Econometrica: Apr 1958, Volume 26, Issue 2
An Experiment in Bargaining Games
Jeremy J. StoneIn the framework of the Theory of Games several attempts have been made to solvethe problem of how to act in bargaining situations. None of these attempts seemsto be completely satisfactory. This paper presents the report of an empirical investigation. An experiment which tested the reactions of students actually playing a bargaining game is discussed. The data from this experiment are used to support the view that "caution" as a personal characteristic of the player must be considered in any satisfactory solution of the problem.
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