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Classic Approaches to Strategy

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					Analysis of Experiment

   When values commonly known, person able
    to set terms of trade should capture most of
    surplus (indeed, theoretically, all of it).
       Person who sets terms of trade has the market
        (bargaining) power
   When values privately known:
       Market power of seller less because buyer’s
        knowledge affords him/her some power
       Also risk of inefficient outcome (i.e., no trade)

				
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