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A Weak Bargaining Set for Contract Choice Problems

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  • Somdeb Lahiri

    (Institute for Financial Management and Research)

Abstract

In this paper, we consider the problem of choosing a set of multi-party contracts, where each coalition of agents has a non-empty finite set of feasible contracts to choose from. We call such problems, contract choice problems. The main result of this paper states that every contract choice problem has a non-empty weak bargaining set. The need for such a solution concept which is considerably weaker than the core arises, since it is well known that even for very simple contract choice problems, the core may be empty. We also show by means of an example that the bargaining set due to Mas-Colell (1989), as well as a weaker version of it, may be empty for contract choice problems, thereby implying that the weakening we suggest is in some ways “tight”

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Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2006.19.

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Date of creation: Jan 2006
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Handle: RePEc:fem:femwpa:2006.19

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Keywords: Weak bargaining set; Contract choice; NTU game; Matching;

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  1. Klijn, Flip & Masso, Jordi, 2003. "Weak stability and a bargaining set for the marriage model," Games and Economic Behavior, Elsevier, vol. 42(1), pages 91-100, January.
  2. Mas-Colell, Andreu, 1989. "An equivalence theorem for a bargaining set," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 129-139, April.
  3. Somdeb Lahiri, 2003. "Stable Outcomes For Contract Choice Problems," Game Theory and Information 0311001, EconWPA.
  4. Roth,Alvin E. & Sotomayor,Marilda A. Oliveira, 1992. "Two-Sided Matching," Cambridge Books, Cambridge University Press, number 9780521437882.
  5. Shapley, Lloyd & Scarf, Herbert, 1974. "On cores and indivisibility," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 23-37, March.
  6. Alkan, Ahmet, 1988. "Nonexistence of stable threesome matchings," Mathematical Social Sciences, Elsevier, vol. 16(2), pages 207-209, October.
  7. Zhou Lin, 1994. "A New Bargaining Set of an N-Person Game and Endogenous Coalition Formation," Games and Economic Behavior, Elsevier, vol. 6(3), pages 512-526, May.
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Cited by:
  1. Felix Brandt & Paul Harrenstein, 2010. "Characterization of dominance relations in finite coalitional games," Theory and Decision, Springer, vol. 69(2), pages 233-256, August.

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