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This paper investigates the sequencing choice of a buyer who negotiates with the sellers of two complementary objects with uncertain payoffs. We show that the sequencing matters to the buyer only when equilibrium trade can be inefficient. In this case, the buyer begins with the less powerful...
Persistent link: https://www.econbiz.de/10014179147
This paper defines "negotiation-proof Nash equilibrium", a notion that applies to environments where players can negotiate openly and directly prior to the play of a noncooperative game. It recognizes the possibility that a group of self-interested players may choose, voluntarily and without...
Persistent link: https://www.econbiz.de/10014139588
The standard Nash-in-Nash solution is commonly applied in a number of policy applications. However, this bargaining framework does not capture renegotiation on off-equilibrium paths or contingent contracts and as a result in some situations the predictions of standard Nash-in-Nash are...
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We experimentally compare a simplified version of two mechanisms that implement the Shapley value as an (ex ante) equilibrium outcome of a noncooperative bargaining procedure: one proposed by Hart and Mas-Colell (1996, H-MC) and the other by Perez-Castrillo and Wettstein (2001, PC-W). While H-MC...
Persistent link: https://www.econbiz.de/10013252972
This paper aims to contribute to the literature on Nash program by experimentally comparing the results of "structured" (non-cooperative) demand-based and offer-based mechanisms that implement the Shapley value as an ex-ante equilibrium outcome with the results of corresponding "semi-structured"...
Persistent link: https://www.econbiz.de/10014451922
the Maschler-Owen-Peleg system of differential equations), prove existence of solutions, and show that the solutions … converge to the Nash point (or Nash set). The main technical point is proving existence, as the system is neither convex valued …
Persistent link: https://www.econbiz.de/10014208674
The Nash Bargaining Solution is characterised by using the new axiom of Maximal Symmetry in place of Nash's Independence of Irrelevant Alternatives and Symmetry. This axiom expresses the idea that a fair arbitrator should treat symmetric alternatives in the same way, subject to the feasibility...
Persistent link: https://www.econbiz.de/10014175865