Subgame-perfect equilibria are characterized for a market in which the seller quotes a price each period. Assume zero costs, positive interest rate, continuum of buyers, and some technical conditions. If buyers' valuations are positive then equilibrium is unique, buyers' strategies are stationary, and the price sequence is determinant along the equilibrium path but possibly randomized elsewhere, Otherwise a continuum of stationary equilibria can exist, but at most one with analytic strategies. Coase's conjecture is verified for stationary strategies: reducing the period length drives all prices to zero or the least valuation. Connections to bargaining models are described. Journal qf Economic Literature Classification Number: 022.

Problems of social choice frequently take the following form. There are n voters and a set K = {1, 2,..., k} of objects. The voters must choose a subset of K. We define a class of voting schemes called voting by committees. The main result of the paper is a characterization of voting by committees, which is the class of all voting schemes that satisfy voter sovereignty and nonmanipulability on the domain of separable preferences. This result is analogous to the literature on the Groves and Clarke scheme in that it characterizes all of the nonmanipulable voting schemes on an important domain.

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