preferred equilibrium. Two-way non-binding pre-play communication among the buyers lowers the power of exclusive contracts and … induces more generous contract terms from the seller. When discrimination and communication are possible, the exclusion rate …

preferred equilibrium. Two-way non-binding pre-play communication among the buyers lowers the power of exclusive contracts and … induces more generous contract terms from the seller. When discrimination and communication are possible, the exclusion rate …

preferred equilibrium. Two-way non-binding pre-play communication among the buyers lowers the power of exclusive contracts and … induces more generous contract terms from the seller. When discrimination and communication are possible, the exclusion rate …

). Our findings are as follows. First, payoff endogeneity increases the likelihood of exclusion. Second, communication … entry) and hence, reduces the likelihood of exclusion. Communication also induces more generous offers …

We study the intergenerational accumulation of knowledge in an infinite-horizon model of communication. Each in a … equilibria do not exist. This is so both in the case of private communication in which each player only hears the message of his … immediate predecessor, and in the case of public communication, in which each player hears the message of all previous players …