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We prove existence of stationary Markov perfect equilibria in an infinite-horizon model of legislative policy making in which the policy outcome in one period determines the status quo for the next. We allow for a multidimensional policy space and arbitrary smooth stage utilities, and we assume...
Persistent link: https://www.econbiz.de/10010594322
We propose a bargaining process with alternating proposals as a way of solving non-cooperative games, giving rise to …
Persistent link: https://www.econbiz.de/10008672300
We study strategic negotiation models featuring costless delay, general recognition procedures, endogenous voting …
Persistent link: https://www.econbiz.de/10011255692
We introduce a form of pre-play communication that we call preopening. During the preopening, players announce their tentative actions to be played in the underlying game. Announcements are made using a posting system which is subject to stochastic failures. Posted actions are publicly...
Persistent link: https://www.econbiz.de/10011380033
We analyze a dynamic bargaining game where parties can agree to implement a policy change, which is costly (beneficial …
Persistent link: https://www.econbiz.de/10014422522
This paper analyzes dynamically inconsistent time preferences in Rubinstein's (1982) seminal model of bargaining. When … exogenous breakdown risk, as well as in settings of intergenerational bargaining with imperfect altruism. The paper's main …
Persistent link: https://www.econbiz.de/10010399277
We consider a multilateral bargaining game in which the agents can be classified into two groups according to their …
Persistent link: https://www.econbiz.de/10011515611
A standard result in bargaining with symmetric information is that agents exploit all gains from trade, and reach … experimental bargaining game. It enables us to predict equilibrium offers, and whether agreements will be immediate or delayed. We …
Persistent link: https://www.econbiz.de/10014105265
This paper presents an analysis of general time preferences in the canonical Rubinstein (1982) model of bargaining …
Persistent link: https://www.econbiz.de/10011705183
We provide causal evidence that patience is a significant source of bargaining power. Generalizing the Rubinstein (1982 …) bargaining model to arbitrarily non-stationary discounting, we first show that dynamic consistency across bargaining rounds is … bargaining delay is negligible (frequent offers, so dynamic consistency holds by design), while payoff delay is significant (a …
Persistent link: https://www.econbiz.de/10014279476