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Podcast: Data Skeptic
Episode: [MINI] Bargaining
Description: Bargaining is the process of two (or more) parties attempting to agree on the price for a transaction. Â Game theoretic approaches attempt to find two strategies from which neither party is motivated to deviate. Â These strategies are said to be in equilibrium with one another. Â The equilibriums available in bargaining depend on the the transaction mechanism and the information of the parties. Â Discounting (how long parties are willing to wait) has a significant effect in this process. Â This episode discusses some of the choices Kyle and Linh Da made in deciding what offer to make on a house.