We study the salience and power of reference points in determining the effective anchors and aspirations in bargaining problems. Along this line, we enrich the analysis of the standard bargaining model with two new parameters: the first parameter can be interpreted as the effectiveness (or salience) of the reference point in determining the anchor, whereas the second parameter can be interpreted as its effectiveness in shaping agents' aspirations. Utilizing these parameters, we provide a unifying framework for the study of bargaining problems with a reference point. The two-parameter family of bargaining solutions we obtain encompasses some well-known solutions as special cases. We offer multiple characterizations for each individual member of this family as well as two characterizations for the whole solution family in bilateral bargaining problems.

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We study the emergence of reference points in a bilateral, infinite horizon, alternating offers bargaining game. Players' preferences exhibit reference dependence, and their current offers have the potential to influence each other's future reference points. However, this influence is limited in that it expires in a finite number of periods. We first construct a subgame perfect equilibrium that involves an immediate agreement and study its properties. Later, we also show the existence of an equilibrium where agreement is reached with delay. We show that expiration lengths and initial reference points play a crucial role for the existence of this equilibrium. For instance, we show that equilibrium with a delayed agreement does not exist when the initial reference point is (0, 0). Finally, we provide comparative static analyses on model parameters, compare two variations of our model, and compare our findings with those of the closest paper to ours, Driesen et al. (Math Soc Sci 64:103-118, 2012).

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Purpose The purpose of this paper is to investigate whether the information sharing in an online discussion forum, over an agricultural market characterized by a large number of small-scale farmers, has an impact on the market prices. Design/methodology/approach All the comments posted by farmers and traders on four storable items (potato, onion, lemon and apple) in an online discussion forum over 2013–2017 are collected. By using text mining techniques and regression analysis, words characterizing the actions and expectations of farmers and traders on the course of the market price are identified. Then, summary indicators pointing to positive and negative views on prices are calculated. Finally, the relation between these indicators and market prices is analyzed. Findings The results point to economically significant impacts, as one standard deviation increase in the share of net positive comments is associated with 20, 22, 13 and 10 percent increase in the consumer prices of potato, onion, lemon and apple, respectively within three months. Originality/value Overall, this study provides an evidence for the link between information sharing of farmers on online domain and their collaboration in the physical domain. Thus, the study implies that the information synthesized from online discussion forums may actually contain valuable information for researchers and policy makers regarding the behavior of agents even on traditional domains such as agriculture.