Kahan, Marcel; Leshem, Shmuel; Sundaram, Rangarajan K. - In: American Law and Economics Review 14 (2012) 2, pp. 331-371
This paper analyzes rights of first refusal and rights of first offer in a multiple-buyer, sequential bargaining setting. A right of first refusal entitles the right-holder to purchase a subject asset on the same terms as those accepted by a third party. A right of first offer requires a seller...