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Joint Outside Options

Author

Listed:
  • Paola Manzini

    (Queen Mary and Westfield College, University of London)

  • Marco Mariotti

    (University of Exeter)

Abstract

Several contractual situations are such that the parties may 'step out' of negotiations and take up outside opportunities only if there is mutual consent to do so. Examples include employer-employee negotiations, divorce and inheritance procedures, and arbitration. To analyse such cases we develop the general concept of a 'joint outside option' and study its effect in the standard bargaining game. Examples from the economics of divorce and theory of the firm are considered in some depth.

Suggested Citation

  • Paola Manzini & Marco Mariotti, 1999. "Joint Outside Options," Working Papers 401, Queen Mary University of London, School of Economics and Finance.
    • Handle: RePEc:qmw:qmwecw:401
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    File URL: https://www.qmul.ac.uk/sef/media/econ/research/workingpapers/1999/items/wp401.pdf
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    Cited by:

    1. María Mercedes Adamuz & Clara Ponsatí, 2009. "Arbitration systems and negotiations," Review of Economic Design, Springer;Society for Economic Design, vol. 13(3), pages 279-303, September.

    More about this item

    Keywords

    Bargaining;

    JEL classification:

    • C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory

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