Bargaining under the Illusion of Transparency
研究了买方高估自己私人信息泄露概率时的讨价还价，发现买方先出价能提高卖方收益，且削弱价格承诺反而对卖方有利，最终摩擦性讨价还价让卖方攫取全部交易剩余。
This paper studies bargaining with noncommon priors where the buyer projects and exaggerates the probability that her private information may leak to the seller. Letting the buyer name her price first, raises the seller’s payoff above his payoff from posting a price. In seller-offer bargaining, projection implies a partial reversal of classic Coasian comparative static results. Weakening price commitment can benefit the seller and, as long as the relative speed at which imaginary information versus offers arrive does not converge to zero too quickly, frictionless bargaining converges to a fast haggling process which allows the seller to extract all surplus from trade. Bargaining under common prior transparency is instead slow and becomes equivalent to simply waiting. The comparative static predictions are consistent with experimental evidence.