Much research suggests that consumers' perceptions of value are frequently articulated relative to a reference level; options are valued as gains and losses relative to a reference point. Moreover, losses from this reference point are weighed more heavily than equivalent gains. This asymmetry...

Noncooperative game-theoretic models of sequential bargaining give an underpinning to cooperative solution concepts derived from axioms, and have proved useful in applications (see Osborne and Rubinstein 1990). But experimental studies of sequential bargaining with discounting have generally...