BARGAINING WITH SHARED INFORMATION*

This paper formulates and analyzes models of two-party bargaining behavior where each side possesses private information about its preferences that is unavailable to the other. We examine the strategic behavior that bargainers might exhibit when disclosing information either to an arbitrator or to each other. Our results show that when bargaining is over one issue, it is relatively uncomplicated analytically to calculate the optimal strategy, but, despite this, even sophisticated bargainers tend to make wrong assumptions about the behavior of others and to use strategies that are far from optimal. When the bargaining encompasses several factors, computation of optimal strategies becomes very cumbersome and the use of an optimal strategy does not gain a bargainer much over what he could have achieved with truthful revelation. Thus, in theory, truthful revelation is not the best course of action to adopt for a bargainer interested in maximizing individual gain, but in practice the alternatives may involve mistaken assumptions about the behavior of others and may therefore turn out to be inferior to truthful revelation.     

VERTICAL INFORMATION EXCHANGE IN A SUPPLY CHAIN WITH DUOPOLY RETAILERS

We consider a supply chain with one manufacturer in the upstream and two competing retailers in the downstream. The retailers sell differentiated goods and are endowed with some private demand information. The paper shows that the manufacturer's optimal strategy is independent of the type of downstream competition, Cournot or Bertrand, and that no information will be shared with the manufacturer on a voluntary basis. However, complete information sharing, which benefits all three parties, can be achieved through side payment when the retailers' information is statistically less accurate or when the leakage effect is more beneficial to the retailers.     

DUAL-RESOURCE PARALLEL QUEUES WITH SERVER TRANSFER AND INFORMATION ACCESS DELAYS*

Dual-resource constrained queuing systems contain fewer servers than service facilities. This study uses computer simulation to evaluate several server assignment procedures in a dual-resource system. A field study serves as the basis for developing a model with two service facilities in parallel, a single server, and deterministic information access and transfer delays that can be applied to job shops, computer operating systems, and elevators. Several findings, useful in server assignment decision making, resulted from the study. If first-come, first-served sequencing is used, delaying server assignment at a facility until all jobs are completed reduces both the mean and the variance of job flow time. If shortest-process-time-first sequencing is used, an assignment rule is tested that delays a server at a facility until a sufficiently short job is estimated to have arrived elsewhere. This rule performs best overall in terms of both the mean and variance of flow time. Methods to implement this decision rule easily are discussed.     

MODELING THE BIRTH AND DEATH OF CARTELS WITH AN APPLICATION TO EVALUATING COMPETITION POLICY

One of the primary challenges to measuring the impact of antitrust or competition policy on collusion is that the cartel population is unobservable; we observe only the population of discovered cartels. To address this challenge, a model of cartel creation and dissolution is developed to endogenously derive the populations of cartels and discovered cartels. With this theory, one can infer the impact of competition policy on the population of cartels by measuring its impact on the population of discovered cartels. In particular, changes in the duration of discovered cartels can be informative in assessing whether a new policy is reducing the latent rate of cartels. (JEL: L13, L41)     

POLICY CONTROL

No abstract available for this article.     

动态视点

市场热望保险资金加大入市步伐保险资金目前已经高调入市,保监会主席吴定富还证实保险资金每天都在入市,但市场人士仍然对保险资金入市的规模有保留意见。如何才能有效吸引保险资金大规模入市?日前于北京召开的2005保险资金入市研讨会上,众多市场专家呼吁:证券投资基金已近弹尽粮绝,迫切需要保险公司能够加大进入A股市场的步伐。同时专家们也希望尽快将现在的融资者本位市场变成投资者本位市场,增加股票市场的投资价值。     

动态视点

汽车业新一轮竞争开启 2004年上半年,中国的汽车价格会经历如此大面积的“跳水”表演,汽车厂商此起彼伏的降价举措,也掀起了中国汽车业的巨大波澜。对于中国汽车业而言,竞争加剧导致了汽车产品价格的连续下跌,这是一个重要的市场信号,中国汽车业将经历重新洗牌,新一轮竞争序幕已经拉开。但中国汽车业的巨大变革不影响整个行业良好的发展前景。     

资讯

中国企业信用缺失导致每年6000亿的经济损失 据海外媒体消息,中国企业每年因为信用缺失而导致的直接和间接经济损失高达人民币5855亿元,相当于全国年财政收入的37％,国民生产总值每年因此至少减少2个百分点。信用缺失已经成为中国经济发展尤其是外贸发展的重大障碍,中国要用5年左右的时间,建立起社会信用体系的基本框架和运行机制,尤其是改善企业信用状况。中国商务部的高官日前表示,改善企业信用状     

资讯

中国房地产业近期表现值得高度关注 从表面上看,市场的焦点在于那些受到SARS影响巨大的行业。但有分析人士指出。现在中国市场上最敏感而又看不清的行业恰恰不是这些行业,而是房地产业。这个行业到底何去何从目前还看不清楚。但肯定是暗含着巨大的变数。这一变量从上届总理的关于“房地产有泡沫”的言论中就已经     

动态视点

中国深化垄断行业改革 国家发改委近日指出,国家将推进电信、电力、民航等垄断行业的改革,要选择适宜的企业和业务范围,引入非公有资本,改善资本结构。对于电信行业,要加快解决不同经营主体之间的互联互通问题、推进电信资费管理方式改革、加快建立电信普遍服务基金。电力行业,要加快电网企业重组,推进区域电网公司改组工     

动态视点

基金渐成百姓理财新宠 今年上半年,居民消费价格指数上涨3.6%,7月份更是达到了5.3％,存在银行里的钱无形之中出现了“贬值”。越来越多的钱正在寻找新的投资方向,而基金因此正逐渐成为百姓理财的新宠,尽管目前证券市场出现一定波动,但老百姓购买基金的热情依然不减。但业内专家仍要给普通百姓提个醒,投资者还要全面分析自己的现金流状况,并按期限进行合理配置。     

动态视点

商业银行基金公司半年内出炉 银监会政策法规部副主任李伏安目前透露,由央行牵头起草的商业银行成立基金公司试点办法目前正在完善过程中,由于各部委对此已经达成共识,估计国内第一家由商业银行成立的基金公司将在半年内成立。在基金公司中,商业银行控股但股权不超过1／3。较实业资本而言,监管部门更欢迎保险资金、社保资金、企业年金以及合法的私募资金参股商业银行成立基金公司。     

动态视点

《国有资产法》出台还需三五年 针对部分媒体关于《国有资产法》即将出台的报道,社科院经济研究所研究员张卓元认为,这部法律的出台还需要3到5年时间。利益问题成为制约《国有资产法》尽早出台的一大障碍。该法出台必将会涉及到部门、地方和一些人的切身利益,有些人可能只看到关系自身的小局部利益,而不会去考虑全局,在一定程度上对法规的制定产生了影响。     

动态视点

明年起中国5年内无地可征 全国政协委员袁祖亮在今年“两会”上指出,如果不抓紧解决目前土地征用中存在的突出问题,从明年开始,中国未来5年将面临无地可征的局面。土地征用过多、过滥,是当前土地征用中最突出的问题。按规划,1997～2010年全国非农业建设占用耕地的指标为2950万亩,然而,仅1997～2001年就占用了1351万亩,照此速度,2005年指标就被用完。     

动态视点

通胀压力尚未根本缓解中国人民银行近日发布《2004年第四季度中国货币政策执行报告》,称2005年通货膨胀压力尚未根本缓解。报告指出,今年将会同有关部门建立对中国银行、中国建设银行股份制改革的监测与考评机制,加快制定其他国有商业银行股份制改革方案并择机出台,研究政策性银行的职能和定位,研究促进资产管理公司改提高不良资产回收率的政策措施。     

动态

我国从12月份起开始实施公务员加薪计划 此次公务员加薪是指全国范围内的国家公务员加薪,目前已经开始实施,人均加薪幅度为50元。 国家人事部工资司的有关人士介绍,此次加薪主要涉及公务员的职务工资部分。由于本该定于今年7月1日的加薪改为12月份执行,此次加薪将一次性补发从7月到11月的工资增量部分。目前,已经有许多国家公务员拿到了补发的增量部分工资。按照有关规定,此次加薪的机关事业单位职工(包括离退休人员)根据不同职务,每月职务工资分别从100元至850元增加到130元至1150元,增加幅度从30元至300元不等,平均增幅为每人50元。中…     

动态视点

三分之二券商将被淘汰上证所日前推出的一份题为《德意志银行发展经验及其对于中国证券业改革和金融机构混业经营的启示》的研究报告预计,10年之后, 目前中国券商中的2/3将被淘汰出局。报告同时建议,短期内证券公司股权改革的突破口之一,应该是     

动态视点

8月份券商收入 跌至今年最低 持续低迷的行情,令8月份券商的收入进一步向下探底。根据上证报券商综合业务价值量统计,8月份券商收入只有13.14亿元,成为今年以来券商收入最低的月份。统计显示,8月份券商实现收入13.14亿元。其中A股经纪业务10.92亿元,较7月份减少近4亿元。承销业务只有0.53亿元,较7月份的2.08亿元减少较多。其它如B股、基金和债券等收入都出现一定幅度减少。值得一提的是,8月份是去年以来券商收入第三个最低的月份。