Delay in a bargaining game with contracts

Delay in a bargaining game with contracts

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Article ID: iaor200916794
Country: Netherlands
Volume: 65
Issue: 4
Start Page Number: 339
End Page Number: 353
Publication Date: Dec 2008
Journal: Theory and Decision
Authors: ,
Abstract:

In a multilateral bargaining game where a proposer and responders can set up a ‘principal–agent’ relationship by means of binding cash–offer contracts, we show that there is a Markov SPE with a delay in reaching an agreement. We also show that all the individually rational and efficient payoffs can be supported by SPE.

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