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Sequential Screening and Renegotiation
This paper considers a sequential screening problem. A seller sells an object to a buyer who is privately informed about the object's value. The value has two components. The buyer knows the ...rst component when he contracts with the seller and learns the second component only later. The optimal contract when there is no commitment problem is a sequential mechanism in form of a menu of fee-price pairs. Paying the initial fee gives the buyer the right to purchase the good later at thedoi:10.17863/cam.5597 fatcat:dfbsctgel5fmpjtjesj7a4xshe