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Abstract

We study a simple bargaining mechanism in which, given an order of players, the first n−1 players sequentially announce their reservation price. Once these prices are given, the last player may choose a coalition to cooperate with, and pay each member of this coalition his reservation price. The only expected final equilibrium payoff is a new solution concept, the “selective value”, which can be defined by means of marginal contributions vectors of a reduced game. The selective value coincides with the Shapley value for convex games. Moreover, for 3-player games the vectors of marginal contributions determine the core when it is nonempty. Copyright Springer-Verlag 2004

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File URL: http://hdl.handle.net/10.1007/s001820400190
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Bibliographic Info

Article provided by Springer in its journal International Journal of Games Theory.

Volume (Year): 33 (2004)
Issue (Month): 1 (January)
Pages: 129-144

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Handle: RePEc:spr:jogath:v:33:y:2004:i:1:p:129-144

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Related research

Keywords: bargaining; demand commitment game; selective value;

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Find related papers by JEL classification:

• C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
• C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
• C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory

References

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1. Chaim Fershtman & Ehud Kalai, 1993. "Unobserved Delegation," Discussion Papers 1043, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
   
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10. Moldovanu, Benny & Winter, Eyal, 1994. "Core implementation and increasing returns to scale for cooperation," Journal of Mathematical Economics, Elsevier, vol. 23(6), pages 533-548, November.
    
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11. Sergiu Hart & Andreu Mas-Colell, 1994. "Bargaining and value," Economics Working Papers 114, Department of Economics and Business, Universitat Pompeu Fabra, revised Feb 1995.
    
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Citations

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Cited by:

1. Chen, Ying & Eraslan, Hulya, 0. "Rhetoric in legislative bargaining with asymmetric information," Theoretical Economics, Econometric Society.
2. Montero, Maria & Vidal-Puga, Juan J., 2011. "Demand bargaining and proportional payoffs in majority games," Games and Economic Behavior, Elsevier, vol. 71(2), pages 395-408, March.
3. Roberto Serrano, 2004. "Fifty Years of the Nash Program, 1953-2003," Working Papers 2004-20, Brown University, Department of Economics.
   
   • Roberto Serrano, 2005. "Fifty years of the Nash program, 1953-2003," Investigaciones Economicas, Fundación SEPI, vol. 29(2), pages 219-258, May.
4. Ying Chen, 2010. "Rhetoric in Legislative Bargaining with Asymmetric Information," 2010 Meeting Papers 1159, Society for Economic Dynamics.
5. Yves Breitmoser, 2009. "Demand commitments in majority bargaining or how formateurs get their way," International Journal of Game Theory, Springer, vol. 38(2), pages 183-191, June.
6. Inés Macho & David Pérez-Castrillo & David Wettstein, 2005. "Efficient Bidding with Externalitites," Working Papers 159, Barcelona Graduate School of Economics.
   
   • Macho-Stadler, Ines & Perez-Castrillo, David & Wettstein, David, 2006. "Efficient bidding with externalities," Games and Economic Behavior, Elsevier, vol. 57(2), pages 304-320, November.
   • Inés Macho-Stadler & David Pérez-Castrillo & David Wettstein, 2005. "Efficient Bidding with Externalities," UFAE and IAE Working Papers 641.05, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
7. Yuan Ju & David Wettstein, 2006. "Implementing Cooperative Solution Concepts: a Generalized Bidding Approach," Keele Economics Research Papers KERP 2006/06, Centre for Economic Research, Keele University.
   
   • Yuan Ju & David Wettstein, 2009. "Implementing cooperative solution concepts: a generalized bidding approach," Economic Theory, Springer, vol. 39(2), pages 307-330, May.
   • Ju, Y. & Wettstein, D., 2006. "Implementing Cooperative Solution Concepts: A Generalized Bidding Approach," Discussion Paper 2006-42, Tilburg University, Center for Economic Research.
8. Maria Montero & Juan Vidal-Puga, 2012. "A Violation of Monotonicity in a Noncooperative Setting," Discussion Papers 2012-04, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
9. Maria Montero & Juan Vidal-Puga, 2005. "Demand commitment in legislative bargaining," Game Theory and Information 0511005, EconWPA.
10. Breitmoser, Yves, 2011. "Binomial menu auctions in government formation," MPRA Paper 28576, University Library of Munich, Germany.
11. Breitmoser, Yves & Tan, Jonathan H.W., 2011. "Ultimata bargaining: generosity without social motives," MPRA Paper 33613, University Library of Munich, Germany.

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