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Coalition Formation with Binding Agreements

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Author Info
KYLE HYNDMAN
DEBRAJ RAY

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Abstract

We study coalition formation in "real time", a situation in which coalition formation is intertwined with the ongoing receipt of pay-offs. Agreements are assumed to be permanently binding: They can only be altered with the full consent of existing signatories. For characteristic function games we prove that equilibrium processes-whether or not these are history dependent-must converge to efficient absorbing states. For three-player games with externalities each player has enough veto power that a general efficiency result can be established. However, there exist four-player games in which all Markov equilibria are inefficient from every initial condition, despite the ability to write permanently binding agreements. Copyright 2007 The Review of Economic Studies Limited.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-937X.2007.00450.x
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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 74 (2007)
Issue (Month): 4 (October)
Pages: 1125-1147
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Handle: RePEc:bla:restud:v:74:y:2007:i:4:p:1125-1147

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0034-6527

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  1. Daniel Seidmann, 2006. "Preferential Trading Arrangements as Strategic Positioning," Discussion Papers 2006-09, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham. [Downloadable!]
  2. Roy Chowdhury, Prabal & Sengupta, Kunal, 2009. "Transparency, complementarity and holdout," MPRA Paper 17606, University Library of Munich, Germany. [Downloadable!]
  3. Britz, Volker & Herings, P. Jean-Jacques & Predtetchinski, Arkadi, 2008. "Non-cooperative Support for the Asymmetric Nash Bargaining solution," Research Memoranda 018, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
  4. Prabal Roy Chowdhury & Kunal Sengupta, 2008. "Multi-person bargaining with complementarity: Is there holdout?," Indian Statistical Institute, Planning Unit, New Delhi Discussion Papers 08-10, Indian Statistical Institute, New Delhi, India. [Downloadable!]
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  5. László Á. Kóczy, 2009. "Stationary consistent equilibrium coalition structures constitute the recursive core," Working Paper Series 0905, Budapest Tech, Keleti Faculty of Economics. [Downloadable!]
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