The power to delay
This paper studies a bilateral bargaining game in which one party can suspend the game indefinitely. If suspension is costless, multiple equilibria arise; if suspension is costly and subject to a budget constraint, a unique equilibrium with immediate agreement is obtained.
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References listed on IDEAS
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- Shaked, Avner & Sutton, John, 1984. "Involuntary Unemployment as a Perfect Equilibrium in a Bargaining Model," Econometrica, Econometric Society, vol. 52(6), pages 1351-64, November.
- Haller, Hans & Holden, Steinar, 1990. "A letter to the editor on wage bargaining," Journal of Economic Theory, Elsevier, vol. 52(1), pages 232-236, October.
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"Perfect Equilibria in a Negotiation Model,"
University of Western Ontario, The Centre for the Study of International Economic Relations Working Papers
9108, University of Western Ontario, The Centre for the Study of International Economic Relations.
- Fernandez, Raquel & Glazer, Jacob, 1991.
"Striking for a Bargain between Two Completely Informed Agents,"
American Economic Review,
American Economic Association, vol. 81(1), pages 240-52, March.
- Raquel Fernandez & Jacob Glazer, 1989. "Striking for a Bargain Between Two Completely Informed Agents," NBER Working Papers 3108, National Bureau of Economic Research, Inc.
- Rubinstein, Ariel, 1982.
"Perfect Equilibrium in a Bargaining Model,"
Econometric Society, vol. 50(1), pages 97-109, January.
- Sutton, John, 1986. "Non-cooperative Bargaining Theory: An Introduction," Review of Economic Studies, Wiley Blackwell, vol. 53(5), pages 709-24, October.
- Avery Christopher & Zemsky Peter B., 1994. "Money Burning and Multiple Equilibria in Bargaining," Games and Economic Behavior, Elsevier, vol. 7(2), pages 154-168, September.
- JÕzsef SÂkovics & Clara PonsatÎ, 1998. "Rubinstein bargaining with two-sided outside options," Economic Theory, Springer, vol. 11(3), pages 667-672.
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