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Working paper
Payoff uncertainty, bargaining power, and the strategic sequencing of bilateral negotiations
In: The Rand journal of economics, Band 43, Heft 3, S. 514-536
ISSN: 1756-2171
This article investigates the sequencing choice of a buyer who negotiates with the sellers of two complementary objects with uncertain payoffs. The possibility of inefficient trade may generate strict sequencing preference. The buyer begins with the weaker seller if the sellers have diverse bargaining powers and with the stronger one if both sellers are strong bargainers. This sequencing is likely to increase the social surplus. Moreover, the buyer may find it optimal to raise her own acquisition cost by committing to a minimum purchase price or outsourcing. The first‐ and second‐mover advantages for the sellers are also identified.
SSRN
Patent Policy, Imitation Incentives, and the Rate of Cumulative Innovation
In: Journal of Economic Behavior and Organization, Forthcoming
SSRN
Working paper