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Bargaining in Stationary Networks

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  • Mihai Manea
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    Abstract

    We study an infinite horizon game in which pairs of players connected in a network are randomly matched to bargain. Players who reach agreement are replaced by new players at the same positions in the network. We show that all equilibria are payoff equivalent. The payoffs and the set of agreement links converge as players become patient. Several new concepts—mutually estranged sets, partners, and shortage ratios—provide insights into the relative strengths of the positions in the network. We develop a procedure to determine the limit equilibrium payoffs for all players. Characterizations of equitable and nondiscriminatory networks are also obtained. (JEL C78, D85)

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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/aer.101.5.2042
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    Bibliographic Info

    Article provided by American Economic Association in its journal American Economic Review.

    Volume (Year): 101 (2011)
    Issue (Month): 5 (August)
    Pages: 2042-80

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    Handle: RePEc:aea:aecrev:v:101:y:2011:i:5:p:2042-80

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    References

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    1. Corominas-Bosch, Margarida, 2004. "Bargaining in a network of buyers and sellers," Journal of Economic Theory, Elsevier, vol. 115(1), pages 35-77, March.
    2. Li Duozhe & Wong Yat Fung, 2009. "Optimism and Bargaining Inefficiency," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 9(1), pages 1-14, April.
    3. Polanski, Arnold, 2007. "Bilateral bargaining in networks," Journal of Economic Theory, Elsevier, vol. 134(1), pages 557-565, May.
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    Cited by:
    1. Enghin Atalay, 2014. "Materials Prices And Productivity," Journal of the European Economic Association, European Economic Association, vol. 12(3), pages 575-611, 06.
    2. Jan-Peter Siedlarek, 2012. "Intermediation in Networks," Working Papers 2012.42, Fondazione Eni Enrico Mattei.
    3. Arnold Polanski & Fernando Vega-Redondo, 2013. "Markets, Bargaining, and Networks with Heterogeneous Agents," University of East Anglia Applied and Financial Economics Working Paper Series 038, School of Economics, University of East Anglia, Norwich, UK..
    4. Abreu, Dilip & Manea, Mihai, 2012. "Bargaining and efficiency in networks," Journal of Economic Theory, Elsevier, vol. 147(1), pages 43-70.
    5. Mikel Bedayo & Ana Mauleon & Vincent Vannetelbosch, 2013. "Bargaining and Delay in Trading Networks," Working Papers 2013.01, Fondazione Eni Enrico Mattei.
    6. Abreu, Dilip & Manea, Mihai, 2012. "Markov equilibria in a model of bargaining in networks," Games and Economic Behavior, Elsevier, vol. 75(1), pages 1-16.
    7. Pieter A. Gautier & Christian L. Holzner, 2011. "Simultaneous Search and Network Efficiency," Tinbergen Institute Discussion Papers 11-092/3, Tinbergen Institute.
    8. repec:dgr:uvatin:2011092 is not listed on IDEAS

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