types: ArticleDiscussion paperWe study a model of decentralised bilateral interactions in a small market where one of the
sellers has private information about her value. There are two identical buyers and another
seller, whose valuation is commonly known to be in between the two possible valuations
of the informed seller. We consider two in nite horizon games, with public and private
simultaneous one-sided o¤ers respectively and simultaneous responses. We show that there
is a stationary perfect Bayes equilibrium for both models such that prices in all transactions
converge to the same value as the discount factor goes to 1
