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Learning in Final-Offer Arbitration with Multiple Offers

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Author Info
Juan Pablo Montero () (Instituto de Economía. Pontificia Universidad Católica de Chile.)

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Abstract

Motivated by the price-setting process of water utilities in Chile, I study a final-offer arbitration game in which two parties simultaneously submits offers for each of the two or more units in which the item in dispute has been divided. The arbitrator is limited to choose one party’s offer or the other for each unit. While the introduction of multiple offers allows the arbitrator to get closer to her ideal settlement it may prompt an arbitrarily large divergence between the parties’ offers. The latter, however, does not affect the arbitrator’s ability to learn from the offers.

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Publisher Info
Paper provided by Instituto de Economía. Pontificia Universidad Católica de Chile. in its series Documentos de Trabajo with number 270.

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Date of creation: 2004
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Publication status: Published as "A Model of Final-Offer Arbitration in Regulation", Journal of Regulatory Economics Nº 28, pp. 23-46, 2005.
Handle: RePEc:ioe:doctra:270

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Related research
Keywords: Final-offer arbitration; price regulation; Nash equilibrium;

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Find related papers by JEL classification:
L50 - Industrial Organization - - Regulation and Industrial Policy - - - General
L90 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - General

References listed on IDEAS
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  1. Ashenfelter, Orley, et al, 1992. "An Experimental Comparison of Dispute Rates in Alternative Arbitration Systems," Econometrica, Econometric Society, vol. 60(6), pages 1407-33, November. [Downloadable!] (restricted)
    Other versions:
  2. Gibbons, Robert, 1988. "Learning in Equilibrium Models of Arbitration," American Economic Review, American Economic Association, vol. 78(5), pages 896-912, December. [Downloadable!] (restricted)
  3. Anton, James J & Yao, Dennis A, 1992. "Coordination in Split Award Auctions," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 681-707, May. [Downloadable!] (restricted)
  4. Robert Gibbons, 1988. "Learning in Equilibrium Models of Arbitration," Working papers 485, Massachusetts Institute of Technology (MIT), Department of Economics.
  5. Juan Pablo Montero, 2004. "A Model of Arbitration in Regulation," Documentos de Trabajo 267, Instituto de Economía. Pontificia Universidad Católica de Chile.. [Downloadable!]
    Other versions:
  6. Farber, Henry S & Bazerman, Max H, 1986. "The General Basis of Arbitrator Behavior: An Empirical Analysis of Conventional and Final-Offer Arbitration," Econometrica, Econometric Society, vol. 54(6), pages 1503-28, November. [Downloadable!] (restricted)
  7. Vogelsang, Ingo, 2002. "Incentive Regulation and Competition in Public Utility Markets: A 20-Year Perspective," Journal of Regulatory Economics, Springer, vol. 22(1), pages 5-27, July. [Downloadable!] (restricted)
  8. Henry S. Farber & Max H. Bazerman, 1989. "Divergent Expectations as a Cause of Disagreement in Bargaining: Evidence from a Comparison of Arbitration Schemes."," NBER Working Papers 2139, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  9. Farber, Henry S & Bazerman, Max H, 1986. "The General Basis of Arbitrator Behavior: An Empirical Analysis of Conventional and Final-Offer Arbitration," Econometrica, Econometric Society, vol. 54(4), pages 819-44, July. [Downloadable!] (restricted)
  10. Farber, Henry S & Bazerman, Max H, 1989. "Divergent Expectations as a Cause of Disagreement in Bargaining: Evidence from a Comparison of Arbitration Schemes," The Quarterly Journal of Economics, MIT Press, vol. 104(1), pages 99-120, February. [Downloadable!] (restricted)
  11. James J. Anton & Dennis A. Yao, 1989. "Split Awards, Procurement, and Innovation," RAND Journal of Economics, The RAND Corporation, vol. 20(4), pages 538-552, Winter. [Downloadable!] (restricted)
  12. Teeples, Ronald K & Glyer, David, 1987. "Cost of Water Delivery Systems: Specification and Ownership Effects," The Review of Economics and Statistics, MIT Press, vol. 69(3), pages 399-408, August. [Downloadable!] (restricted)
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