Bargaining in Patent Licensing Negotiations under Stochastic Environments: An Experimental Study

Table 1

Experimental results of averages among treatments.

Variables	Treatments
	Low-risk market		High-risk market
	One-licensee	Two-licensee	One-licensee	Two-licensee
Numbers of subjects	42		33
Offer	4.70	5.29	4.64	5.19
WTA	6.10	6.29	5.36	5.93
Accepted offer (1st/2nd)^a	5.04	5.65 (5.78/5.41)^a	5.07	5.65 (5.63/5.62)^a
Rate of acceptance % (1st/2nd)^a	66.4	92.9 (53.6/84.6)^a	70.9	96.3 (61.3/90.3)^a
Payoff
licensee	326.571	400.179	352.727	449.455
licensor	624.538	1056.786	718.182	1173.818

Note: ^aThe first and second numbers in parentheses denote the first and second offers from Two-licensee game.