Designing a Bargaining Scenario
Construct a hypothetical bargaining scenario between two people over a shared resource (e.g., a project bonus, an inheritance, a found item). In your description, you must:
- Clearly state the prevailing social norm for this type of situation.
- Describe the distinct personal preferences of each of the two individuals, where at least one person's preference is not perfectly aligned with the social norm.
- Propose a plausible final agreement and explain how it represents a compromise between the social norm and the specific individual preferences you created.
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Library Science
Economics
Economy
Introduction to Microeconomics Course
Social Science
Empirical Science
Science
CORE Econ
Ch.4 Strategic interactions and social dilemmas - The Economy 2.0 Microeconomics @ CORE Econ
The Economy 2.0 Microeconomics @ CORE Econ
Creation in Bloom's Taxonomy
Cognitive Psychology
Psychology
Related
Two programmers, Sam and Maria, collaborate on a project and are told they can split the 100-point bonus as they see fit. The common practice in their company is an even 50/50 split. Sam, who is strongly motivated by a desire for fairness and avoiding conflict, agrees to a 40/60 split in favor of Maria after Maria argues she contributed slightly more. Which statement best analyzes this bargaining outcome?
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In a bargaining situation where a strong social norm for a 50/50 split exists, the final agreement will invariably be a 50/50 split, as the power of the social norm overrides any individual's personal preference for a different outcome.
Two individuals find a lost $100 bill. The widely accepted social norm in their community for such a situation is to split the money equally. Match each individual's described preference type with the most likely bargaining proposal they would make.
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Comparing Bargaining Outcomes