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Negative externalities may cause delay in negotiation

Jehiel, P.; Moldovanu, B.; (1995) Negative externalities may cause delay in negotiation. Econometrica , 63 (6) pp. 1321-1335.

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Abstract

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.

Type:Article
Title:Negative externalities may cause delay in negotiation
Publisher version:http://www3.interscience.wiley.com/journal/118482539/home
Language:English
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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