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Author Info
Muhamet Yildiz

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Abstract

I analyze a sequential bargaining model in which players are optimistic about their bargaining power (measured as the probability of making offers), but learn as they play the game. I show that there exists a uniquely predetermined settlement date, such that in equilibrium the players always reach an agreement at that date, but never reach one before it. Given any discount rate, if the learning is sufficiently slow, the players agree immediately. I show that, for any speed of learning, the agreement is delayed arbitrarily long, provided that the players are sufficiently patient. Therefore, although excessive optimism alone cannot cause delay, it can cause long delays if the players are expected to learn. © 2004 the President and Fellows of Harvard College and the Massachusetts Institute of Technology

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Publisher Info
Article provided by MIT Press in its journal The Quarterly Journal of Economics.

Volume (Year): 119 (2004)
Issue (Month): 1 (February)
Pages: 223-248
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Handle: RePEc:tpr:qjecon:v:119:y:2004:i:1:p:223-248

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  1. Ettore Damiano & Hao Li & Wing Suen, 2008. "Delay in Strategic Information Aggregation," Working Papers tecipa-311, University of Toronto, Department of Economics. [Downloadable!]
  2. Nicola Gennaioli & Andrei Shleifer, 2006. "Judicial Fact Discretion," NBER Working Papers 12679, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. James Andreoni & Ray D Madoff, 2007. "Overconfdence and Judicial Discretion: Do Winner-take-all Rules Discourage Pre-trial Agreement?," Levine's Bibliography 843644000000000198, UCLA Department of Economics. [Downloadable!]
  4. Daron Acemoglu & Victor Chernozhukov & Muhamet Yildiz, 2006. "Learning and Disagreement in an Uncertain World," NBER Working Papers 12648, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Ian Ayres & Colin Rowat & Nasser Zakariya, 2007. "Optimal Two Stage Committee Voting Rules," Discussion Papers 04-23RR, Department of Economics, University of Birmingham. [Downloadable!]
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  6. Alberto Galasso, 2007. "Broad Cross-License Agreements andPersuasive Patent Litigation: Theory andEvidence from the Semiconductor Industry," STICERD - Economics of Industry Papers 45, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE. [Downloadable!]
  7. Rajiv Sethi & Muhamet Yildiz, 2009. "Public Disagreement," Economics Working Papers 0089, Institute for Advanced Study, School of Social Science. [Downloadable!]
  8. Yildirim, Huseyin, 2005. "Proposal Power and Majority Rule in Multilateral Bargaining with Costly Recognition," Working Papers 05-10, Duke University, Department of Economics. [Downloadable!]
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