A long tradition in welfare economics and moral philosophy, dating back at least to Sidgwick(1907) is the idea that all generations must be treated alike. Perhaps, the most forceful assertion of this idea comes from Ramsey (1928) who declared that any argument for preferring one generation over...

We study the relationship between bargaining and competition with incomplete information. We consider a model with two uninformed and identical buyers and two sellers. One of the sellers has a privately-known reservation price, which can either be Low or High. The other seller?s reservation...