Advanced Search
MyIDEAS: Login to save this article or follow this journal

Reject and renegotiate: The Shapley value in multilateral bargaining

Contents:

Author Info

  • Ju, Yuan
Registered author(s):

Abstract

This paper investigates three distinctive and intuitive renegotiation bargaining protocols that all yield the Shapley value as the unique subgame perfect equilibrium outcome. These protocols, built on the multi-bidding procedure of Pérez-Castrillo and Wettstein (2001), allow more freedom in multilateral bargaining where rejected players can further negotiate and form coalitions. The self-duality of the Shapley value plays a key role in the second and third results. Moreover, these renegotiation protocols allow an actual play along the equilibrium path to restore the Shapley value in case of a ‘mistake’ made before.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.sciencedirect.com/science/article/pii/S030440681200064X
Download Restriction: Full text for ScienceDirect subscribers only

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Bibliographic Info

Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 48 (2012)
Issue (Month): 6 ()
Pages: 431-436

as in new window
Handle: RePEc:eee:mateco:v:48:y:2012:i:6:p:431-436

Contact details of provider:
Web page: http://www.elsevier.com/locate/jmateco

Related research

Keywords: Bargaining; Subgame perfect equilibrium; Shapley value; Renegotiation;

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Sun, N. & Trockel, W. & Yang, Z.F., 2004. "Competitive Outcomes and Endogenous Coalition Formation in an n-Person Game," Discussion Paper 2004-93, Tilburg University, Center for Economic Research.
  2. Jackson, Matthew O., 1999. "A Crash Course in Implementation Theory," Working Papers 1076, California Institute of Technology, Division of the Humanities and Social Sciences.
  3. Roberto Serrano, 2004. "Fifty Years of the Nash Program, 1953-2003," Working Papers 2004-20, Brown University, Department of Economics.
  4. Krishna, V. & Serrano, R., 1993. "Perfect Equilibria of a Model of N-Person Noncooperative Bargaining," Harvard Institute of Economic Research Working Papers 10, Harvard - Institute of Economic Research.
  5. Ju, Y. & Wettstein, D., 2006. "Implementing Cooperative Solution Concepts: A Generalized Bidding Approach," Discussion Paper 2006-42, Tilburg University, Center for Economic Research.
  6. Faruk Gul, 1999. "Efficiency and Immediate Agreement: A Reply to Hart and Levy," Econometrica, Econometric Society, vol. 67(4), pages 913-918, July.
  7. Gul, Faruk, 1989. "Bargaining Foundations of Shapley Value," Econometrica, Econometric Society, vol. 57(1), pages 81-95, January.
  8. Nash, John, 1953. "Two-Person Cooperative Games," Econometrica, Econometric Society, vol. 21(1), pages 128-140, April.
  9. Walter Trockel, 1999. "Integrating the Nash Program into Mechanism Theory," UCLA Economics Working Papers 787, UCLA Department of Economics.
  10. Hart, Sergiu & Mas-Colell, Andreu, 1996. "Bargaining and Value," Econometrica, Econometric Society, vol. 64(2), pages 357-80, March.
  11. David Pérez-Castrillo & David Wettstein, . "Bidding For The Surplus: A Non-Cooperative Approach To The Shapley Value," UFAE and IAE Working Papers 461.00, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
  12. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April.
  13. David P�rez-Castrillo & David Wettstein, 2002. "Choosing Wisely: A Multibidding Approach," American Economic Review, American Economic Association, vol. 92(5), pages 1577-1587, December.
Full references (including those not matched with items on IDEAS)

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:eee:mateco:v:48:y:2012:i:6:p:431-436. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.