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Going alone together: Joint outside options in bilateral negotiations

journal contribution
posted on 2004-10-01, 00:00 authored by P Manzini, Marco MariottiMarco Mariotti
Several contractual situations are such that the parties may 'step out' of negotiations and take up outside opportunities only if there is mutual consent to do so. Examples include employer - employee negotiations, divorce and inheritance procedures, and arbitration. To analyse such cases we develop the general concept of a 'joint outside option' and study its effect in the standard bargaining game. Examples from the international trade and theory of the firm are considered in some depth. © Royal Economic Society 2004.

History

Journal

Economic Journal

Volume

114

Issue

498

Pagination

943 - 960

ISSN

0013-0133

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