Efficient delays in a stochastic model of bargaining
AbstractWe consider a k-player sequential bargaining model in which both the cake size and the identity of the proposer are determined by a stochastic process. For the case where the cake is a simplex (of random size) and the players share a common discount factor, we establish the existence of a unique stationary subgame perfect payoff which is efficient and characterize the conditions under which agreement is delayed. We also investigate how the equilibrium payoffs depend on the order in which the players move and on the correlation between the identity of the proposer and the cake size.
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Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 11 (1997)
Issue (Month): 1 ()
Note: Received: November 5, 1996; revised version: December 31, 1996
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Web page: http://link.springer.de/link/service/journals/00199/index.htm
Find related papers by JEL classification:
- C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
- C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
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