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Collusion, Exclusion, and Inclusion in Random-Order Bargaining

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  • Ilya Segal

    (Stanford University)

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    Abstract

    This paper examines three types of contracts in a cooperative game solved by a random-order value (such as Shapley value). An exclusive contract delays the contribution of the excluded player j until the arrival of the excluding player i. It is profitable when j is complementary to other players in the absence of i. An inclusive contract brings the included player j forward to player i's arrival. It is profitable when j is substitutable to other players in the presence of i. Finally, a collusive contract between i and j can be modeled as a proxy agreement under which i always brings j with him. The profit from collusion therefore equals to the sum of profits from exclusion and inclusion. It is positive when i reduces the complementarity between j and the other players.

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    Bibliographic Info

    Paper provided by Econometric Society in its series Econometric Society World Congress 2000 Contributed Papers with number 0738.

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    Date of creation: 01 Aug 2000
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    Handle: RePEc:ecm:wc2000:0738

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    1. Christopher M. Snyder, 1996. "A Dynamic Theory of Countervailing Power," RAND Journal of Economics, The RAND Corporation, vol. 27(4), pages 747-769, Winter.
    2. Stole, Lars A & Zwiebel, Jeffrey, 1996. "Organizational Design and Technology Choice under Intrafirm Bargaining," American Economic Review, American Economic Association, vol. 86(1), pages 195-222, March.
    3. Ray, D. & Vohra, R., 1993. "Equilibrium Binding Agreements," Papers 21, Boston University - Department of Economics.
    4. Hart, Oliver D. & Moore, John, 1990. "Property Rights and the Nature of the Firm," Scholarly Articles 3448675, Harvard University Department of Economics.
    5. Pradeep Dubey & Robert J. Weber, 1977. "Probabilistic Values for Games," Cowles Foundation Discussion Papers 471, Cowles Foundation for Research in Economics, Yale University.
    6. Hart, Sergiu & Mas-Colell, Andreu, 1996. "Bargaining and Value," Econometrica, Econometric Society, vol. 64(2), pages 357-80, March.
    7. Mathias Dewatripont & Philippe Aghion & Patrick Rey, 1994. "Renegotiation design with unverifiable information," ULB Institutional Repository 2013/9591, ULB -- Universite Libre de Bruxelles.
    8. Guesnerie Roger, 1976. "Monopoly, syndicate and shapley value : about some conjectures," CEPREMAP Working Papers (Couverture Orange) 7604, CEPREMAP.
    9. Gardner, Roy, 1977. "Shapley value and disadvantageous monopolies," Journal of Economic Theory, Elsevier, vol. 16(2), pages 513-517, December.
    10. Stole, Lars A & Zwiebel, Jeffrey, 1996. "Intra-firm Bargaining under Non-binding Contracts," Review of Economic Studies, Wiley Blackwell, vol. 63(3), pages 375-410, July.
    11. Aghion, Philippe & Bolton, Patrick, 1987. "Contracts as a Barrier to Entry," American Economic Review, American Economic Association, vol. 77(3), pages 388-401, June.
    12. Legros, Patrick, 1987. "Disadvantageous syndicates and stable cartels: The case of the nucleolus," Journal of Economic Theory, Elsevier, vol. 42(1), pages 30-49, June.
    13. Gul, Faruk, 1989. "Bargaining Foundations of Shapley Value," Econometrica, Econometric Society, vol. 57(1), pages 81-95, January.
    14. Aumann, Robert J., 1973. "Disadvantageous monopolies," Journal of Economic Theory, Elsevier, vol. 6(1), pages 1-11, February.
    15. Horn, Henrik & Wolinsky, Asher, 1988. "Worker Substitutability and Patterns of Unionisation," Economic Journal, Royal Economic Society, vol. 98(391), pages 484-97, June.
    16. Aghion, Philippe & Dewatripont, Mathias & Rey, Patrick, 1994. "Renegotiation Design with Unverifiable Information," Scholarly Articles 12375014, Harvard University Department of Economics.
    17. Haller, Hans, 1994. "Collusion Properties of Values," International Journal of Game Theory, Springer, vol. 23(3), pages 261-81.
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