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Bargaining with Deadlines and Imperfect Player Control

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Author Info
Ma, Ching-To Albert
Manove, Michael

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Abstract

This paper presents a game of strategic bargaining under deadlines whose equilibrium conforms to anecdotal and experimental information about real-life bargaining sessions. The model operates in continuous time and incorporates possible strategic delay and imperfect player control over the timing of offers (modeled by means of an exogenous random delay). In the unique symmetric Markov-perfect equilibrium, players adopt strategic delay early in the game, make and reject offers later on, and usually reach agreements late in the game, though they miss the deadline with positive probability. The expected division of the surplus is close to an even split. Copyright 1993 by The Econometric Society.

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Publisher Info
Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 61 (1993)
Issue (Month): 6 (November)
Pages: 1313-39
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Handle: RePEc:ecm:emetrp:v:61:y:1993:i:6:p:1313-39

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  1. Simon Gächter & Arno Riedl, . "Moral Property Rights in Bargaining," IEW - Working Papers iewwp113, Institute for Empirical Research in Economics - IEW. [Downloadable!]
    Other versions:
  2. Simon Gächter & Arno Riedl, 2003. "Moral Property Rights in Bargaining with Infeasible Claims," Tinbergen Institute Discussion Papers 03-055/1, Tinbergen Institute. [Downloadable!]
  3. Hsueh-Ling Huynh & Sumon Majumdar, 2006. "How to take an exam if you must: Decision under Deadline," Working Papers 1119, Queen's University, Department of Economics. [Downloadable!]
  4. Sjaak Hurkens & Nir Vulkan, 2006. "Dynamic Matching and Bargaining: The Role of Deadlines," UFAE and IAE Working Papers 660.06, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC), revised 19 Apr 2006. [Downloadable!]
  5. Gary E. Bolton & Axel Ockenfels, 2008. "Does Laboratory Trading Mirror Behavior in Real World Markets? Fair Bargaining and Competitive Bidding on EBay," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  6. Sjaak Hurkensy & Nir Vulkan, 2006. "Dynamic Matching and Bargaining: The Role of Deadlines," OFRC Working Papers Series 2006fe02, Oxford Financial Research Centre. [Downloadable!]
  7. Tore Ellingsen & Topi Miettinen, 2007. "Disagreement and Authority," Jena Economic Research Papers in Economics 2007-037, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics, Thueringer Universitaets- und Landesbibliothek. [Downloadable!]
  8. Ana MAULEON & Vincent J. VANNETELBOSCH, 2001. "Bargaining with Endogenous Deadlines," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2001021, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
    Other versions:
  9. Alessandra Sgobbi & Carlo Carraro, 2007. "Modelling Negotiated Decision Making: a Multilateral, Multiple Issues, Non-Cooperative Bargaining Model with Uncertainty," Working Papers 2007.81, Fondazione Eni Enrico Mattei. [Downloadable!]
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  10. Haruo Imai & Hannu Salonen, 2009. "Limit Solutions for Finite Horizon Bargaining Problems," Discussion Papers 51, Aboa Centre for Economics. [Downloadable!]
  11. Juan Vidal-Puga, 2008. "Delay in the alternating-offers model of bargaining," International Journal of Game Theory, Springer, vol. 37(4), pages 457-474, December. [Downloadable!] (restricted)
  12. Duozhe Li, 2004. "Bargaining with History Dependent Preferences," Econometric Society 2004 North American Summer Meetings 516, Econometric Society. [Downloadable!]
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