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Time Preferences and Bargaining

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  • Sebastian Schweighofer-Kodritsch

Abstract

This paper presents an analysis of general time preferences in the canonical Rubinstein (1982) model of bilateral alternating-offers bargaining. I derive a simple sufficient structure for optimal punishments and thereby fully characterize (i) the set of equilibrium outcomes for any given preference profile, and (ii) the set of preference profiles for which equilibrium is unique. When both players have a present bias— empirically, a property of most time preferences regarding consumption, and implied, e.g., by any hyperbolic or quasi-hyperbolic discounting—equilibrium is unique, stationary and efficient. When, instead, one player finds a near-future delay more costly than delay from the present—empirically common for time preferences over money—non stationary equilibria arise that explain inefficiently delayed agreement with gradually increasing offers.

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  • Sebastian Schweighofer-Kodritsch, 2015. "Time Preferences and Bargaining," STICERD - Theoretical Economics Paper Series /2015/568, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
    • Handle: RePEc:cep:stitep:/2015/568
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    More about this item

    Keywords

    alternating offer; time preference; impatience; discounting; dynamic inconsistency; delay; optimal punishment; simple penal codes; non-stationary equilibrium;
    All these keywords.

    JEL classification:

    • C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D74 - Microeconomics - - Analysis of Collective Decision-Making - - - Conflict; Conflict Resolution; Alliances; Revolutions

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