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PDF
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Type:
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Conference Paper |
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Author:
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Wiggins, Steve; Hackett, Steven C.; Battalio, Raymond C. |
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Conference:
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Common Property Conference, the Second Biennial Conference of the International Association for the Study of Common Property |
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Location:
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Winnipeg, Manitoba |
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Conf. Date:
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September 26-30, 1991 |
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Date:
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1991 |
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URI:
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https://hdl.handle.net/10535/1633
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Sector:
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Theory |
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Region:
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Subject(s):
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IASC
information--theory
bargaining--models
rules
contracts
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Abstract:
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"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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