Econ Papers Daily / 期刊论文
外部选择、声誉与科斯猜想的局部成功
Outside Options, Reputations, and the Partial Success of the Coase Conjecture
摘要
A buyer and seller bargain in continuous time over a good. Bargainers can be rational or committed to some fixed price. A rational buyer has a private value and outside option. If the set of buyer values and commitment types is rich and the probability of commitment vanishes, outcomes are partially consistent with the Coase conjecture: the seller chooses a price below the maximum of the lowest outside option and half the lowest value; the buyer immediately accepts or takes his outside option.
中文摘要
买方与卖方在连续时间内就一件商品进行讨价还价。讨价还价者可能是理性的，也可能承诺于某个固定价格。理性买方拥有私人价值和外部选择权。若买方价值集合与承诺类型集合丰富，且承诺概率趋近于零，则结果与科斯猜想部分一致：卖方选择的价格低于最低外部选择权与最低价值一半中的最大值；买方立即接受或采取其外部选择权。