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This paper focuses on a decentralized profit-center firm that uses negotiatedtransfer pricing as an instrument to coordinate the production process.Moreover, the firm's headquarters gives its divisions full authority overoperating decisions and it is assumed that each division can additionally makean upfront investment decision that enhances the value of internal trade. Onearly works, the paper expands the number of divisions by one downstreamdivision and relaxes basic assumptions, such as the assumption of commonknowledge of rationality. Based on an agent-based simulation, it is examinedwhether cognitively bounded individuals modeled by fuzzy Q-learning achieve thesame results as fully rational utility maximizers. In addition, the paperinvestigates different constellations of bargaining power to see whether adeviation from the recommended optimal bargaining power leads to a highermanagerial performance. The simulation results show that fuzzy Q-learningagents perform at least as well or better than fully individual rationalutility maximizers. The study also indicates that, in scenarios with differentmarginal costs of divisions, a deviation from the recommended optimaldistribution ratio of the bargaining power of divisions can lead to higherinvestment levels and, thus, to an increase in the headquarters' profit.

Specific investments under negotiated transfer pricing: effects of  different surplus sharing parameters on managerial performance: An  agent-based simulation with fuzzy Q-learning agents