Sequential share bargaining |
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Authors: | P Jean-Jacques Herings Arkadi Predtetchinski |
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Institution: | (1) CREED Faculty of Economics and Econometrics, University of Amsterdam, Roetersstraat 11, 1018WB Amsterdam, The Netherlands |
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Abstract: | This paper presents a new extension of the Rubinstein-St?hl bargaining model to the case with n players, called sequential share bargaining. The bargaining protocol is natural and has as its main feature that the players’
shares in the surplus are determined sequentially rather than simultaneously. The protocol also assumes orderly voting, a
restriction on the order in which players respond to a proposal. The bargaining protocol requires unanimous agreement for
proposals to be implemented. Unlike all existing bargaining protocols with unanimous agreement, the resulting game has unique
subgame perfect equilibrium utilities for any value of the discount factor. The result builds on the analysis of so-called
one-dimensional bargaining problems. We show that also one-dimensional bargaining problems have unique subgame perfect equilibrium
utilities for any value of the discount factor. |
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Keywords: | |
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