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Outside Options, Reputations, and the Partial Success of the Coase Conjecture
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AI
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DOI：10.3982/ecta22022.png)
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Abstract
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A buyer and seller bargain in continuous time over a good. Bargainers can be rational or committed to some fixed price. A rational buyer has a private value and outside option. If the set of buyer values and commitment types is rich and the probability of commitment vanishes, outcomes are partially consistent with the Coase conjecture: the seller chooses a price below the maximum of the lowest outside option and half the lowest value; the buyer immediately accepts or takes his outside option.
Keywords:
Bargaining
reputation
private value
outside option
Coase conjecture
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