In a study of alternating offer bargaining with discounting, perfect equilibrium was found to have little predictive power under the conventional assumption that bargainers' utility is measured by their monetary payoffs. Instead, the authors' data exhibit a first mover advantage, independent of...

The histories of seven regional markets for new physicians and surgeons in the United Kingdom are considered. Like the American market, these markets have experienced failures that led to the adoption of centralized market mechanisms. Because different regions employ different centralized...

Laboratory data from bargaining experiments have started a debate about the prospects for various parts of game theory as descriptive theories of observable behavior and about whether, to what extent, and how a successful descriptive theory must take into account peoples' perceptions of...