Theories of bargaining delays.
Contract negotiations over wages are sometimes accompanied by strikes; similarly in legal contexts, settlements of damage claims may require lengthy negotiations. These and other costly delays in resolving disputes are the subject of the studies described in this article. Formulations in terms of game theory indicate that procedural features can allow delays, but the main cause may be informational disparities between the parties. Several models are described and related to data about strikes.
Kennan
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Wilson
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