How the bargaining rounds of alternating offers

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Consider negotiations over the price of a home in Newbury Park, California. Buyer Burke values the home at $740,000, and Seller Smith's best alternative offer is $700,000. Seller Smith values keeping the house at $650,000. S makes the first offer, with 4 bargaining rounds of alternating offers, and with S discounting 2% between each bargaining round. Compare bargaining outcomes when B discounts 10% between each bargaining round with B discounting only 1% between each bargaining round.

Reference no: EM13222897

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