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- Title
The long side of the market and the short end of the stick: Bargaining power and price formation...
- Authors
Taylor, Curtis R.
- Abstract
The determinants of bargaining power and price formation in a dynamic exchange market where new traders enter randomly over time are studied When agents on the long side of the market possess the option to wait for the arrival of future partners, the terms of trade in the spot market must honor the value of this option The equilibrium terms of trade are expressed in intuitive closed-form equations that highlight the distinct influences of short-run spot-market conditions and long-run market demographics
- Subjects
COMMERCE; FOREIGN exchange market; COLLECTIVE bargaining; TERMS of trade; COMMERCIAL policy; FREE trade; INTERNATIONAL competition
- Publication
Quarterly Journal of Economics, 1995, Vol 110, Issue 3, p837
- ISSN
0033-5533
- Publication type
Article
- DOI
10.2307/2946701