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CYCLICAL DELAY IN BARGAINING WITH EXTERNALITIES

delete1995-10-01
delete40
PRE
AI
P
Philippe Jéhiel *
B
Benny Moldovanu
DOI：10.2307/2298080delete
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Abstract

Abstract

En 中文
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 deadline. While with a deadline we identify delays both for positive and negative externalities, without a deadline we find that (1) when externalities are positive, there exists no SPNE in pure strategies with bounded recall that exhibits delay; (2) when externalities are negative, it may happen that all SPNE with bounded recall have the property that long periods of waiting alternate with short periods of activity: This is the cyclical delay phenomenon.
Keywords:
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Journal

Review of Economic Studies cover
Review of Economic Studies
IF:
6.4
Papers:
2.5K
Citations:
2.1W

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No organization information available