Bargaining Inefficiencies Plague Mutually Beneficial Agreements, Impacting Everyday Transactions
The article discusses why it's tough to make fair deals when people have different info. It looks at different ways to bargain when not everyone knows everything. They talk about how when trading stuff, both sides need to know there's a win-win option. They also check out what happens when one side knows their stuff but the other doesn't. If there's a gap between what's wanted and offered, a deal can be reached in good time and benefit the well-informed party. But if there's no gap, it may take a long time to agree, and the uninformed party might still come out with a good deal. They talk about these ideas using examples like selling a car or negotiating a union contract.