Do Seller Disclosures Affect Property Values? Buyer Information and the Hedonic Model

Buyer-Initiated versus Seller-Initiated Information Revelation

In many selling situations, the firm can choose between a selling format in which the buyer determines which information about the product will be revealed and one in which the seller makes this determination. We model this choice of information revelation format and its interaction with product quality. In a monopoly with exogenous quality, if the firm offers a high quality product it prefers ...

An Integrated Model of Buyer-Seller Relationships

A buyer-seller watermarking protocol

Digital watermarks have previously been proposed for the purposes of copy protection and copy deterrence for multimedia content. In copy deterrence, a content owner (seller) inserts a unique watermark into a copy of the content before it is sold to a buyer. If the buyer sells unauthorized copies of the watermarked content, then these copies can be traced to the unlawful reseller (original buyer...

On Seller Estimates and Buyer Returns

This paper revisits recent empirical research on buyer credulity in arts auctions and auctions for assets in general. We show that elementary results in auction theory can fully account for some stylized facts on asset returns that have been held to suggest that sellers of assets can exploit buyers by providing biased estimates of asset values. We argue that, rather than showing that buyers are...

A Theory of Buyer-Seller Networks

This paper introduces a new model of exchange: networks, rather than markets, of buyers and sellers. It begins with the empirically motivated premise that a buyer and seller must have a relationship, a “link,” to exchange goods. Networks buyers, sellers, and the pattern of links connecting them are common exchange environments. This paper develops a methodology to study network structures and e...