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The Politics of Compromise

  • Bonatti, Alessandro
  • Rantakari, Heikki

A team must select among competing projects that differ in their payoff consequences for its members. Each agent chooses a project and exerts costly effort affecting its random completion time. When one or more projects are complete, agents bargain over which one to implement. A consensus requirement can (but need not) induce the efficient balance between compromise in project selection and equilibrium effort. Imposing deadlines for presenting counteroffers is beneficial, while delegating decision-making to an impartial third party leads agents to select extreme projects. Finally, hiring agents with opposed interests can foster both effort and compromise in project selection.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 9910.

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Date of creation: Mar 2014
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Handle: RePEc:cpr:ceprdp:9910
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