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Bounded rationality in laboratory bargaining with asymmetric information

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Timothy Cason ()
Stanley Reynolds

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Abstract

This paper reports an experiment on two-player sequential bargaining with asymmetric information that features some forces present in multi-round monopoly pricing environments. Buyer-seller pairs play a series of bargaining games that last for either one or two rounds of offers. The treatment variable is the probability of continuing into a second round. Equilibrium predictions do a poor job of explaining levels of prices and treatment effects. As an alternative to the conventional equilibrium model, we consider models that allow for bounded rationality of subjects. The quantal response equilibrium model captures some of the important features of the results. Copyright Springer-Verlag Berlin/Heidelberg 2005

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File URL: http://hdl.handle.net/10.1007/s00199-003-0464-2
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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 25 (2005)
Issue (Month): 3 (04)
Pages: 553-574
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Handle: RePEc:spr:joecth:v:25:y:2005:i:3:p:553-574

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Related research
Keywords: Laboratory; Durable goods monopoly; Logit equilibrium.;

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  1. Jan Potters & Martin Sefton & Lise Vesterlund, 2007. "Leading-by-example and signaling in voluntary contribution games: an experimental study," Economic Theory, Springer, vol. 33(1), pages 169-182, October. [Downloadable!] (restricted)
  2. Philip A. Haile & Ali Hortacsu & Grigory Kosenok, 2003. "On the Empirical Content of Quantal Response Equilibrium," Cowles Foundation Discussion Papers 1432, Cowles Foundation, Yale University. [Downloadable!]
    Other versions:
  3. Sean Crockett, 2008. "Learning competitive equilibrium in laboratory exchange economies," Economic Theory, Springer, vol. 34(1), pages 157-180, January. [Downloadable!] (restricted)
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