haku: @author Muthoo, A. / yhteensä: 4
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| Tekijä: | Coles, M. G. Muthoo, A. |
| Otsikko: | Strategic bargaining and competitive bidding in a dynamic market equilibrium. |
| Lehti: | Review of Economic Studies
1998 : APR, VOL. 65(2):223, p. 235-260 |
| Asiasana: | MARKETING STRATEGY EQUILIBRIUM ANALYSIS BARGAINING STOCHASTIC PROCESSES |
| Kieli: | eng |
| Tiivistelmä: | The article extends the bargaining and matching literature by considering a new matching process. The authors assume that a central information agency exists, such as real estate agencies in the housing market and employment agencies in the labour market, which puts traders into direct contact with each other. With heterogeneity of trader preferences, equilibrium trade is characterized by existing traders on each side of the market trying to match with the flow of new traders on the other side. Two procedures of trade co-exist, namely a strategic bilateral bargaining process and a competitive bidding process, depending on the number of potential matches a new trader obtains. The authors characterize the unique symmetric Markov perfect equilibrium to this tochastic trading game. |
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