We model takeovers as a bargaining process and explain termination fees for, both, the target and the acquirer, subject … to parties’ bargaining power and outside options. In equilibrium, termination fees are offered by firms with outside … options in exchange for a greater share of merger synergies. Termination fees decrease in firms’ bargaining power, and …

In a bargaining setting with asymmetrically informed, inequity-averse parties, a fully efficient mechanism (i.e., the …

I examine the consequences of letting players compete for bargaining power in a multilateral bargaining game. In each …

We study decentralized trade in dynamic markets with homogeneous, non-atomic, buyers and sellers that wish to exchange … one unit. In the first part of the paper we characterize equilibrium in a bargaining model with two-sided time varying …

We study decentralized trade in dynamic markets with homogeneous, non-atomic, buyers and sellers that wish to exchange … one unit. In the first part of the paper we characterize equilibrium in a bargaining model with two-sided time varying …