The paper studies agents' investment decisions between general and specific investments under different ownership structures in a thin, decentralized market where each agent's decision affects the decisions and welfare of other (otherwise unrelated) agents mainly through indirect market...

Under what circumstances will a seller be better of selling his inventory sequentially, rather than selling them all in a single auction? If buyers come sequentially, there is an obvious reason to sell items sequentially. However, we show that even (1) when all buyers are present at the...