Comparing Bargaining Solutions in the Shadow of Conflict: How Norms against Threats Can Have Real Effects

Abstract

In many economic environments agents make costly and irreversible investments (in ``guns'') that may enhance their respective threat payoffs but also shrink the utility possibilities set. In such settings, with variable threats and a variable utility possibilities set, it becomes possible to rank different bargaining solutions in terms of efficiency. We… (More)
DOI: 10.1006/jeth.2001.2828

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