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Mediation: Incomplete information bargaining with

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Author Info
Xavier Jarque ()
Clara Ponsat?Author-Name: Jozsef Sakovics

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Abstract

We analyze a continuous-time bilateral double auction in the presence of two-sided incomplete information and a smallest money unit. A distinguishing feature of our model is that intermediate concessions are not observable by the adversary: they are only communicated to a passive auctioneer. An alternative interpretation is that of mediated bargaining. We show that an equilibrium using only the extreme agreements always exists and display the necessary and sufficient condition for the existence of (perfect Bayesian) equilibra which yield intermediate agreements. For the symmetric case with uniform type distribution we numerically calculate the equilibria. We find that the equilibrium which does not use compromise agreements is the least efficient, however, the rest of the equilibria yield the lower social welfare the higher number of compromise agreements are used.

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Publisher Info
Paper provided by Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC) in its series UFAE and IAE Working Papers with number 502.01.

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Length: 34
Date of creation: 22 Nov 2001
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Handle: RePEc:aub:autbar:502.01

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Related research
Keywords: Noncooperative games; bargaining theory;

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

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  1. Ausubel, Lawrence M & Deneckere, Raymond J, 1992. "Durable Goods Monopoly with Incomplete Information," Review of Economic Studies, Blackwell Publishing, vol. 59(4), pages 795-812, October. [Downloadable!] (restricted)
  2. Ausubel, Lawrence M & Deneckere, Raymond J, 1992. "Bargaining and the Right to Remain Silent," Econometrica, Econometric Society, vol. 60(3), pages 597-625, May. [Downloadable!] (restricted)
  3. Van Damme, Eric & Selten, Reinhard & Winter, Eyal, 1990. "Alternating bid bargaining with a smallest money unit," Games and Economic Behavior, Elsevier, vol. 2(2), pages 188-201, June. [Downloadable!] (restricted)
    Other versions:
  4. Ponsati, Clara & Sakovics, Jozsef, 1995. "The war of attrition with incomplete information," Mathematical Social Sciences, Elsevier, vol. 29(3), pages 239-254, June. [Downloadable!] (restricted)
    Other versions:
  5. Admati, Anat R & Perry, Motty, 1987. "Strategic Delay in Bargaining," Review of Economic Studies, Blackwell Publishing, vol. 54(3), pages 345-64, July. [Downloadable!] (restricted)
  6. Lawrence M. Ausubel & Peter Cramton & Raymond J. Deneckere, 2002. "Bargaining with Incomplete Information," Papers of Peter Cramton 02barg, University of Maryland, Department of Economics - Peter Cramton, revised 12 Mar 2001. [Downloadable!]
    Other versions:
  7. Leininger, W. & Linhart, P. B. & Radner, R., 1989. "Equilibria of the sealed-bid mechanism for bargaining with incomplete information," Journal of Economic Theory, Elsevier, vol. 48(1), pages 63-106, June. [Downloadable!] (restricted)
  8. Dilip Abreu & Faruk Gul, 2000. "Bargaining and Reputation," Econometrica, Econometric Society, vol. 68(1), pages 85-118, January.
    Other versions:
  9. Cramton, Peter C, 1984. "Bargaining with Incomplete Information: An Infinite-Horizon Model with Two-Sided Uncertainty," Review of Economic Studies, Blackwell Publishing, vol. 51(4), pages 579-93, October. [Downloadable!] (restricted)
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  10. Cramton, Peter C, 1992. "Strategic Delay in Bargaining with Two-Sided Uncertainty," Review of Economic Studies, Blackwell Publishing, vol. 59(1), pages 205-25, January. [Downloadable!] (restricted)
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  11. Sakovics Jozsef, 1993. "Delay in Bargaining Games with Complete Information," Journal of Economic Theory, Elsevier, vol. 59(1), pages 78-95, February. [Downloadable!] (restricted)
  12. Fudenberg, Drew & Tirole, Jean, 1983. "Sequential Bargaining with Incomplete Information," Review of Economic Studies, Blackwell Publishing, vol. 50(2), pages 221-47, April. [Downloadable!] (restricted)
  13. Clara Ponsati-obiols, 1992. "Unique Equilibrium in a Model of Bargaining over Many Issues," Annales d'Economie et de Statistique, ADRES, issue 25-26, pages 06, Janvier-J. [Downloadable!]
  14. Watson, Joel, 1998. "Alternating-Offer Bargaining with Two-Sided Incomplete Information," Review of Economic Studies, Blackwell Publishing, vol. 65(3), pages 573-94, July. [Downloadable!] (restricted)
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  15. Cho, In-Koo, 1990. "Uncertainty and Delay in Bargaining," Review of Economic Studies, Blackwell Publishing, vol. 57(4), pages 575-95, October. [Downloadable!] (restricted)
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