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Abstract

Suppose two parties have to share a surplus of random size.Each of the two can either commit to a demand prior to the realization of the surplus - as in the Nash demand game with noise - or remain silent and wait until the surplus was publicly observed.Adding the strategy to wait to the noisy Nash demand game results in two strict equilibria, in each of which one player takes almost the whole surplus, provided uncertainty is small.If commitments concern only who makes the first offer, the more balanced Nash bargaining solution is approximately restored.In all cases commitment occurs in equilibrium, even though this entails the risk of breakdown of negotiations.

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Bibliographic Info

Article provided by Elsevier in its journal European Economic Review.

Volume (Year): 48 (2004)
Issue (Month): 3 (June)
Pages: 697-713

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Handle: RePEc:eee:eecrev:v:48:y:2004:i:3:p:697-713

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Web page: http://www.elsevier.com/locate/eer

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Find related papers by JEL classification:

• C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
• C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory

References

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1. Eric van Damme & Sjaak Hurkens, 1996. "Endogenous Stackelberg leadership," Economics Working Papers 190, Department of Economics and Business, Universitat Pompeu Fabra.
   
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   • Damme, E.E.C. van & Hurkens, S., 1998. "Endogenous Stackelberg leadership," Open Access publications from Tilburg University urn:nbn:nl:ui:12-80496, Tilburg University.
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8. Ken Binmore & Ariel Rubinstein & Asher Wolinsky, 1986. "The Nash Bargaining Solution in Economic Modelling," RAND Journal of Economics, The RAND Corporation, vol. 17(2), pages 176-188, Summer.
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10. Arial Rubinstein & Asher Wolinsky, 1985. "Equilibrium in a Market with Sequential Bargaining," Levine's Working Paper Archive 623, David K. Levine.
    
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Cited by:

1. Roberto Serrano, 2004. "Fifty Years of the Nash Program, 1953-2003," Working Papers 2004-20, Brown University, Department of Economics.
   
   • Roberto Serrano, 2005. "Fifty years of the Nash program, 1953-2003," Investigaciones Economicas, Fundación SEPI, vol. 29(2), pages 219-258, May.
2. Poulsen, Anders U., 2004. "On efficiency, tie-breaking rules and role assignment procedures in evolutionary bargaining," Mathematical Social Sciences, Elsevier, vol. 47(2), pages 233-243, March.
   
   • Poulsen, Anders, 2003. "On Efficiency, Tie Breaking Rules and Role Assignment Procedures in Evolutionary Bargaining," Working Papers 03-9, University of Aarhus, Aarhus School of Business, Department of Economics.
3. Tore Ellingsen & Topi Miettinen, 2007. "Disagreement and Authority," Jena Economic Research Papers 2007-037, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
4. Rubio Irigoyen, Gonzalo & León, Angel & Ferreira García, María Eva & Gago, Mónica, 2003. "An empirical comparison of the performance of alternative option pricing models," DFAEII Working Papers 2002-04, University of the Basque Country - Department of Foundations of Economic Analysis II.
   
   • Eva Ferreira & Mónica Gago & Angel León & Gonzalo Rubio, 2005. "An empirical comparison of the performance of alternative option pricing models," Investigaciones Economicas, Fundación SEPI, vol. 29(3), pages 483-523, September.

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