In many economic environments agents make costly and irreversible investments (in "guns") that may enhance their respective threat payoffs but also shrink the utility possibilities set. In such settings, with variable threats and a variable utility possibilities set, it becomes possible to rank different bargaining solutions in term of their efficiency properties. We compare bargaining solutions within a wide class in which the influence of the threat point on the bargaining outcome varies across solutions.
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Paper provided by California Irvine - School of Social Sciences in its series Papers with number
98-99-11.
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 D30 - Microeconomics - - Distribution - - - General D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Models of Political Processes: Rent-seeking, Elections, Legislatures, and Voting Behavior K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law
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