Jehiel, P. and Moldovanu, B. (1995) Negative externalities may cause delay in negotiation. Econometrica , 63 (6) pp. 1321-1335.
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We study the strategic equilibria of a negotiation game where potential buyers are affected by identity-dependent, negative externalities. The unique equilibrium of long, finitely repeated generic games can either display delay--where a transaction can take place only in several stages before the deadline--or, in spite of the random element in the game, a well-defined buyer exists that obtains the object with probability close to one.
|Title:||Negative externalities may cause delay in negotiation|
|Additional information:||This issue is available via subscription to JSTOR: http://www.jstor.org/stable/2171772|
|UCL classification:||UCL > School of Arts and Social Sciences > Faculty of Social and Historical Sciences > Economics|
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