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Strategic bargaining in the variable threat game

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  • Harold Houba

    (Department of Econometrics, Vrije Universiteit, De Boelelaan 1105, NL-1081 HV Amsterdam, THE NETHERLANDS)

  • Wilko Bolt

    (Econometrics and Special Studies Department, De Nederlandsche Bank, P.O. Box 98, NL-1000 AB Amsterdam, THE NETHERLANDS)

Abstract

In this paper the alternating offer model with an exogenous risk of breakdown is taken to explicitly model the bargaining process underlying the variable threat game (Nash, Econometrica, 1953). A modified version of the variable threat game without commitment is also analysed within a dynamic context. The limit set of subgame perfect equilibria is characterized in both dynamic versions. The analysis gives rise to different results than in the two standard models. By making additional assumptions the original results can be regained, indicating that these are implicitly present in the standard analysis.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 11 (1997)
Issue (Month): 1 ()
Pages: 57-77

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Handle: RePEc:spr:joecth:v:11:y:1997:i:1:p:57-77

Note: Received: August 29, 1995; revised version: November 11, 1996
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Cited by:
  1. Harold Houba, 2008. "Computing Alternating Offers And Water Prices In Bilateral River Basin Management," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 10(03), pages 257-278.
  2. Bester, Helmut & Sakovics, Jozsef, 2001. "Delegated bargaining and renegotiation," Journal of Economic Behavior & Organization, Elsevier, vol. 45(4), pages 459-473, August.
  3. Segendorff, Björn, 2001. "Patience and Ultimatum in Bargaining," Working Paper Series in Economics and Finance 461, Stockholm School of Economics.
  4. Juan Vidal-Puga, 2003. "Bargaining with commitments," Game Theory and Information 0306002, EconWPA.

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