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We develop a dynamic model in which a group collectively bargains with an external party. At each date the group makes an offer to the external party (the 'agent') in exchange for a concession. Group members hold heterogeneous preferences over agreements and are uncertain about the agent's...
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The Nash bargaining solution of a modified bargaining problem in the contract space yields the pair of stationary … vanishes, convergence to the Nash bargaining solution is immediate by the Maximum Theorem. Numerical implementation in standard …
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