The unexplained occurrence of inefficient delays in reaching agreement is known in the economics literature as the “Hicks paradox.” This paper describes a strategic situation in which players may play a simultaneous move game either before or after a move of Nature. The structure is such that if the players were expected utility maximizers, they would be indifferent over the order of play.
Delayed Agreements and Nonexpected UtilityChaim Fershtman, Zvi Safra, and Daniel R. Vincent ,
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Games and Economic Behavior