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Time inconsistency and learning in bargaining games

  • Zafer Akin

    ()

The literature on time-inconsistent preferences introduced naive, partially naive and sophisticated as types of agents that represent different levels of unawareness of agents' self-control problems. This paper incorporates time-inconsistent players in a sequential bargaining model. We first consider 'naive' agents who never learn about their types and show that bargaining between such a player and a standard exponential agent ends in immediate agreement. The more naive a player, the higher his share. If naive agents can learn their type over time, we show that there is a critical date such that there is no agreement before that date. Hence, existence of time-inconsistent players who can learn as they play the game can be another explanation for delays in bargaining.

(This abstract was borrowed from another version of this item.)

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File URL: http://hdl.handle.net/10.1007/s00182-007-0076-3
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Article provided by Springer in its journal International Journal of Game Theory.

Volume (Year): 36 (2007)
Issue (Month): 2 (October)
Pages: 275-299

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Handle: RePEc:spr:jogath:v:36:y:2007:i:2:p:275-299
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  1. Ariel Rubinstein, 2010. "Perfect Equilibrium in a Bargaining Model," Levine's Working Paper Archive 661465000000000387, David K. Levine.
  2. Ted O'Donoghue & Matthew Rabin, 1997. "Incentives for Procrastinators," Discussion Papers 1181, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  3. Laibson, David I., 1997. "Golden Eggs and Hyperbolic Discounting," Scholarly Articles 4481499, Harvard University Department of Economics.
  4. Dan Lovallo & Colin Camerer, 1999. "Overconfidence and Excess Entry: An Experimental Approach," American Economic Review, American Economic Association, vol. 89(1), pages 306-318, March.
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