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Bargaining with Surplus Destruction

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  • Lutz-Alexander Bush
  • Shouyong Shi
  • Quan Wen

Abstract

In a two-player alternating-offer bargaining model, if one player can destroy the surplus to be allocated, then the value to bargain for is endogenous, except at the beginning. Even with complete information, the model has perfect equilibria with delayed agreement and/or surplus destruction. The model, therefore, explains inefficiency and destruction that may appear irrational. The authors characterize the set of equilibrium payoffs and its limiting behavior as the time between offers vanishes. Real time delay remains possible even in the limit. The authors also consider the case of surplus destruction that is exogenously limited by the time between offers.

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Bibliographic Info

Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 31 (1998)
Issue (Month): 4 (November)
Pages: 915-932

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Handle: RePEc:cje:issued:v:31:y:1998:i:4:p:915-932

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Cited by:
  1. Lutz-Alexander Busch & Ignatius Horstmann, 2000. "The Game of Negotiations: Ordering Issues and Implementing Agreements," Econometric Society World Congress 2000 Contributed Papers 1109, Econometric Society.
  2. Paola Manzini, 1996. "Strategic bargaining with destructive power," Game Theory and Information 9612002, EconWPA.
  3. Timothy Swanson & Ben Groom, 2012. "Regulating Biodiversity: What is the Problem?," CIES Research Paper series 08-2012, Centre for International Environmental Studies, The Graduate Institute.
  4. Gatti, J.R.J. & Goeschl, T. & Groom, B. & Timothy Swanson, 2004. "The Biodiversity Bargaining Problem," Cambridge Working Papers in Economics 0447, Faculty of Economics, University of Cambridge.
  5. Hanan G. Jacoby & Ghazala Mansuri, 2010. "Watta Satta: Bride Exchange and Women's Welfare in Rural Pakistan," American Economic Review, American Economic Association, vol. 100(4), pages 1804-25, September.
  6. Manzini, Paola & Mariotti, Marco, 2001. "Perfect Equilibria in a Model of Bargaining with Arbitration," Games and Economic Behavior, Elsevier, vol. 37(1), pages 170-195, October.

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