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Bargaining Before or After Communication?

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Author Info
Birger Wernerfelt

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Abstract

We ask how bargainers' incentives to communicate about more efficient widget designs depend on whether they negotiate price prior to, or after, fixing the traded design. We find three effects: (1) Since communication reveals information about preferences, bargainers with little power prefer to remain quiet prior to bargaining. (2) Later bargaining gives communicators a chance to share in joint gains from more efficient trades. (3) The revealed preference information enhances the efficiency of the bargaining process. The comparison might help explain why some contracts have more features left incomplete and throw some light on the nature of the employment relationship.

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Publisher Info
Article provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.

Volume (Year): 164 (2008)
Issue (Month): 2 (June)
Pages: 211-229
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Handle: RePEc:mhr:jinste:urn:sici:0932-4569(200806)164:2_211:bboac_2.0.tx_2-a

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Related research
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Find related papers by JEL classification:
D2 - Microeconomics - - Production and Organizations
L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior

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This page was last updated on 2009-12-3.

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