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EXERCISE 227.2 (Firm-union bargaining) A firm knows the amount by which its revenue exceeds its outlays on plant and equipment, but a union with which

EXERCISE 227.2 (Firm-union bargaining) A firm knows the amount by which its revenue exceeds its outlays on plant and equipment, but a union with which it is bargaining does not. This "surplus", which is to be divided between the firm and the union, is H with probability p and L

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