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Multi-Agent Bilateral Bargaining with Endogenous Protocol

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  • Quan Wen
  • Sang-Chul Suh
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Abstract

Consider a multilateral bargaining problem where negotiation is conducted by a sequence of bilateral bargaining sessions. We are interested in an environment where bargaining protocols are determined endogenously. During each bilateral bargaining session of Rubinstein (1982), two players negotiate to determine who leaves the bargaining and with how much. A player may either make an offer to his opponent who would then leave the game or demand to leave the game himself. Players' final distribution of the pie and a bargaining protocol constitute an equilibrium outcome. When discounting is not too high, we find multiple subgame perfect equilibrium outcomes, including inefficient ones. As the number of players increases, both the set of discount factors that support multiple equilibrium outcomes and the set of the first proposing player's equilibrium shares are enlarged. The inefficiency in equilibrium remains even as the discount factor goes to one.

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Paper provided by Econometric Society in its series Econometric Society 2004 North American Winter Meetings with number 394.

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Date of creation: 11 Aug 2004
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Handle: RePEc:ecm:nawm04:394

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Keywords: Multilateral bargaining;

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  1. Asheim, G.B., 1989. "A Unique Solution To N-Person Sequential Bargaining," Papers 11-89, Norwegian School of Economics and Business Administration-.
  2. Martin J. Osborne & Ariel Rubinstein, 2005. "Bargaining and Markets," Levine's Bibliography 666156000000000515, UCLA Department of Economics.
  3. Krishna, Vijay & Serrano, Roberto, 1996. "Multilateral Bargaining," Review of Economic Studies, Wiley Blackwell, vol. 63(1), pages 61-80, January.
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Cited by:
  1. Edwin L.-C. Lai, 2008. "The most-favored nation rule in club enlargement negotiation," Working Papers 0815, Federal Reserve Bank of Dallas.

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