tailieunhanh - Posted prices versus bargaining in markets_8

Tham khảo tài liệu 'posted prices versus bargaining in markets_8', tài chính - ngân hàng, đầu tư chứng khoán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 196 Chapter 10. The Role of Anonymity examination the assumption that agents discount future payoffs when combined with the other assumptions of the model is not as natural as it seems. The fact that agents discount the future not only makes a delay in reaching agreement costly the key fact in this model is that it makes holding a special relationship costly. A buyer and a seller who are matched are forced to separate at the end of the bargaining session even if they have a special personal relationship . The chance that they will be reunited is the same as the chance that each of them will meet another buyer or seller. Thus there is a tax on personal relationships a tax that prevents the formation of such relationships in equilibrium. It seems that this tax does not capture any realistic feature of the situations we observe. We now try to separate the two different roles that discounting plays in the model. Remove the assumption that pairs have to separate at the end of a bargaining session assume instead that each partner may stay with his current partner for another period or return to the pool of agents waiting to be matched in the next period. Suppose that the agents make the decision whether or not to stay with their current partner simultaneously. These assumptions do not penalize personal relationships and indeed the results show that noncompetitive prices are consistent with subgame perfect equilibrium. The model is very similar to that of Section . Here the proposer is selected randomly and the seller may switch buyers at the beginning of each period. In the model of Section the agents take turns in making proposals and the seller may switch buyers only at the beginning of a period in which her partner is scheduled to make an offer. The important feature of the model here that makes it similar to that of Section rather than that of Section is that the seller is allowed to leave her partner after he rejects her offer which as we saw

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