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Buying up the block: An experimental investigation of capturing economic rents through sequential negotiations.

Abstract:

This paper develops and experimentally implements a simple multi-negotiation bargaining game, in which one agent, called the “developer,” must reach agreements with a series of other agents, called “landowners,” in order to implement a valueincreasing project. The game has a unique subgame perfect Nash equilibrium under which the surplus from the project is split between the landowner and developer without any dissipation of value. In the actual experiments, however, on average almost half of...

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Volume:
2008-FE-11
Series:
Financial Economics Working Papers
Publication date:
2008-01-01
URN:
uuid:80bb944e-97cb-40b4-a040-1a85fc83c89b
Local pid:
oai:economics.ouls.ox.ac.uk:14096
Language:
English

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