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Characterization of the von Neumann–Morgenstern stable set in a non-cooperative model of dynamic policy-making with a persistent agenda setter

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  • Diermeier, Daniel
  • Fong, Pohan
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    Abstract

    We generalize the dynamic bargaining game of Diermeier and Fong (2011) to arbitrary quota rules to provide a non-cooperative characterization of the von Neumann–Morgenstern stable set. Assuming that players are sufficiently patient and have strict preferences, a pure-strategy stationary equilibrium exists and in any such equilibrium, a policy is a steady state if and only if it is in the stable set. The result provides a non-cooperative foundation of stable sets in settings with dynamic policy-making and a persistent agenda setter.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0899825612000607
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    Bibliographic Info

    Article provided by Elsevier in its journal Games and Economic Behavior.

    Volume (Year): 76 (2012)
    Issue (Month): 1 ()
    Pages: 349-353

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    Handle: RePEc:eee:gamebe:v:76:y:2012:i:1:p:349-353

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    Web page: http://www.elsevier.com/locate/inca/622836

    Related research

    Keywords: von Neumann–Morgenstern stable set; Legislative bargaining; Status quo; Markov perfect equilibrium;

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    References

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    1. Roger B. Myerson & Daniel Diermeier, 1999. "Bicameralism and Its Consequences for the Internal Organization of Legislatures," American Economic Review, American Economic Association, vol. 89(5), pages 1182-1196, December.
    2. John Duggan & Tasos Kalandrakis, 2007. "Dynamic Legislative Policy Making," Wallis Working Papers WP45, University of Rochester - Wallis Institute of Political Economy.
    3. James A. Robinson & Ragnar Torvik, 2008. "Endogenous Presidentialism," NBER Working Papers 14603, National Bureau of Economic Research, Inc.
    4. Anesi, Vincent, 2010. "Noncooperative foundations of stable sets in voting games," Games and Economic Behavior, Elsevier, vol. 70(2), pages 488-493, November.
    5. Brian Knight, 2005. "Estimating the Value of Proposal Power," American Economic Review, American Economic Association, vol. 95(5), pages 1639-1652, December.
    6. RIBONI, Alessandro & RUGE-MURCIA, Francisco J., 2008. "Monetary Policy by Committee:Consensus, Chairman Dominance or Simple Majority?," Cahiers de recherche 2008-02, Universite de Montreal, Departement de sciences economiques.
    7. Kalandrakis, Anastassios, 2004. "A three-player dynamic majoritarian bargaining game," Journal of Economic Theory, Elsevier, vol. 116(2), pages 294-322, June.
    8. Thomas Romer & Howard Rosenthal, 1978. "Political resource allocation, controlled agendas, and the status quo," Public Choice, Springer, vol. 33(4), pages 27-43, December.
    9. Daniel Diermeier & Pohan Fong, 2011. "Legislative Bargaining with Reconsideration," The Quarterly Journal of Economics, Oxford University Press, vol. 126(2), pages 947-985.
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    Cited by:
    1. Vincent Anesi & Daniel J Seidmann, 2012. "Bargaining over an Endogenous Agenda," Discussion Papers 2012-03, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.

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