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Uncertainty about Uncertainty and Delay in Bargaining

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Author Info
Yossi Feinberg
Andrzej Skrzypacz

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Abstract

We study a one-sided offers bargaining game in which the buyer has private information about the value of the object and the seller has private information about his beliefs about the buyer's valuation. We show that this uncertainty about uncertainties dramatically changes the set of outcomes. In particular, second order beliefs can lead to a delay in reaching agreement even when the seller makes frequent offers. We show that not all types of second order beliefs lead to a delay. When the buyer assigns positive probability to the seller knowing the buyer's value, then delay not only can occur, but it must occur for a class of equilibria. However, in all other cases delay will never occur. Copyright The Econometric Society 2005.

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File URL: http://hdl.handle.net/10.1111/j.1468-0262.2005.00565.x
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Publisher Info
Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 73 (2005)
Issue (Month): 1 (01)
Pages: 69-91
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Handle: RePEc:ecm:emetrp:v:73:y:2005:i:1:p:69-91

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  1. Juan J. Vidal Puga, 2006. "Reinterpreting The Meaning Of Breakdown," Working Papers. Serie AD 2006-22, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
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  2. Srihari Govindan & Robert Wilson, 2008. "On Forward Induction," Levine's Working Paper Archive 122247000000001859, David K. Levine. [Downloadable!]
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  3. Muhamet Yildiz & Jonathan Weinsten, 2004. "Impact of higher-order uncertainty," Econometric Society 2004 North American Winter Meetings 157, Econometric Society. [Downloadable!]
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  4. Juan Vidal-Puga, 2008. "Delay in the alternating-offers model of bargaining," International Journal of Game Theory, Springer, vol. 37(4), pages 457-474, December. [Downloadable!] (restricted)
  5. Plambeck, Erica L. & Taylor, Terry A., 2004. "Implications of Breach Remedy and Renegotiation for Design of Supply Contracts," Research Papers 1888, Stanford University, Graduate School of Business. [Downloadable!]
  6. Jonathan Weinstein & Muhamet Yildiz, 2004. "Finite-Order Implications of Any Equilibrium," Levine's Working Paper Archive 122247000000000065, David K. Levine. [Downloadable!]
  7. In-Koo Cho, 2007. "Perishable Durable Goods," Economics Working Papers 0077, Institute for Advanced Study, School of Social Science. [Downloadable!]
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