bargaining model of price formation with asymmetric information. Under natural assumptions on type distributions, and for any … discount factor, we show that the unobservability of past negotiations leads to lower prices and faster trading …

negligible? This paper analyzes the above question and provides a foundation for renegotiation-proof contracts in a related …

I study how the arrival of new private information affects bargaining outcomes. A seller makes offers to a buyer. The … delivering the good. Prices fall gradually at the early stages of negotiations, and trade is inefficiently delayed. The first …-best is implementable via a mechanism, whereas all equilibrium outcomes of the bargaining game are inefficient. …

A two-person infinite-horizon bargaining model where one of the players may have either of two discount factors, has a …

contract renegotiation is a powerful tool for incentive provision, despite the stationarity of the environment. Continuation … contracts are renegotiated away. This form of anticipated renegotiation results in welfare improvements over outcomes attainable … shown to satisfy various concepts of renegotiation‐proofness. …

default rates, renegotiation, or loan rates individually, we study them together as equilibrium outcomes of the strategic … interaction between lenders and borrowers. We present a simple model of default and renegotiation where the degree of limited … default rates and renegotiation rates. Regarding loan pricing, while the model predicts higher interest rates for limited …

, and renegotiation. Trade actions are modeled as individual and trade-action-based option contracts ("non-forcing contracts … that, with ex post renegotiation, constraining parties to use "forcing contracts" implies a strict reduction in the set of …