Social Sciences
4 years ago

Pre-commitment in negotiations can hinder public good provision, with communication as a game-changer.

Journal of Public Economics
To commit or not to commit? An experimental investigation of pre-commitments in bargaining situations with asymmetric information
Sönke Hoffmann, Benedikt Mihm, Joachim Weimann

Paper Summary

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The study tested a model on how making commitments before negotiations affects the likelihood of reaching an agreement when people have different information. They found that when considering factors other than just money, the model's prediction was not significant. However, when communication was introduced, the model's prediction became significant again. This shows that making commitments can impact negotiations, even when people act in ways not predicted by the model.