Consider a negotiation between a car buyer and a used-car salesperson. The car salesperson values a car at $10,000 and the buyer values it at $12,000. Suppose the buyer moves rst and offers a price p. The car dealer can accept or reject the offer. If the offer is rejected the buyer can buy an identical car from a different dealer for a price of $F000. In the subgame perfect equilibrium, the buyer receives a net benet of