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Updated: Jul 11, 2026
07:47
Measuring Delay Discounting in Humans Using an Adjusting Amount Task
Published on: January 9, 2016
Summary
Game theory reveals that informational disparities, not just procedural rules, cause costly delays in resolving disputes like strikes and legal claims.
Area of Science:
- Dispute resolution studies
- Game theory applications
- Labor economics
Background:
- Contract negotiations and legal settlements often involve lengthy delays.
- These delays can lead to significant costs for all parties involved.
- Understanding the causes of these delays is crucial for efficient resolution.
Purpose of the Study:
- To analyze the causes of costly delays in dispute resolution.
- To explore the role of game theory in understanding negotiation dynamics.
- To investigate the impact of informational disparities on settlement times.
Main Methods:
- Utilizing game theory formulations to model dispute negotiation.
- Developing several theoretical models to explain negotiation delays.
- Relating model predictions to empirical data on labor strikes.
Main Results:
- Procedural features in negotiations can contribute to delays.
- Informational disparities between negotiating parties are identified as a primary cause of delays.
- Models show a correlation between information asymmetry and negotiation duration.
Conclusions:
- Game theory provides valuable insights into the economics of dispute resolution.
- Addressing informational disparities can significantly reduce negotiation times and costs.
- Further research can refine models for predicting and mitigating negotiation delays.
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