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Competing with Asking Prices

Benjamin R. LesterLudo VisschersRonald P. Wolthoff

出版	CESifo, Center for Economic Studies & Ifo Institute, 2016
URL	http://books.google.com.hk/books?id=TuDCzQEACAAJ&hl=&source=gbs_api

註釋

In many markets, sellers advertise their good with an asking price. This is a price at which the seller will take his good off the market and trade immediately, though it is understood that a buyer can submit an offer below the asking price and that this offer may be accepted if the seller receives no better offers. We construct an environment with a few simple, realistic ingredients and demonstrate that, by using an asking price, sellers both maximize their revenue and implement the efficient outcome in equilibrium. We provide a complete characterization of this equilibrium and use it to explore the implications of this pricing mechanism for transaction prices and allocations.