The Stationary Equilibrium of Three-Person Cooperative Games: A Classification
AbstractWe present a classification of all stationary subgame perfect equilibria of the random proposer model for a three-person cooperative game according to the level of efficiency. The efficiency level is characterized by the number of "central" players who join all equilibrium coalitions. The existence of a central player guarantees asymptotic efficiency. The marginal contributions of players to the grand coalition play a critical role in their expected equilibrium payoffs.
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Bibliographic InfoPaper provided by Graduate School of Economics, Hitotsubashi University in its series Discussion Papers with number 2012-06.
Length: 23 p.
Date of creation: Oct 2012
Date of revision:
cooperative game; noncooperative bargaining; three-person game; random proposer; core; marginal contribution;
Find related papers by JEL classification:
- C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-11-11 (All new papers)
- NEP-GTH-2012-11-11 (Game Theory)
- NEP-HPE-2012-11-11 (History & Philosophy of Economics)
- NEP-MIC-2012-11-11 (Microeconomics)
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