Dissolving a Common Value Partnership in a Repeated 'queto' Game
We analyse a common value, alternating ascending bid, first price auction as a repeated game of incomplete information where the bidders hold equal property rights to the object auctioned off. Consequently they can accept (by quitting) or veto any proposed settlement. We characterise the essentially unique, sequentially rational dynamic Bayesian Nash equilibrium of this game under incomplete information on one side and discuss its properties.
|Date of creation:||May 2003|
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- Zvika Neeman, 1999. "Property Rights and Efficiency of Voluntary Bargaining under Asymmetric Information," Review of Economic Studies, Oxford University Press, vol. 66(3), pages 679-691.
- repec:dau:papers:123456789/6017 is not listed on IDEAS
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"Partnerships and double auctions with interdependent valuations,"
Games and Economic Behavior,
Elsevier, vol. 44(1), pages 54-76, July.
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- Mertens,Jean-François & Sorin,Sylvain & Zamir,Shmuel, 2015.
Cambridge University Press, number 9781107030206, April.
- Eilon Solan & Nicolas Vieille, 1998. "Quitting Games," Discussion Papers 1227, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Benny Moldovanu, 2002. "How to Dissolve a Partnership," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 158(1), pages 66-, March.
- Geanakoplos, John, 1994. "Common knowledge," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 2, chapter 40, pages 1437-1496 Elsevier.
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