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Bargaining over Treatment Choice under Disagreement

Author

Listed:
  • Robert Gary-Bobo

    (CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - Groupe ENSAE-ENSAI - Groupe des Écoles Nationales d'Économie et Statistique - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - Groupe ENSAE-ENSAI - Groupe des Écoles Nationales d'Économie et Statistique - IP Paris - Institut Polytechnique de Paris - CNRS - Centre National de la Recherche Scientifique)

  • Nabil Al Najjar

    (Northwestern University [Evanston])

Abstract

A group of experts with different prior beliefs must choose a treatment. A dataset is made public and leads to revisions of beliefs. We propose a model where the experts' disagreements are resolved through bargaining, using the Nash bargaining solution. Experts bargain after disclosure of the dataset. Bargaining may lead to an inefficient use of information in a strong sense: experts receive a lower payoff in every state and for any prior belief (i.e., inadmissibility). Bargaining exhibits underreaction to information as compared to the normative solution in which experts bargain ex ante on the procedure used to exploit the data.

Suggested Citation

  • Robert Gary-Bobo & Nabil Al Najjar, 2023. "Bargaining over Treatment Choice under Disagreement," Post-Print hal-05777147, HAL.
    • Handle: RePEc:hal:journl:hal-05777147
    DOI: 10.1257/mic.20210392
    as

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