Outside Options, Reputations, and the Partial Success of the Coase Conjecture
研究了连续时间讨价还价中，当买方有私人价值和外部选择、且存在理性与承诺型交易者时，即使承诺概率趋零，结果仍部分符合科斯猜想：卖方定价低于最低外部选择与最低价值一半中的较大者，买方立即接受或退出。
A buyer and seller bargain in continuous time over a good. Bargainers can be rational or committed to some fixed price. A rational buyer has a private value and outside option. If the set of buyer values and commitment types is rich and the probability of commitment vanishes, outcomes are partially consistent with the Coase conjecture: the seller chooses a price below the maximum of the lowest outside option and half the lowest value; the buyer immediately accepts or takes his outside option.