Joint Outside Options

Paola Manzini and Marco Mariotti

No 401, Working Papers from Queen Mary University of London, School of Economics and Finance

Abstract: 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 economics of divorce and theory of the firm are considered in some depth.

Keywords: Bargaining (search for similar items in EconPapers)
JEL-codes: C78 (search for similar items in EconPapers)
Date: 1999-02-01
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:qmw:qmwecw:401

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