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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. Ehud Kalai & Ehud Lehrer, 1990. "Rational Learning Leads to Nash Equilibrium," Discussion Papers 925, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  2. Hart, Oliver D. & Moore, John, 1990. "Property Rights and the Nature of the Firm," Scholarly Articles 3448675, Harvard University Department of Economics.
  3. 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.
  4. Drew Fudenberg & Jean Tirole, 1991. "Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061414, December.
  5. Ariel Rubinstein, 2010. "Perfect Equilibrium in a Bargaining Model," Levine's Working Paper Archive 661465000000000387, David K. Levine.
  6. 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.
  7. Perry, Motty & Reny, Philip J, 1994. "A Noncooperative View of Coalition Formation and the Core," Econometrica, Econometric Society, vol. 62(4), pages 795-817, July.
  8. Young H. P., 1993. "An Evolutionary Model of Bargaining," Journal of Economic Theory, Elsevier, vol. 59(1), pages 145-168, February.
  9. Nash, John, 1953. "Two-Person Cooperative Games," Econometrica, Econometric Society, vol. 21(1), pages 128-140, April.
  10. 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.
  11. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
  12. Moulin,Hervi, 1991. "Axioms of Cooperative Decision Making," Cambridge Books, Cambridge University Press, number 9780521424585, April.
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Cited by:
  1. Newton, Jonathan & Sawa, Ryoji, 2013. "A one-shot deviation principle for stability in matching problems," Working Papers 2013-09, University of Sydney, School of Economics, revised Jul 2014.
  2. 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.
  3. Newton, Jonathan, 2012. "Recontracting and stochastic stability in cooperative games," Journal of Economic Theory, Elsevier, vol. 147(1), pages 364-381.
  4. Tone Dieckmann & Ulrich Schwalbe, 2000. "Dynamic Coalition Formation and the Core," Econometric Society World Congress 2000 Contributed Papers 1878, Econometric Society.
  5. Kareen Rozen, 2008. "Conflict Leads to Cooperation in Nash Bargaining," Cowles Foundation Discussion Papers 1641, Cowles Foundation for Research in Economics, Yale University, revised Jun 2009.
  6. Arnold, Tone & Schwalbe, Ulrich, 2002. "Dynamic coalition formation and the core," Journal of Economic Behavior & Organization, Elsevier, vol. 49(3), pages 363-380, November.
  7. 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.
  8. Klaus, Bettina & Newton, Jonathan, 2014. "Stochastic Stability in Assignment Problems," Working Papers 2014-05, University of Sydney, School of Economics.
  9. Péter Szikora, 2013. "Introduction into the literature of cooperative game theory with special emphasis on dynamic games and the core," Proceedings- 11th International Conference on Mangement, Enterprise and Benchmarking (MEB 2013), Óbuda University, Keleti Faculty of Business and Management.
  10. Heinrich H. Nax & Bary S. R. Pradelski & H. Peyton Young, 2013. "The Evolution of Core Stability in Decentralized Matching Markets," Working Papers 2013.50, Fondazione Eni Enrico Mattei.
  11. H Peyton Young & Heinrich H. Nax & Bary S.R. Pradelski, 2012. "Decentralized dynamics and equitable core selection in assignment games," Economics Series Working Papers 607, University of Oxford, Department of Economics.
  12. Bary S.R. Pradelski, 2014. "Evolutionary Dynamics and Fast Convergence in the Assignment Game," Economics Series Working Papers 700, University of Oxford, Department of Economics.
  13. Rozen, Kareen, 2013. "Conflict leads to cooperation in demand bargaining," Journal of Economic Behavior & Organization, Elsevier, vol. 87(C), pages 35-42.
  14. Agastya, Murali, 1999. "Perturbed Adaptive Dynamics in Coalition Form Games," Journal of Economic Theory, Elsevier, vol. 89(2), pages 207-233, December.
  15. Gerard van der Laan & Vitaly Pruzhansky, 2004. "Demand Adjustment in Coalitional Games," Tinbergen Institute Discussion Papers 04-121/1, Tinbergen Institute.
  16. 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.

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