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Evaluating coasean bargaining experiments with meta-analysis

  • Tyler Prante

    ()

    (PhD. Candidate, Dept. of Economics, University of New Mexico)

  • Robert P. Berrens

    ()

    (Professor, Dept. of Economics, University of New Mexico)

  • Jennifer A. Thacher

    ()

    (Assistant Professor, Dept. of Economics, University of New Mexico)

While the Coase Theorem has been a touchstone for understanding bargaining behavior, it has also been criticized for relying on unrealistic assumptions. In response, a line of experimental research analyzes bargaining behavior in laboratory settings. This paper uses meta-analysis to evaluate the Coasean bargaining literature by modeling the probability of an efficient bargain as a function of: (1) measures of transaction costs and related variables, and (2) measures of the social dimensions of a bargain. Results suggest that efficient solutions are more likely when explicit transaction costs do not exist, in the absence of a binding time limit, and when participants have perfect information on payoff schedules. Social dimension variables are found to have the potential to affect bargaining outcomes and are an important avenue for further research.

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Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 3 (2007)
Issue (Month): 68 ()
Pages: 1-7

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Handle: RePEc:ebl:ecbull:eb-07c90007
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  10. Kahneman, Daniel & Knetsch, Jack L & Thaler, Richard H, 1990. "Experimental Tests of the Endowment Effect and the Coase Theorem," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1325-48, December.
  11. Schwab, Stewart, 1988. "A Coasean Experiment on Contract Presumptions," The Journal of Legal Studies, University of Chicago Press, vol. 17(2), pages 237-68, June.
  12. Rhoads, Thomas A & Shogren, Jason F, 2003. "Regulation through Collaboration: Final Authority and Information Symmetry in Environmental Coasean Bargaining," Journal of Regulatory Economics, Springer, vol. 24(1), pages 63-89, July.
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