Endogenous Transactions Costs in Multi-Seller Model
Menezes, Flavio; Pitchford, Rohan
Description
We examine the problem of a buyer who wishes to purchase and combine <i>n</i> objects owned by <i>n</i> individual owners to realize a higher value. The owners are able to delay their entry into the sale process: They can either sell now or sell later. Among other assumptions, the simple assumption of competition - that the presence of more owners at point of sale reduces their surplus - and discounting lead to interesting results: There is costly delay in equilibrium. Moreover, with...[Show more]
Collections | ANU Research Publications |
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Date published: | 2001 |
Type: | Working/Technical Paper |
URI: | http://hdl.handle.net/1885/40513 http://digitalcollections.anu.edu.au/handle/1885/40513 |
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File | Description | Size | Format | Image |
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wp399.pdf | 238.4 kB | Adobe PDF |
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