{"title":"“One Bite at the apple”: Legislative bargaining without replacement","authors":"Duk Gyoo Kim","doi":"10.1016/j.joep.2022.102589","DOIUrl":null,"url":null,"abstract":"<div><p>To better understand the motivations behind the multilateral bargaining behaviors observed in the laboratory, I consider a modified many-player divide-the-dollar game in which players cannot propose again if they were randomly selected in one of the previous rounds but failed to provide an accepted proposal. This finite-horizon bargaining model without replacement captures the legislative process in which each legislator has only one opportunity to propose while the order of proposers is unknown. The unique symmetric subgame perfect equilibrium has several features that allow the transparent interpretation of experimental data. I find that proposers do not fully extract their rent, but the concern about inequity aversion is not a driving factor even in a myopic sense. Out-of-equilibrium observations suggest that retaliation and the fear thereof may be driving factors.</p></div>","PeriodicalId":48318,"journal":{"name":"Journal of Economic Psychology","volume":null,"pages":null},"PeriodicalIF":2.5000,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"3","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Economic Psychology","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0167487022001015","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 3
Abstract
To better understand the motivations behind the multilateral bargaining behaviors observed in the laboratory, I consider a modified many-player divide-the-dollar game in which players cannot propose again if they were randomly selected in one of the previous rounds but failed to provide an accepted proposal. This finite-horizon bargaining model without replacement captures the legislative process in which each legislator has only one opportunity to propose while the order of proposers is unknown. The unique symmetric subgame perfect equilibrium has several features that allow the transparent interpretation of experimental data. I find that proposers do not fully extract their rent, but the concern about inequity aversion is not a driving factor even in a myopic sense. Out-of-equilibrium observations suggest that retaliation and the fear thereof may be driving factors.
期刊介绍：
The Journal aims to present research that will improve understanding of behavioral, in particular psychological, aspects of economic phenomena and processes. The Journal seeks to be a channel for the increased interest in using behavioral science methods for the study of economic behavior, and so to contribute to better solutions of societal problems, by stimulating new approaches and new theorizing about economic affairs. Economic psychology as a discipline studies the psychological mechanisms that underlie economic behavior. It deals with preferences, judgments, choices, economic interaction, and factors influencing these, as well as the consequences of judgements and decisions for economic processes and phenomena. This includes the impact of economic institutions upon human behavior and well-being. Studies in economic psychology may relate to different levels of aggregation, from the household and the individual consumer to the macro level of whole nations. Economic behavior in connection with inflation, unemployment, taxation, economic development, as well as consumer information and economic behavior in the market place are thus among the fields of interest. The journal also encourages submissions dealing with social interaction in economic contexts, like bargaining, negotiation, or group decision-making. The Journal of Economic Psychology contains: (a) novel reports of empirical (including: experimental) research on economic behavior; (b) replications studies; (c) assessments of the state of the art in economic psychology; (d) articles providing a theoretical perspective or a frame of reference for the study of economic behavior; (e) articles explaining the implications of theoretical developments for practical applications; (f) book reviews; (g) announcements of meetings, conferences and seminars.
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