|
| |
| Leandro Arozamena and Federico Weinschelbaum |
| |
| ''A note on the suboptimality of right-of-first-refusal clauses'' |
| ( 2006, Vol. 4 No.24 ) |
| |
| |
| We show that, under independent private values, no mechanism that contains a right-of-first-refusal clause can maximize the sum of the utilities of the seller and the right-holder. |
| |
| |
| Keywords: Auctions |
JEL: D4 - Market Structure and Pricing: General
L1 - Market Structure, Firm Strategy, and Market Performance: General |
| |
| Manuscript Received : Jul 05 2006 | | Manuscript Accepted : Jul 05 2006 |
|
