, August.
  5. repec:rje:randje:v:37:y:2006:2:p:362-375 is not listed on IDEAS
  6. Parkes, David C. & Tennenholtz, Moshe, 2009. "Special Section of Games and Economic Behavior dedicated to the 8th ACM Conference on Electronic Commerce," Games and Economic Behavior, Elsevier, vol. 67(1), pages 1-1, September.
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