Bargaining Power in Sequential Contracting

Topics:
Mergers
Tags:
Agent,
Business Operations,
Payoff,
Real Estate,
Seller
Source:
Duke University

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Overview: Bargaining power affects the terms of trade negotiated between agents in the economy. When multiple agents with interrelated payoffs negotiate contracts, the outcome of each negotiation depends on all agents' bargaining powers. In a model in which a buyer negotiates in sequence with two sellers, one finds that the buyer's payoff is decreasing in each seller's bargaining power, the first seller's payoff is increasing in its own bargaining power and increasing in the second seller's bargaining power, and the second seller's payoff is decreasing in the first seller's bargaining power and, in some environments, also decreasing in its own bargaining power.

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Format: PDF | Size: 383KB | Date: Oct 2004 | Pages: 32

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