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On the asymptotic uniqueness of bargaining equilibria

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Author Info
Predtetchinski Arkadi (METEOR)
Abstract

The paper studies the model of multilateral bargaining over the alternatives representedby points in the m–dimensional Euclidean space. Proposers are chosen randomly and the acceptance of a proposal requires the unanimous approval of it by all the players. The focus of the paper is on the asymptotic behavior of subgame perfect equilibria in pure stationary strategies (called bargaining equilibria) as the breakdown probability tends to zero. Bargaining equilibria are said to be asymptotically unique if the limit of a sequence of bargaining equilibria as the breakdown probability tends to zero is independent of the choice of the sequence and is uniquely determined by the primitives of the model. We show that the limit of any sequence of bargaining equilibria is a zero point of the so–called linearization correspondence. The asymptotic uniqueness of bargaining equilibria is then deduced in each of the following cases: (1) m = n−1, where n is the number of players, (2) m = 1, and (3) in the case where the utility functions are quadratic, for each 1 ≤ m ≤ n−1. In each case the linearization correspondence is shown to have a unique zero. Result 1 hasbeen established earlier in Miyakawa and Laruelle and Valenciano. Result 2 is subsumed by the result in Predtetchinski. Result 3 is new.

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Paper provided by Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization in its series Research Memoranda with number 021.

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Date of creation: 2009
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Handle: RePEc:dgr:umamet:2009021

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  9. James M. Poterba, 2000. "Stock Market Wealth and Consumption," Journal of Economic Perspectives, American Economic Association, vol. 14(2), pages 99-118, Spring. [Downloadable!] (restricted)
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  13. Anders Bergvall, 2004. "What Determines Real Exchange Rates? The Nordic Countries," Scandinavian Journal of Economics, Blackwell Publishing, vol. 106(2), pages 315-337, 06. [Downloadable!] (restricted)
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  15. Angela Black & Patricia Fraser & Martin Hoesli, 2006. "House Prices, Fundamentals and Bubbles," Journal of Business Finance & Accounting, Blackwell Publishing, vol. 33(9-10), pages 1535-1555. [Downloadable!] (restricted)
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  18. Koop, Gary & Pesaran, M. Hashem & Potter, Simon M., 1996. "Impulse response analysis in nonlinear multivariate models," Journal of Econometrics, Elsevier, vol. 74(1), pages 119-147, September. [Downloadable!] (restricted)
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  1. Holinski Nils & Kool Clemens & Muysken Joan, 2009. "Taking Home Bias Seriously: Absolute and Relative Measures Explaining Consumption Risk-Sharing," Research Memoranda 035, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
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