I study an auction model in which the auction is followed by bargaining between bidders. Bidders with multi-unit demand bid for an object and then bargain over additional units. In the presence of post-auction interaction between players, equilibrium bidding strategies are sensitive to the...

We introduce log-convexity for bargaining problems. With the requirement of some basic regularity conditions, log-convexity is shown to be necessary and sufficient for Nash's axioms to determine a unique single-valued bargaining solution up to choices of bargaining powers. Specifically, we show...

During my first weeks as a graduate student in economics, a professor described the Coase Theorem as “nearly a tautology:” Assume a world in which bargaining is costless. If there are gains from trade, the Theorem tells us, the parties will trade. The initial assignment of property rights...

We examine high stakes three-person bargaining in a game show where contestants bargain over a large money amount that is split into three unequal shares. We find that individual behavior and outcomes are strongly influenced by equity concerns: those who contributed more to the jackpot claim...

The largest expansion of entitlement programs in the United States in decades – Medicare Part D – is set to commence on January 1st of 2006. On that day, retirees will be eligible for subsidized insurance covering outpatient drug prescriptions. The plan will be managed by private sector...

Rights of first refusal and options to negotiate are tools used to facilitate technology transfer, particularly between universities and other research organisations, to companies. The legal status of these rights are often misunderstood. The legal status and enforceability of these rights is...

I study the evolutionary stability of 'mildly responsive' behavioural rules in a bargaining game. Individuals in a population (that may be finite or be described by individuals distributed uniformly over a continuum of fixed mass) bargain with all other individuals in a pair-wise manner over a...