Consider the wage negotiations between Cricket Australia (CA) and the union that represents the players. Assume that Cricket Australia and the union are bargaining over how much of a $100 surplus will be split. Suppose that CA moves first and makes an offer p. The union (U) may accept or reject the offer. If the offer is rejected neither party gets anything (payoff of 0). If the offer is accepted the Union gets p and the CA gets 100 - p. Assume that the CA can make offers of $1, $50 or $99. Which of the following statements are true?

Consider the wage negotiations between Cricket Australia (CA) and the union that represents the players. Assume that Cricket Australia and the union are bargaining over how much of a $100 surplus will be split. Suppose that CA moves first and makes an offer p. The union (U) may accept or reject the offer. If the offer is rejected neither party gets anything (payoff of 0). If the offer is accepted the Union gets p and the CA gets 100 - p. Assume that the CA can make offers of $1, $50 or $99. Which of the following statements are true?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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