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1、10MarketInstitutionsMarketinstitutionscomeintoplacetosolveextantproblems.Forexample,withtheadventoflargecorporationsandmulti-locationmerchandisingintheearlynineteenthcentury,postedpricesreplacedbargainingasthepreferredmethodofretail.1Morerecently,promptedbyadvancesinte
2、ch-nology,whichmakeitpossibletoservegeographically-dispersedbidders,auctionshaveincreasedinpopularity.Atthesametime,intransactionsinvolvingrealestateorcars,pricesaredeterminedthroughnegotiations.Inthischapterweexploresomeofthereasonsunderlyingthisvarietyofsellingmethod
3、s.InSections10.1and10.2weassumethatthesellerhastheabilitytochooseandcommittoanysellingmethodshelikes.Underthisassumption,thesellerwillfinditoptimaltoeitherpostatake-it-or-leave-itpriceorconductanauction.Whenthisassumptionisrelaxed(inSection10.3),itleadstobargainingbetwe
4、enthesellerandthebuyer.10.1Posted-PriceMarketsAsellerhasoneindivisibleobjecttoselltoabuyer.Thesellerscostisnormalizedtozero.ThebuyervaluestheobjectatV≥0.ThesellerdoesnotknowVandbelievesthatitisdrawnfromaprobabilitydistributionF(V)withpositivedensityf(V).Thesellerhasthe
5、powertodecidehowtoselltheobjectandcanchooseanymarketinstitutionthatshelikes.Whatshouldthesellerdo?Supposethatthesellerdecidestomakeatake-it-or-leave-itpriceoffer,p,tothebuyer.Thesellercanpre-committothissellingstrategy.Thebuyerknowsthathehasonlytwochoices:eitherheaccep
6、tsthesellersoffertobuyatpricep,orherejectstheofferanddoesnotconsumetheobjectwhichhe1SeeArnoldandLippman(1998).367368MarketInstitutionsvaluesatV.ThebestthatthebuyercandoistoaccepttheofferifthepricepislessthanorequaltohisvaluationVandwalkawayifp>V.Thus,thesellerassessesp
7、robability1−F(p)thatpricepisacceptedbythebuyer.Whatistheoptimaltake-it-or-leave-itpricefortheseller?Ifthesellersetsaverylowpricethenthebuyerisverylikelytobuybutthesellersprofitwillbesmall.If,instead,thepriceisveryhighthenthereisagoodchancethatthebuyerwillnotbuy,butifhed
8、oesthenthesellersprofitislarge.Thus,thesellerfacesatrade-offbetweentheprofitwhenshemakesasaleandtheprobabilityofmakinga
