A model of an exclusive group or class whose membership is governed by personal contact and interaction is studied. Members of this old-boy network attempt to shield themselves from transacting with opportunistic or incompetent individuals by dealing only infrequently with unproven nonmembers....

We study a dynamic setting in which stochastic information about the value of a privately-informed seller's asset is gradually revealed to a market of buyers. We characterize the unique equilibrium in a continuous-time framework. The equilibrium involves periods of no trade or market failure....