"Focal (or Schelling) points are often designed and submitted into negotiations [.] both to bias the negotiations and to reduce their cost."
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Replying to @nouswaves
"They serve as the end as well as the beginning of negotiations, because haggling [.] is too expensive for both parties."
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Replying to @nouswaves
"There are many weak enforcement mechanisms which also serve a similar purpose [...] the sawhorses and tape around construction sites, [...]
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Replying to @nouswaves
most fences, etc. Civilization is filled with contracts embedded in the world."
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Replying to @nouswaves
"The cost of haggling can often be reduced by invoking technology as authority. "I'm sorry, but that's what the computer says"."
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Dimensions of Contract Design: observability by principals, verifiability by third-parties, privity between principals.
3:20 PM - 19 Nov 2014
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