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In this paper we consider the effect of the 'impatience ratio' I (of the worker discount factor to the firm discount factor) on the preferences of the players between two bargaining schemes in an asymmetric information wage bargaining context. The firm has private information about the worker's...
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In models of dynamic multilateral bargaining, the literature tends to focus on stationary subgame perfect or stationary Markov perfect equilibria, which restrict attention to forward-looking, history-independent strategies. Evidence supporting such refinements come from environments in which...
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relational contracts are repeatedly newly negotiated during relationships. Negotiations take place with positive probability and …
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