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Bargaining and Markets phần 7

chúng tôi nghiên cứu một thị trường trong đó các cá nhân có hai loại: (tiềm năng) người bán và người mua (tiềm năng). Mỗi giao dịch diễn ra giữa người bán và người mua, người đàm phán các điều khoản của giao dịch. Trong chương này chúng tôi sử dụng giải pháp thương lượng Nash (xem Chương 2) | CHAPTER 6 A First Approach Using the Nash Solution 6.1 Introduction There are many choices to be made when constructing a model of a market in which individuals meet and negotiate prices at which to trade. In particular we need to specify the process by which individuals are matched the information that the individuals possess at each point in time and the bargaining procedure that is in use. We consider a number of possibilities in the subsequent chapters. In most cases the exception is the model in Section 8.4 we study a market in which the individuals are of two types potential sellers and potential buyers. Each transaction takes place between a seller and a buyer who negotiate the terms of the transaction. In this chapter we use the Nash bargaining solution see Chapter 2 to model the outcome of negotiation. In the subsequent chapters we model the negotiation in more detail using strategic models like the one in Chapter 3. We distinguish two possibilities for the evolution of the number of traders present in the market. 1. The market is in a steady state. The number of buyers and the number of sellers in the market remain constant over time. The 123 124 Chapter 6. A First Approach Using the Nash Solution opportunities for trade remain unchanged. The pool of potential buyers may always be larger than the pool of potential sellers but the discrepancy does not change over time. An example of what we have in mind is the market for apartments in a city in which the rate at which individuals vacate their apartments is similar to the rate at which individuals begin searching for an apartment. 2. All the traders are present in the market initially. Entry to the market occurs only once. A trader who makes a transaction in some period subsequently leaves the market. As traders complete transactions and leave the market the number of remaining traders dwindles. When all possible transactions have been completed the market closes. A periodic market for a perishable good is