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Pirates of the Mediterranean: An empirical investigation of bargaining with asymmetric information

Abstract:

We investigate the effect of delay on prices in bargaining situations using a data set containing thousands of captives ransomed from Barbary pirates between 1575 and 1692. Plausibly exogenous variation in the delay in ransoming provides evidence that negotiating delays decreased the size of ransom payments, and that much of the effect stems from the signalling value of strategic delay, in accordance with theoretical predictions. We also structurally estimate a version of the screening type b...

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Publication status:
Published
Peer review status:
Peer reviewed
Version:
Publisher's Version

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Publisher copy:
10.3982/QE655

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Institution:
University of Oxford
Division:
Social Sciences Division
Department:
Economics
Oxford college:
St Antony's College
ORCID:
0000-0001-6259-0323
Salitskiy, I More by this author
Publisher:
John Wiley and Sons, Ltd. Publisher's website
Journal:
Quantitative Economics Journal website
Volume:
9
Issue:
1
Pages:
217-246
Publication date:
2017-02-17
Acceptance date:
2016-12-28
DOI:
EISSN:
1759-7331
ISSN:
1759-7323
Pubs id:
pubs:894973
URN:
uri:519ac3eb-9bbf-4748-86bc-d284e0dfbed3
UUID:
uuid:519ac3eb-9bbf-4748-86bc-d284e0dfbed3
Local pid:
pubs:894973

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