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Bargaining over an uncertain outcome: the role of beliefs

Author

Listed:
  • Antoine Billot

    (LEM - Laboratoire d'Économie Moderne - UP2 - Université Panthéon-Assas)

  • Alain Chateauneuf

    (CERMSEM - CEntre de Recherche en Mathématiques, Statistique et Économie Mathématique - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Itzhak Gilboa

    (TAU - Tel Aviv University)

  • Jean-Marc Tallon

    (EUREQUA - Equipe Universitaire de Recherche en Economie Quantitative - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

We study the Nash bargaining solution of a problem in which two agents bargain over an uncertain outcome. Under the assumptions of risk neutrality and of constant absolute risk aversion, we study the way that the solution varies, ex ante, when we vary the beliefs of one agent. Changing an agent's beliefs in a way that makes them "more distant" from the other agent's beliefs makes the second agent better off.

Suggested Citation

  • Antoine Billot & Alain Chateauneuf & Itzhak Gilboa & Jean-Marc Tallon, 2002. "Bargaining over an uncertain outcome: the role of beliefs," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00481313, HAL.
    • Handle: RePEc:hal:cesptp:hal-00481313
    DOI: 10.1007/s102030200002
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    Cited by:

    1. Wenner, Lukas M., 2018. "Do sellers exploit biased beliefs of buyers? An experiment," Games and Economic Behavior, Elsevier, vol. 110(C), pages 194-215.

    More about this item

    Keywords

    risk; games; outcome;
    All these keywords.

    JEL classification:

    • C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory

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