2. Now player 1 gets a chance to accept the offer—and the proposed payoffs—or to reject it. If the offer is rejected, we move on to period 3 where player 1 simply receives x and player 2 receives 1100 2 x2. Suppose throughout that both players are somewhat impatient and they value $1 a period from now at $d1 , 12. Also suppose throughout that each player accepts an offer whenever he/she is indifferent between accepting and rejecting the offer.