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Regularity of pure strategy equilibrium points in a class of bargaining games

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Author Info
Tasos Kalandrakis ()

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Abstract

We develop an index theory for the Stationary Subgame Perfect (SSP) equilibrium set in a class of n-player $(n\ge 2)$ sequential bargaining games with probabilistic recognition rules. For games with oligarchic voting rules (a class that includes unanimity rule), we establish conditions on individual utilities that ensure that for almost all discount factors, the number of SSP equilibria is odd and the equilibrium correspondence lower-hemicontinuous. For games with general, monotonic voting rules, we show generic (in discount factors) determinacy of SSP equilibria under the restriction that the agreement space is of dimension one. For non-oligarchic voting rules and agreement spaces of higher finite dimension, we establish generic determinacy for the subset of SSP equilibria in pure strategies. The analysis also extends to the case of fixed delay costs. Lastly, we provide a sufficient condition for uniqueness of SSP equilibrium in oligarchic games. Copyright Springer-Verlag Berlin/Heidelberg 2006

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File URL: http://hdl.handle.net/10.1007/s00199-005-0620-y
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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 28 (2006)
Issue (Month): 2 (06)
Pages: 309-329
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Handle: RePEc:spr:joecth:v:28:y:2006:i:2:p:309-329

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Related research
Keywords: Local uniqueness of equilibrium; Regularity; Sequential bargaining.;

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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.:
  1. Rubinstein, Ariel, 1982. "Perfect Equilibrium in a Bargaining Model," Econometrica, Econometric Society, vol. 50(1), pages 97-109, January. [Downloadable!] (restricted)
  2. Rader, J Trout, 1973. "Nice Demand Functions," Econometrica, Econometric Society, vol. 41(5), pages 913-35, September. [Downloadable!] (restricted)
  3. Eraslan, Hulya & Merlo, Antonio, 2002. "Majority Rule in a Stochastic Model of Bargaining," Journal of Economic Theory, Elsevier, vol. 103(1), pages 31-48, March. [Downloadable!] (restricted)
    Other versions:
  4. Kleinberg, Norman L., 1980. "Continuous economies with a finite set of equilibria," Journal of Mathematical Economics, Elsevier, vol. 7(1), pages 35-49, March. [Downloadable!] (restricted)
  5. Merlo, Antonio & Wilson, Charles A, 1995. "A Stochastic Model of Sequential Bargaining with Complete Information," Econometrica, Econometric Society, vol. 63(2), pages 371-99, March. [Downloadable!] (restricted)
  6. Banks, Jeffrey S. & Duggan, John, 1999. "A Bargaining Model of Collective Choice," Working Papers 1053, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
  7. Shannon, Chris, 1994. "Regular nonsmooth equations," Journal of Mathematical Economics, Elsevier, vol. 23(2), pages 147-165, March. [Downloadable!] (restricted)
  8. Tasos Kalandrakis, 2004. "Genericity of Minority Governments : The Role of Policy and Office," Wallis Working Papers WP39, University of Rochester - Wallis Institute of Political Economy. [Downloadable!]
  9. Eraslan, Hulya, 2002. "Uniqueness of Stationary Equilibrium Payoffs in the Baron-Ferejohn Model," Journal of Economic Theory, Elsevier, vol. 103(1), pages 11-30, March. [Downloadable!] (restricted)
  10. Rui Pascoa, Mario & Ribeiro da Costa Werlang, Sergio, 1999. "Determinacy of equilibria in nonsmooth economies," Journal of Mathematical Economics, Elsevier, vol. 32(3), pages 289-302, November. [Downloadable!] (restricted)
  11. Liang, Zihao, 1993. "Continuity of equilibria in exchange economies," Journal of Mathematical Economics, Elsevier, vol. 22(1), pages 27-34. [Downloadable!] (restricted)
  12. Jackson, Matthew O. & Moselle, Boaz, 2002. "Coalition and Party Formation in a Legislative Voting Game," Journal of Economic Theory, Elsevier, vol. 103(1), pages 49-87, March. [Downloadable!] (restricted)
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  13. Hans Haller & Roger Lagunoff, 2000. "Genericity and Markovian Behavior in Stochastic Games," Econometrica, Econometric Society, vol. 68(5), pages 1231-1248, September.
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  14. Dierker, Egbert, 1972. "Two Remarks on the Number of Equilibria of an Economy," Econometrica, Econometric Society, vol. 40(5), pages 951-53, September. [Downloadable!] (restricted)
  15. Baron David & Kalai Ehud, 1993. "The Simplest Equilibrium of a Majority-Rule Division Game," Journal of Economic Theory, Elsevier, vol. 61(2), pages 290-301, December. [Downloadable!] (restricted)
  16. Kreps, David M & Wilson, Robert, 1982. "Sequential Equilibria," Econometrica, Econometric Society, vol. 50(4), pages 863-94, July. [Downloadable!] (restricted)
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Cited by:
(explanations, 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.)

  1. Herings, P. Jean-Jacques & Predtetchinski, Arkadi, 2007. "One-dimensional Bargaining with Markov Recognition Probabilities," Research Memoranda 044, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
  2. Predtetchinski Arkadi, 2009. "On the asymptotic uniqueness of bargaining equilibria," Research Memoranda 023, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
  3. John Duggan & Tasos Kalandrakis, 2007. "Dynamic Legislative Policy Making," Wallis Working Papers WP45, University of Rochester - Wallis Institute of Political Economy. [Downloadable!]
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