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Relational Contracting, Repeated Negotiations, and Hold-Up
Kranz, Sebastian - 2013
We propose a unified framework to study relational contracting and hold-up problems in infinite horizon stochastic games. We first illustrate that with respect to long run decisions, the common formulation of relational contracts as Pareto-optimal public perfect equilibria is in stark contrast...
Persistent link: https://www.econbiz.de/10013087220
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Pricing and Investments in Matching Markets
Mailath, George J. - 2011
some markets, and personalized prices tailored to the buyer in others. We examine a setting in which buyers and sellers … the transacting agents prior to any transfers -- created by a buyer-seller match. Personalized price equilibrium outcomes …
Persistent link: https://www.econbiz.de/10013122231
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Prizes Versus Wages with Envy and Pride
Dubey, Pradeep K. - 2011
We show that if agents are risk neutral, prizes outperform wages if and only if there is sufficient pride and envy relative to the noisiness of performance. If agents are risk averse, prizes are a necessary supplement to wages (as bonuses)
Persistent link: https://www.econbiz.de/10013118185
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Competing for Customers in a Social Network
Dubey, Pradeep K. - 2006
There are many situations in which a customer's proclivity to buy the product of any firm depends not only on the classical attributes oft he product such as its price and quality, but also on who else is buying the same product. We model these situations as games in which firms compete for...
Persistent link: https://www.econbiz.de/10012779129
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The Role of Commitment in Bilateral Trade
Gerardi, Dino - 2013
the buyer's valuation, but the buyer is not. To characterize this payoff set, we derive an upper bound, using mechanism …, we show that it is the buyer's inability to commit to a contract before observing the terms of trade that precludes …
Persistent link: https://www.econbiz.de/10013075180
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The Implementation Duality
Nöldeke, Georg - 2017
Conjugate duality relationships are pervasive in matching and implementation problems and provide much of the structure essential for characterizing stable matches and implementable allocations in models with quasilinear (or transferable) utility. In the absence of quasilinearity, a more...
Persistent link: https://www.econbiz.de/10012944599
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The Implementation Duality
Nöldeke, Georg - 2015
We use the theory of abstract convexity to study adverse-selection principal-agent problems and two-sided matching problems, departing from much of the literature by not requiring quasilinear utility. We formulate and characterize a basic underlying implementation duality. We show how this...
Persistent link: https://www.econbiz.de/10013026253
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The Implementation Duality
Nöldeke, Georg - 2018
Conjugate duality relationships are pervasive in matching and implementation problems and provide much of the structure essential for characterizing stable matches and implementable allocations in models with quasilinear (or transferable) utility. In the absence of quasilinearity, a more...
Persistent link: https://www.econbiz.de/10012922807
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Pricing in Matching Markets
Mailath, George J. - 2010
markets, seller-specific prices that are uniform across buyers in others, and personalized prices tailored to both the buyer … muneration (payments) - created by the buyer-seller match. We characterize the premuneration values under which uniform-price and … personalized-price equilibria agree. In this case, we have efficient allocations, including pre-match investment decisions, without …
Persistent link: https://www.econbiz.de/10013148518
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Identification and Estimation in Two-Sided Matching Markets
Agarwal, Nikhil - 2014
We study estimation and non-parametric identification of preferences in two-sided matching markets using data from a single market with many agents. We consider a model in which preferences of each side of the market are vertical, utility is non-transferable and the observed matches are pairwise...
Persistent link: https://www.econbiz.de/10013063240