Kultti, Klaus; Virrankoski, Juha - In: Spanish Economic Review 6 (2004) 2, pp. 153-158
We consider a standard search model with buyers and sellers. Upon meeting the buyers make a take-it-or-leave-it offer, but the sellers have an option not to trade immediately but wait for more agents to appear. If more buyers come, there is excess demand, and the buyers engage in auction to get...