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Bilateral bargaining of heterogeneous groups—How significant are patient partners?

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  • Kirchkamp, Oliver
  • Vollstädt, Ulrike
Abstract
Although many real bargaining situations involve more than one person on each side of the bargaining table, much of the theoretical and experimental research concentrates on two single players. We study a simple extension: bilateral bargaining of four people (two two-person groups) with different patience. One might think that the outcome should depend only on the most patient members of each group. The impatient members agree anyway and are, hence, irrelevant. We find, however, that the less patient player has at least some impact on the outcome. As an explanation we suggest a decrease in uncertainty about responder behaviour if a group is clearly asymmetric.

Suggested Citation

  • Kirchkamp, Oliver & Vollstädt, Ulrike, 2014. "Bilateral bargaining of heterogeneous groups—How significant are patient partners?," Journal of Economic Behavior & Organization, Elsevier, vol. 108(C), pages 433-441.
    • Handle: RePEc:eee:jeborg:v:108:y:2014:i:c:p:433-441
    DOI: 10.1016/j.jebo.2013.12.023
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    References listed on IDEAS

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    Cited by:

    1. Vollstädt, Ulrike & Böhm, Robert, 2019. "Are groups more competitive, more selfish-rational or more prosocial bargainers?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 78(C), pages 146-159.

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    More about this item

    Keywords

    Bargaining; Experiment; Heterogeneity; Groups;
    All these keywords.

    JEL classification:

    • C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
    • D74 - Microeconomics - - Analysis of Collective Decision-Making - - - Conflict; Conflict Resolution; Alliances; Revolutions

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