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Adaptive Play in Multiplayer Bargaining Situations

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  • Agastya, Murali

Abstract

The author studies the dual issues of allocation and coalition formation in a model of social learning. For a class of economies which can be expressed in terms of a real valued characteristic function, he first shows that all self-perpetuating allocations realized from a simple bargaining game must be core allocations although players make simultaneous demands for surplus and only on their own behalf. Following this, the author provides a sufficient condition under which the society eventually learns to divide the surplus according to some core allocation, regardless of the initial history. Copyright 1997 by The Review of Economic Studies Limited.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Review of Economic Studies.

Volume (Year): 64 (1997)
Issue (Month): 3 (July)
Pages: 411-26

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Handle: RePEc:bla:restud:v:64:y:1997:i:3:p:411-26

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References

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  1. Ariel Rubinstein, 2010. "Perfect Equilibrium in a Bargaining Model," Levine's Working Paper Archive 252, David K. Levine.
  2. Perry, M. & Rany, P., 1992. "A Non-Cooperative View of Coalition Formation and the Core," UWO Department of Economics Working Papers 9203, University of Western Ontario, Department of Economics.
  3. Milgrom, Paul & Roberts, John, 1991. "Adaptive and sophisticated learning in normal form games," Games and Economic Behavior, Elsevier, vol. 3(1), pages 82-100, February.
  4. Hart, Oliver & Moore, John, 1990. "Property Rights and the Nature of the Firm," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1119-58, December.
  5. Nash, John, 1953. "Two-Person Cooperative Games," Econometrica, Econometric Society, vol. 21(1), pages 128-140, April.
  6. Drew Fudenberg & Jean Tirole, 1991. "Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061414.
  7. Young H. P., 1993. "An Evolutionary Model of Bargaining," Journal of Economic Theory, Elsevier, vol. 59(1), pages 145-168, February.
  8. Kalai, Ehud & Lehrer, Ehud, 1991. "Rational Learning Leads to Nash Equilibrium," Working Papers 91-18, C.V. Starr Center for Applied Economics, New York University.
  9. Chatterjee, Kalyan & Bhaskar Dutta & Debraj Ray & Kunal Sengupta, 1993. "A Noncooperative Theory of Coalitional Bargaining," Review of Economic Studies, Wiley Blackwell, vol. 60(2), pages 463-77, April.
  10. Moulin,Hervi, 1991. "Axioms of Cooperative Decision Making," Cambridge Books, Cambridge University Press, number 9780521424585.
  11. Aumann, Robert J. & Maschler, Michael, 1985. "Game theoretic analysis of a bankruptcy problem from the Talmud," Journal of Economic Theory, Elsevier, vol. 36(2), pages 195-213, August.
  12. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
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Citations

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Cited by:
  1. Szikora Péter, 2011. "Tanítás értelmezhetõ-e, mint egy kooperatív dinamikus játék?," Proceedings- 9th International Conference on Mangement, Enterprise and Benchmarking (MEB 2011), Óbuda University, Keleti Faculty of Business and Management.
  2. Kareen Rozen, 2008. "Conflict Leads to Cooperation in Nash Bargaining," Levine's Working Paper Archive 122247000000002086, David K. Levine.
  3. Agastya, Murali, 1999. "Perturbed Adaptive Dynamics in Coalition Form Games," Journal of Economic Theory, Elsevier, vol. 89(2), pages 207-233, December.
  4. Péter Szikora, 2012. "Dynamic cooperative models of coalition formation and the core," Proceedings- 10th International Conference on Mangement, Enterprise and Benchmarking (MEB 2012), Óbuda University, Keleti Faculty of Business and Management.
  5. Tone Dieckmann; & Ulrich Schwalbe, 1998. "Dynamic Coalition Formation and the Core," Economics, Finance and Accounting Department Working Paper Series n810798, Department of Economics, Finance and Accounting, National University of Ireland - Maynooth.
  6. Tone Dieckmann & Ulrich Schwalbe, 2000. "Dynamic Coalition Formation and the Core," Econometric Society World Congress 2000 Contributed Papers 1878, Econometric Society.
  7. Gerard van der Laan & Vitaly Pruzhansky, 2004. "Demand Adjustment in Coalitional Games," Tinbergen Institute Discussion Papers 04-121/1, Tinbergen Institute.
  8. Arnold, Tone & Schwalbe, Ulrich, 2002. "Dynamic coalition formation and the core," Journal of Economic Behavior & Organization, Elsevier, vol. 49(3), pages 363-380, November.

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