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Bargaining with Non-convexities

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Author Info
Herings P. Jean-Jacques
Predtetchinski Arkadi (METEOR)

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Abstract

We show that in the canonical non-cooperative multilateral bargaining game, a subgameperfect equilibrium exists in pure stationary strategies, even when the space of feasible payoffs is not convex. At such an equilibrium there is no delay. We also have the converse result that randomization will not be used in this environment in the sense that all stationary subgame perfect equilibria do not involve randomization on the equilibrium path. Nevertheless, mixed strategy profiles can lead to Pareto superior payoffs in non-convex cases.

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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 042.

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Date of creation: 2009
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Handle: RePEc:dgr:umamet:2009042

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Keywords: operations research and management science;

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