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Bargaining or Searching for a Better Price? - An Experimental Study

  • Francesco Feri

    ()

  • Anita Gantner

    ()

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    This experimental study investigates two bargaining games with twosided incomplete information between a seller and a buyer. In the first game with no outside options many subjects do not use the incomplete information to their advantage as predicted. We find that a model with adjusting priors better explains observed behavior. The second game gives the buyer the option to buy via search or return to bargaining. Here many buyers choose a bargaining agreement when a search outcome is predicted. For those who opt out, search outcomes are overall efficient and behavior is relatively close to the optimal search policy.

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    File URL: http://eeecon.uibk.ac.at/wopec2/repec/inn/wpaper/2010-27.pdf
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    Paper provided by Faculty of Economics and Statistics, University of Innsbruck in its series Working Papers with number 2010-27.

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    Length: 48
    Date of creation: Oct 2010
    Date of revision:
    Handle: RePEc:inn:wpaper:2010-27
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    Web page: http://www.uibk.ac.at/fakultaeten/volkswirtschaft_und_statistik/index.html.en
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