Consider an ultimatum Bargaining Game,in Which Two Players Are Asked

question 7

Essay

Consider an ultimatum bargaining game,in which two players are asked to divide a fixed sum of money.The first person is given the role of Proposer.She must make a proposal to a second player,called the Responder,regarding how to split the sum between them.If the Responder accepts,the players receive the agreed amounts,but if the Responder rejects the proposal,neither player gets anything.
What would the results look like if both players had strictly neoclassical preferences? When this experiment is conducted in practice to do people exhibit neoclassical preferences? Explain.

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Definitions:

Consistency

The quality of achieving a level of performance or the adherence to a pattern or standard without significant variation.

Concise Language

The use of few words to convey an idea effectively without unnecessary detail or filler.

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A king of the ancient Kingdom of Judah, known for his reign in the 7th century BCE and mentioned in the Hebrew Bible.

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The founder of the Qin dynasty in ancient China, known for unifying the country and for his role in beginning construction of the Great Wall of China.