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Two-person bargaining with verifiable information

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  • DE CLIPPEL, Geoffroy
  • MINELLI, Enrico

Abstract

We study Myerson's incomplete information bargaining solution under the assumption of verifiable types. For the case of an informed principal, in which one individual has all the bargaining power, we provide exact characterizations both from the non cooperative and from the cooperative perspective. We then show that the axiomatic characterization can be extended to the case in which both individuals have some bargaining power. Myerson's approach also suggests a new definition of the core that refines Wilson's coarse core. We argue that this refinement captures an important aspect of negotiation at the interim stage.

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Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers RP with number -1733.

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Handle: RePEc:cor:louvrp:-1733

Note: In : Journal of Mathematical Economics, 40, 799-813, 2004.
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  1. Roy Radner, 1997. "Rational Expectations Equilibrium: Generic Existence and the Information Revealed by Prices," Levine's Working Paper Archive 1594, David K. Levine.
  2. Roger B. Myerson, 1981. "Mechanism Design by an Informed Principal," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 481, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  3. Myerson, Roger B., 1989. "Credible negotiation statements and coherent plans," Journal of Economic Theory, Elsevier, Elsevier, vol. 48(1), pages 264-303, June.
  4. Wilson, Robert B, 1978. "Information, Efficiency, and the Core of an Economy," Econometrica, Econometric Society, Econometric Society, vol. 46(4), pages 807-16, July.
  5. Roger B. Myerson, 1982. "Two-Person Bargaining Problems with Incomplete Infonnation," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 527, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  6. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, Econometric Society, vol. 18(2), pages 155-162, April.
  7. Aumann, Robert J, 1985. "An Axiomatization of the Non-transferable Utility Value," Econometrica, Econometric Society, Econometric Society, vol. 53(3), pages 599-612, May.
  8. Nash, John, 1953. "Two-Person Cooperative Games," Econometrica, Econometric Society, Econometric Society, vol. 21(1), pages 128-140, April.
  9. John C. Harsanyi & Reinhard Selten, 1972. "A Generalized Nash Solution for Two-Person Bargaining Games with Incomplete Information," Management Science, INFORMS, INFORMS, vol. 18(5-Part-2), pages 80-106, January.
  10. Radner, Roy, 1979. "Rational Expectations Equilibrium: Generic Existence and the Information Revealed by Prices," Econometrica, Econometric Society, Econometric Society, vol. 47(3), pages 655-78, May.
  11. Grossman, Sanford J. & Perry, Motty, 1986. "Perfect sequential equilibrium," Journal of Economic Theory, Elsevier, Elsevier, vol. 39(1), pages 97-119, June.
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Cited by:
  1. Thomas Troeger & Tymofiy Mylovanov, 2010. "Optimal Auction Design and Irrelevance of Privacy of Information," 2010 Meeting Papers, Society for Economic Dynamics 1039, Society for Economic Dynamics.
  2. Geoffroy de Clippel & David Pérez-Castrillo & David Wettstein, 2010. "Egalitarian Equivalence under Asymmetric Information," Working Papers 431, Barcelona Graduate School of Economics.
  3. Francoise Forges & Roberto Serrano, 2011. "Cooperative Games with Incomplete Information: Some Open Problems," Working Papers 2011-15, Brown University, Department of Economics.
  4. de Clippel, Geoffroy, 2007. "The type-agent core for exchange economies with asymmetric information," Journal of Economic Theory, Elsevier, Elsevier, vol. 135(1), pages 144-158, July.
  5. Geoffroy de Clippel, 2010. "Copmment on Egalitarianism under Incomplete Information," Working Papers 2010-4, Brown University, Department of Economics.
  6. Thomas Tröger & Tymofiy Mylovanov, 2008. "Optimal Auction Design and Irrelevance of Private Information," Bonn Econ Discussion Papers, University of Bonn, Germany bgse21_2008, University of Bonn, Germany.
  7. Adam Kalai & Ehud Kalai, 2011. "Cooperation in Strategic Games Revisited," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 1512, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  8. OKADA, Akira, 2013. "A Non-cooperative Bargaining Theory with Incomplete Information: Verifiable Types," Discussion Papers 2013-15, Graduate School of Economics, Hitotsubashi University.
  9. Francoise Forges, 2006. "The Ex Ante Incentive Compatible Core in Exchange Economies with and without Indivisibilities," CESifo Working Paper Series 1686, CESifo Group Munich.
  10. Mylovanov, Timofiy & Tröger, Thomas, 2012. "Informed principal problems in generalized private values environments," Theoretical Economics, Econometric Society, Econometric Society, vol. 7(3), September.

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