Between Anchors and Aspirations: a New Family of Bargaining Solutions

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Date

2019

Authors

Karagözoğlu, Emin
Keskin, Kerim
Özcan-Tok, Elif

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Springer

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Abstract

We study the salience and power of reference points in determining the effective anchors and aspirations in bargaining problems. Along this line we enrich the analysis of the standard bargaining model with two new parameters: the first parameter can be interpreted as the effectiveness (or salience) of the reference point in determining the anchor whereas the second parameter can be interpreted as its effectiveness in shaping agents' aspirations. Utilizing these parameters we provide a unifying framework for the study of bargaining problems with a reference point. The two-parameter family of bargaining solutions we obtain encompasses some well-known solutions as special cases. We offer multiple characterizations for each individual member of this family as well as two characterizations for the whole solution family in bilateral bargaining problems.

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Keywords

Anchors, Aspirations, Axiomatic approach, Bargaining problems, Bargaining solutions, Disagreement point, Reference point, C72, C78, D63, D74

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6

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Q4

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Q2

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Volume

23

Issue

Start Page

53

End Page

73