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Imperfect Information, Multilateral Bargaining, and Unitization: An Experimental Analysis

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Type: Conference Paper
Author: Wiggins, Steve; Hackett, Steven C.; Battalio, Raymond C.
Conference: Common Property Conference, the Second Biennial Conference of the International Association for the Study of Common Property
Location: Winnipeg, Manitoba
Conf. Date: September 26-30, 1991
Date: 1991
URI: https://hdl.handle.net/10535/1633
Sector: Theory
Subject(s): IASC
Abstract: "This paper provides an experimental analysis of bargaining under imperfect information, molded by the circumstances found in oil field unitization. The purpose of the study is two-fold. One purpose is to provide a more in-depth analysis of how information affects bargained shares and contractual failure in unitization. A second purpose is to provide a (partial) link between the unitization field data, and the highly developed experimental bargaining work of Roth and Malouf, and Roth, Malouf, and Murnighan. The results suggest a new interpretation of how imperfect information molds sharing rules and undermines unitization contracting. This interpretation is highly consistent with problems previously identified by Roth and his co-investigators. The analysis then reexamines the field data and shows how the analysis sheds new light on field evidence."

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