Outside Options and the Failure of the Coase Conjecture

• 成果类型: Article
• 署名作者: Board, Simon; Pycia, Marek
• 署名单位: University of California System; University of California Los Angeles
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.104.2.656
• 发表日期: 2014
• 页码: 656-671
• 关键词: bargaining model; monopoly

摘要

A buyer wishes to purchase a good from a seller who chooses a sequence of prices over time. Each period the buyer can also exercise an outside option, abandoning their search or moving on to another seller. We show there is a unique equilibrium in which the seller charges a constant price in every period equal to the monopoly price, contravening the Coase conjecture. We then embed the single-seller model into a search framework and show the result provides a foundation for the usual no haggling assumption. (JEL C78, D42, D43, L12, L13)