A Bargaining Model with Incomplete Information
AbstractMultiplicity of sequential equilibria is a common problem in bargaining models with incomplete information in which the informed player makes an offer. Most of these equilibria are supported by optimistic conjectures by the uninformed player. This paper reexamines the bargaining model in Rubinstein (1953). Monotonicity restrictions are placed on off-the-equilibrium-path beliefs to exclude equilibria supported by optimistic conjectures. Sequential equilibria that survive these restrictions are characterized. Copyright 1992 by The Review of Economic Studies Limited.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Review of Economic Studies.
Volume (Year): 59 (1992)
Issue (Month): 1 (January)
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- Peter Cramton, 1992.
"Strategic Delay in Bargaining with Two-Sided Uncertainty,"
Papers of Peter Cramton
92res, University of Maryland, Department of Economics - Peter Cramton, revised 09 Jun 1998.
- Cramton, Peter C, 1992. "Strategic Delay in Bargaining with Two-Sided Uncertainty," Review of Economic Studies, Wiley Blackwell, vol. 59(1), pages 205-25, January.
- Simon Board & Marek Pycia, 2014. "Outside Options and the Failure of the Coase Conjecture," American Economic Review, American Economic Association, vol. 104(2), pages 656-71, February.
- Khanna, Naveen & Mathews, Richmond D., 2012. "Doing battle with short sellers: The conflicted role of blockholders in bear raids," Journal of Financial Economics, Elsevier, vol. 106(2), pages 229-246.
- Xiangyang Xu & Joanna Horabik & Zbigniew Nahorski, 2014. "Pricing of uncertain certified emission reductions in a Chinese coal mine methane project with an extended Rubinstein-Ståhl model," Climatic Change, Springer, vol. 124(3), pages 617-632, June.
- Cai, Hongbin, 2000. "Bargaining on Behalf of a Constituency," Journal of Economic Theory, Elsevier, vol. 92(2), pages 234-273, June.
- Abreu, Dilip & Pearce, David G. & Stacchetti, Ennio, 0. "One-sided uncertainty and delay in reputational bargaining," Theoretical Economics, Econometric Society.
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