Delays in Bargaining With Incompelete Contracts
Existing theories typically focus on asymmetric information to explain delays in bargaining. This is not always appropriate, particularly when the parties are in a long-term relationship. This paper examines the incentive to delay agreement (or innovation) when: there are multiple bargaining periods; previous outcomes affect the subsequent distribution of surplus; contracts are incomplete; and the parties are wealth constrained.
|Date of creation:||2001|
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