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Sequential Bargaining
Sequential bargaining (also known as alternate-moves bargaining, alternating-offers protocol, etc.) is a structured form of bargaining between two participants, in which the participants take turns in making offers. Initially, person #1 has the right to make an offer to person #2. If person #2 ''accepts'' the offer, then an agreement is reached and the process ends. If person #2 ''rejects'' the offer, then the participants switch turns, and now it is the turn of person #2 to make an offer (which is often called a ''counter-offer''). The people keep switching turns until either an agreement is reached, or the process ends with a disagreement due to a certain ''end condition''. Several end conditions are common, for example: * There is a pre-specified limit on the number of turns; after that many turns, the process ends. * There is a pre-specified limit on the negotiation time; when time runs out, the process ends. * The number of possible offers is finite, and the protocol rules dis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bargaining
In the social sciences, bargaining or haggling is a type of negotiation in which the buyer and seller of a Goods and services, good or service debate the price or nature of a Financial transaction, transaction. If the bargaining produces agreement on terms, the transaction takes place. It is often commonplace in poorer countries, or poorer localities within any specific country. Haggling can mostly be seen within street markets worldwide, wherein there remains no guarantee of the origin and authenticity of available products. Many people attribute it as a skill, but there remains no guarantee that the price put forth by the buyer would be acknowledged by the seller, resulting in losses of Profit (economics), profit and even Inventory turnover, turnover in some cases. A growth in the country's Per capita income, GDP Per Capita Income is bound to reduce both the ill-effects of bargaining and the unscrupulous practices undertaken by vendors at street markets. Although the most app ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Time Discounting
In behavioral economics, time preference (or time discounting,. delay discounting, temporal discounting, long-term orientation) is the current relative valuation placed on receiving a good at an earlier date compared with receiving it at a later date. Applications for these preferences include finance, health, and climate change. Time preferences are captured mathematically in the discount function. The main models of discounting include exponential, hyperbolic, and quasi hyperbolic. The higher the time preference, the higher the discount placed on returns receivable or costs payable in the future. Several factors correlate with an individual’s time preference, including age, income, race, risk, and temptation. On a larger level, ideas such as sign effects, sub-additivity, and the elicitation method can influence how people display time preference. Time preference can also inform wider preferences about real world behavior and attitudes, such as pro-social behavior. Cultural ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Offer And Acceptance
Offer and acceptance are generally recognized as essential requirements for the formation of a contract (together with other requirements such as consideration and legal Capacity (law), capacity). Analysis of their operation is a traditional approach in contract law. This classical approach to contract formation has been modified by developments in the law of estoppel, misleading conduct, misrepresentation, unjust enrichment, and power of acceptance. Offer Guenter Treitel, Treitel defines an offer as "an expression of willingness to contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed", the "offeree". An offer is a statement of the terms on which the offeror is willing to be bound. The expression of an offer may take different forms, and which form is acceptable varies by jurisdiction. Offers may be presented in a letter, newspaper advertisement, fax, email verbally or even conduct, as long ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ultimatum Game
The ultimatum game is a popular experimental economics game in which two players interact to decide how to divide a sum of money, first described by Nobel laureate John Harsanyi in 1961. The first player, the proposer, proposes a division of the sum with the second player, the responder. The responder can either accept the proposed division or reject it. If the responder accepts, the money is split according to the proposal; if the responder rejects, neither player receives anything. Both players know in advance the rules of the game. The game is typically designed as a one-shot interaction to isolate immediate reactions to fairness, thereby minimizing the influence of potential future interactions. However, even within this one-shot context, participants' decision-making processes may implicitly involve considering the potential consequences of repeated interactions, due to the fact that humans have evolved within societies that interact repeatedly. This design is crucial for o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Negotiation
Negotiation is a dialogue between two or more parties to resolve points of difference, gain an advantage for an individual or Collective bargaining, collective, or craft outcomes to satisfy various interests. The parties aspire to agree on matters of The Impact of Religion on International Negotiations, mutual interest. The agreement can be beneficial for all or some of the parties involved. The negotiators should establish their own needs and wants while also seeking to understand the wants and needs of others involved to increase their chances of closing deals, avoiding conflicts, forming relationships with other parties, or maximizing mutual gains. Distributive negotiations, or compromises, are conducted by putting forward a position and making concessions to achieve an agreement. The degree to which the negotiating parties Trust (social science), trust each other to implement the negotiated solution is a major factor in determining the success of a negotiation. People neg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alvin E
''Alvin'' (DSV-2) is a crewed deep-ocean research submersible owned by the United States Navy and operated by the Woods Hole Oceanographic Institution (WHOI) of Woods Hole, Massachusetts. The original vehicle was built by General Mills' Electronics Group in Minneapolis, Minnesota. Named to honor the prime mover and creative inspiration for the vehicle, Allyn Vine, ''Alvin'' was commissioned on June 5, 1964. The submersible is launched from the deep submergence support vessel , which is also owned by the U.S. Navy and operated by WHOI. The submersible has made more than 5,200 dives, carrying two scientists and a pilot, observing the lifeforms that must cope with super-pressures and move about in total darkness, as well as exploring the wreck of ''Titanic''. Research conducted by ''Alvin'' has been featured in nearly 2,000 scientific papers. Design ''Alvin'' was designed as a replacement for bathyscaphes and other less maneuverable oceanographic vehicles. Its more nimble des ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Norm
A social norm is a shared standard of acceptance, acceptable behavior by a group. Social norms can both be informal understandings that govern the behavior of members of a society, as well as be codified into wikt:rule, rules and laws. Social normative influences or social norms, are deemed to be powerful drivers of human behavioural changes and well organized and incorporated by major theories which explain human behaviour. Institutions are composed of multiple norms. Norms are shared social beliefs about behavior; thus, they are distinct from "ideas", "attitudes", and "values", which can be held privately, and which do not necessarily concern behavior. Norms are contingent on context, social group, and historical circumstances. Scholars distinguish between regulative norms (which constrain behavior), constitutive norms (which shape interests), and prescriptive norms (which prescribe what actors ''ought'' to do). The effects of norms can be determined by a logic of appropriateness ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
EBay
eBay Inc. ( , often stylized as ebay) is an American multinational e-commerce company based in San Jose, California, that allows users to buy or view items via retail sales through online marketplaces and websites in 190 markets worldwide. Sales occur either via online auctions or "buy it now" instant sales, and the company charges commissions to sellers upon sales. eBay was founded by Pierre Omidyar in September 1995. It has 132 million yearly active buyers worldwide and handled $73 billion in transactions in 2023, 48% of which were in the United States. In 2023, the company had a take rate (revenue as a percentage of volume) of 13.81%. The company is listed on the Nasdaq Global Select Market and is a component of the S&P 500 and formerly the Nasdaq-100. eBay can be used by individuals, companies and governments to purchase and sell almost any legal, non-controversial item. eBay's auctions use a Vickrey auction (sealed-bid) proxy bid system. Buyers and sellers may r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Field Study
Field research, field studies, or fieldwork is the collection of raw data outside a laboratory, library, or workplace setting. The approaches and methods used in field research vary across disciplines. For example, biologists who conduct field research may simply observe animals interacting with their environments, whereas social scientists conducting field research may interview or observe people in their natural environments to learn their languages, folklore, and social structures. Field research involves a range of well-defined, although variable, methods: informal interviews, direct observation, participation in the life of the group, collective discussions, analyses of personal documents produced within the group, self-analysis, results from activities undertaken off- or on-line, and life-histories. Although the method generally is characterized as qualitative research, it may (and often does) include quantitative dimensions. History Field research has a long history. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sarit Kraus
Sarit Kraus (; born 1960) is a professor of computer science at the Bar-Ilan University in Israel. She was named the 2020-2021 ACM Athena Lecturer in recognition of her contributions to artificial intelligence, notably to multiagent systems, human-agent interaction, autonomous agents and non-monotonic reasoning, as well as her leadership in these fields. Biography Sarit Kraus was born in Jerusalem, Israel. She completed her Ph.D. in Computer Science at Hebrew University in 1989 under the supervision of Prof. Daniel Lehmann. She is married to Prof. Yitzchak Kraus and has five children. Academic career Kraus has made highly influential contributions to numerous subfields, most notably to multiagent systems (including people and robots) and non-monotonic reasoning. One of her important contributions is to strategic negotiation. Her work in this area is one of the first to integrate game theory with artificial intelligence. Furthermore, she started new research on automated agent ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bargaining Problem
Cooperative bargaining is a process in which two people decide how to share a surplus that they can jointly generate. In many cases, the surplus created by the two players can be shared in many ways, forcing the players to negotiate which division of payoffs to choose. Such surplus-sharing problems (also called bargaining problem) are faced by management and labor in the division of a firm's profit, by trade partners in the specification of the terms of trade, and more. The present article focuses on the ''normative'' approach to bargaining. It studies how the surplus ''should'' be shared, by formulating appealing axioms that the solution to a bargaining problem should satisfy. It is useful when both parties are willing to cooperate in implementing the fair solution. Such solutions, particularly the Nash solution, were used to solve concrete economic problems, such as management–labor conflicts, on numerous occasions. An alternative approach to bargaining is the ''positive'' appr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pareto Optimal
In welfare economics, a Pareto improvement formalizes the idea of an outcome being "better in every possible way". A change is called a Pareto improvement if it leaves at least one person in society better off without leaving anyone else worse off than they were before. A situation is called Pareto efficient or Pareto optimal if all possible Pareto improvements have already been made; in other words, there are no longer any ways left to make one person better off without making some other person worse-off. In social choice theory, the same concept is sometimes called the unanimity principle, which says that if ''everyone'' in a society ( non-strictly) prefers A to B, society as a whole also non-strictly prefers A to B. The Pareto front consists of all Pareto-efficient situations. In addition to the context of efficiency in ''allocation'', the concept of Pareto efficiency also arises in the context of ''efficiency in production'' vs. ''x-inefficiency'': a set of outputs of goo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
