Bargaining and Boldness


We study a multiperson bargaining problem with general risk preferences through the use of Shaked’s game of cycling offers with exogenous breakdown. If preferences are “smooth,” then as the risk of breakdown vanishes, the limiting outcome is one in which bargainers are equally marginally bold; where a bargainer’s marginal boldness measures his willingness… (More)
DOI: 10.1006/game.2001.0853


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