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The Effects of Competition on Bargaining Power in Repeated Bilateral Negotiations
The Effects of Competition on Bargaining Power in
Repeated Bilateral Negotiations
Christian Groh?
June 27, 2001
Abstract
I model a market with repeated bilateral negotiations, random matching and
an option to continue trade with the current partner. Sellers make all offers and
have a commonly known value of zero for the good, the buyers have a commonly
known value of one. While in a repeated bilateral monopoly situation a buyer
can extract all the surplus I show that alternative trading partners in form of
unmatched sellers are disadvantageous for the buyers. The result presumes that
traders have no information about other traders’ bargaining history. Starting
from that observation I allow buyers to compete for currently matched sellers.
Competition leads to harsh punishments for a buyer who accepts a seller’s out-
of-equilibrium offer. Those harsh punishments ensure that buyers can offset the
negative effect which alternative trading partners induce: payoffs exceed those
without competition for any discount factor.
JEL Classification Numbers: C78, C73, C72, D43.
Keywords: noncooperative bargaining, repeated games, collusion, outside op-
tions, competition
? Faculty of Economics, Chair Prof. Moldovanu, University of Mannheim, D - 68131 Mannheim,
Germany. Tel.: +49 621 181 3421, email: groh@econ.uni-mannheim.de. This paper was written while
the author was visiting University College London - whose warm hospitality is gratefully acknowledged
- through the ENTER PhD programme. I am especially grateful to Tilman Bo?rgers and Martin
Hellwig for their encouragement and generous advice. I have also benefited from the comments of
Roman Inderst, Philippe Jehiel, Benny Moldovanu and Ennio Stacchetti and seminar participants at
the Economic Theory Workshop in Mannheim and at the ENTER Jamboree 2000 in London. All
remaining errors are mine.[bargaining.tex]
1 Introduction
Decentralised trading systems are abundant in real world economies. It is hence not
surprising that markets
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