Posted prices versus bargaining in markets with asymmetric information

被引：33

作者：

Arnold, MA ^{[1
]}

Lippman, SA

机构：

[1] Univ Delaware, Dept Econ, Newark, DE 19716 USA

[2] Univ Calif Los Angeles, Anderson Sch, Los Angeles, CA USA

来源：

ECONOMIC INQUIRY | 1998年 / 36卷 / 03期

关键词：

D O I：

10.1111/j.1465-7295.1998.tb01727.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

A search model is employed to analyze the choice between posting a price and bargaining for the seller of an asset who is imperfectly informed about both buyer valuations and buyer bargaining abilities. A mean preserving increase in risk of buyer valuations is relevant (and beneficial) to the seller; however, only the mean <(gamma)over bar> (and not the distribution) of buyer bargaining abilities is relevant. If <(gamma)over bar> is sufficiently. high, the seller utilizes a posted price. Interestingly! social welfare decreases in <(gamma)over bar>; while an increase in <(gamma)over bar> reduces expected search costs, it also results in misallocation of the good because the seller is less discriminating. (JEL D42, D83).

引用

页码：450 / 457

页数：8

共 50 条

[31] Prices versus auctions in large markets
Hanzhe Zhang
Economic Theory, 2021, 72 : 1297 - 1337
[32] Information and bargaining in markets for environmental quality.
Hite, D
AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS, 1997, 79 (05) : 1710 - 1710
[33] A Fuzzy Logic System for Bargaining in Information Markets
Kolomvatsos, Kostas
Anagnostopoulos, Christos
Hadjiefthymiades, Stathes
ACM TRANSACTIONS ON INTELLIGENT SYSTEMS AND TECHNOLOGY, 2012, 3 (02)
[34] Information markets and the comovement of asset prices
Veldkamp, Laura L.
REVIEW OF ECONOMIC STUDIES, 2006, 73 (03): : 823 - 845
[35] PRICES AND QUALITIES IN MARKETS WITH COSTLY INFORMATION
CHAN, YS
LELAND, H
REVIEW OF ECONOMIC STUDIES, 1982, 49 (04): : 499 - 516
[36] On mixed markets with asymmetric information
Pesce, Marialaura
ECONOMIC THEORY, 2010, 45 (1-2) : 23 - 53
[37] CREDIT MARKETS WITH ASYMMETRIC INFORMATION
CLEMENZ, G
LECTURE NOTES IN ECONOMICS AND MATHEMATICAL SYSTEMS, 1986, 272 : 1 - 212
[38] On mixed markets with asymmetric information
Marialaura Pesce
Economic Theory, 2010, 45 : 23 - 53
[39] Equivalence of auctions and posted prices
Kultti, K
GAMES AND ECONOMIC BEHAVIOR, 1999, 27 (01) : 106 - 113
[40] The analytics of search with posted prices
Arnold, MA
Lippman, SA
ECONOMIC THEORY, 2001, 17 (02) : 447 - 466

← 1 2 3 4 5 →