Open Access. Powered by Scholars. Published by Universities.®
- Keyword
-
- Market Design (106)
- Auctions (103)
- Telecommunications (45)
- Electricity and Gas (44)
- Natural Resources (23)
-
- Bargaining (20)
- Environmental Markets (20)
- Collusion (16)
- Industrial Organization (16)
- Labor (10)
- Finance (9)
- Theory and Practice (7)
- Articles: Published and Forthcoming (5)
- Experimental Economics (5)
- Major Works (5)
- Mechanism Design (5)
- 1988 Basel Accord (3)
- Corporate Governance (3)
- Healthcare (3)
- Revised Basel Accord (3)
- Transportation (3)
- Articles: Working Papers (2)
- Auction design (2)
- Basel Accord (2)
- Beta (2)
- Executive pay (2)
- Failed banks, resolution, and systemic risk (2)
- Financial Crisis (2)
- Job Market Paper (2)
- Liquidity (2)
- Publication Year
- Publication
- File Type
Articles 181 - 181 of 181
Full-Text Articles in Business
Bargaining With Incomplete Information: An Infinite-Horizon Model With Two-Sided Uncertainty, Peter Cramton
Bargaining With Incomplete Information: An Infinite-Horizon Model With Two-Sided Uncertainty, Peter Cramton
Peter Cramton
The resolution of any bargaining conflict depends crucially on the relative urgency of the agents to reach agreement and the information each agent has about the others’ preferences. This paper explores, within the context of an infinite-horizon bargaining model with two-sided uncertainty, how timing and information affect the rational behavior of agents when commitment is not possible. Since the bargainers are uncertain about whether trade is desirable, they must communicate some of their private information before an agreement can be reached. This need for learning, due to incomplete information about preferences, results in bargaining inefficiencies: trade often occurs after costly …