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Journal article

Auctions versus Negotiations.

Abstract:

Which is the more profitable way to sell a company: an auction with no reserve price or an optimally structured negotiation with one less bidder? The authors show, under reasonable assumptions, that the auction is always preferable when bidders' signals are independent. For affiliated signals, the result holds under certain restrictions on the seller's choice of negotiating mechanism. The result suggests that the value of negotiating skill is small relative to the value of additional competit...

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Journal:
American Economic Review
Volume:
86
Publication date:
1996-01-01
URN:
uuid:9f021e77-70e1-4025-8f4d-7987b4735607
Local pid:
oai:economics.ouls.ox.ac.uk:10287
Language:
English

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