The paper studies bargaining games involving players with present-biased preferences. The paper shows that the relative timing of bargaining rewards and bargaining costs will determine whether the players' present-bias will affect bargaining outcomes. In cases where players agree to a bargain in...

The paper studies bargaining games involving players with present-biased preferences. The paper shows that the relative timing of bargaining rewards and bargaining costs will determine whether the players’ present-bias will affect bargaining outcomes. In cases where players agree to a bargain...

This article models the long-term relationship between managers and shareholders as a multi-stage (repeated) bargaining game. In each stage of the game, the parties reach explicit and tacit bargains to divide two types of stakes: “substantive” or monetary stakes, such as dividends, retained...