The timing of contracting with externalities

被引：10
作者：
Moller, Marc [1 ]
机构：
[1] Univ Carlos III Madrid, Dept Econ, Madrid 28903, Spain
来源：
JOURNAL OF ECONOMIC THEORY | 2007年 / 133卷 / 01期
关键词：
bilateral contracting; externalities; endogenous timing; efficiency;
D O I：
10.1016/j.jet.2006.01.003
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper endogenizes the timing of bilateral contracting between one principal and multiple agents in the presence of externalities. Contracting simultaneously with all agents is optimal for the principal if externalities become weaker the more an agent trades. If instead externalities become stronger, sequential negotiations might benefit the principal as they lower the agents' outside options. Under some linearity conditions, the principal's preferences with respect to different timings of contracting are opposed to their efficiency ranking. (c) 2006 Elsevier Inc. All rights reserved.
引用
收藏
页码：484 / 503
页数：20
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