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This paper presents a model of strategic buyer-seller networks with information exchange between sellers. Prior to engaging in bargaining with buyers, sellers can share access to buyers for a negotiated transfer. We study how this information exchange affects overall market prices, volumes and...
Persistent link: https://www.econbiz.de/10011756446
In all social and economic interactions, individuals or coalitions choose not only with whom to interact but how to interact, and over time both the structure (the with whom) and the strategy (the how) of interactions change. Our objectives here are to model the structure and strategy of...
Persistent link: https://www.econbiz.de/10010279644
In his seminal paper on arbitrage and competitive equilibrium in unbounded exchange economies, Werner (Econometrica, 1987) proved the existence of a competitive equilibrium, under a price no-arbitrage condition, without assuming either local or global nonsatiation. Werner's existence result...
Persistent link: https://www.econbiz.de/10010284163
This note considers the problem of a principal (she) who faces a privately informed agent (he) and only knows one moment of the distribution from which his types are drawn. Payoffs are non-linear in the allocation and the principal maximizes her worst-case expected profits. We recast the robust...
Persistent link: https://www.econbiz.de/10011807466