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Negative Externalities May Cause Delay in Negotiation

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  • Jehiel, Philippe
  • Moldovanu, Benny

Abstract

The authors study the strategic equilibria of a negotiation game where potential buyers are affected by identity-dependent, negative externalities. The unique equilibrium of long, finitely repeated generic games can either display delay--where a transaction can take place only in several stages before the deadline--or, in spite of the random element in the game, a well-defined buyer exists that obtains the object with probability close to one. Copyright 1995 by The Econometric Society.

Suggested Citation

  • Jehiel, Philippe & Moldovanu, Benny, 1995. "Negative Externalities May Cause Delay in Negotiation," Econometrica, Econometric Society, vol. 63(6), pages 1321-1335, November.
    • Handle: RePEc:ecm:emetrp:v:63:y:1995:i:6:p:1321-35
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