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In this paper, we study a two-period pure exchange economy with idiosyncratic uncertainty, moral hazard and multiple consumption goods. We consider two different market structures: contingent commodity markets on the one hand, and financial plus spot commodity markets on the other hand. We propose a competitive equilibrium concept for each market structure. We first verify that it is possible to decentralize constrained efficient allocations as equilibria with contingent markets. Subsequently, we characterize the conditions which prevent constrained efficient allocations from being decentralized as equilibria with financial markets.

In dyadic ultimatum bargaining proposers, who are privately informed about the pie size, can exploit their "moral wiggle room" by engaging in unfairness which is unobservable by responders. Our setup instead assumes better informed responders and, as a consequence, limits ultimatum power and questions conflict resolution via acceptance of ultimatum proposals. In addition to testing the game theoretic solution, based on common opportunism, we assess whether two different market framings boost benchmark behavior. Our results confirm nearly universal responder opportunism. Although the benchmark proposer demand is modal, proposer choices display substantial variation, even in later rounds and even in the range in which lower demands would let both parties expect to earn more. Nevertheless, such inefficiently large demands become less frequent across rounds. Our results also show that market framing is insignificant and more so in later rounds.

In dyadic ultimatum bargaining proposers, who are privately informed about the pie size, can exploit their "moral wiggle room" by engaging in unfairness which is unobservable by responders. Our setup instead assumes better informed responders and, as a consequence, limits ultimatum power and questions conflict resolution via acceptance of ultimatum proposals. In addition to testing the game theoretic solution, based on common opportunism, we assess whether two different market framings boost benchmark behavior. Our results confirm nearly universal responder opportunism. Although the benchmark proposer demand is modal, proposer choices display substantial variation, even in later rounds and even in the range in which lower demands would let both parties expect to earn more. Nevertheless, such inefficiently large demands become less frequent across rounds. Our results also show that market framing is insignificant and more so in later rounds.

In the bargaining experiment, the privately informed seller of a company sends a value message to the uninformed potential buyer who proposes a price for acquiring the company. Participants are constantly either seller or buyer and interact over 30 rounds with randomly changing partners. How are overstating the value of the company, underpricing the received value message and acceptance of price offers affected by experience and gender (constellation)? We control via treatments for awareness of gender (constellation) and show that gender (constellation) matters and that the main experience effects apply across gender (constellations).