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Coalitional Games with Veto Players: Myopic and Rational Behavior

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Author Info

  • J Arin

    ()
    (Dpto. Ftos. A. Económico I, University of the Basque Country)

  • V Feltkamp

    ()
    (Maastricht School of Management)

  • M Montero

    ()
    (School of Economics, University of Nottingham)

Abstract

This paper studies a noncooperative allocation procedure for coali- tional games with veto players. The procedure is similar to the one presented by Dagan et al. (1997) for bankruptcy problems. According to it, a player, the proposer, makes a proposal that the remaining play-ers must accept or reject. We present a model where the proposer can make sequential proposals over n periods. If responders are myopic maximizers (i.e. consider each period in isolation), the only subgame perfect equilibrium outcome is the serial rule of Arin and Feltkamp (2012) regardless of the order of moves. If all players are rational, the serial rule still arises as the unique subgame perfect equilibrium outcome if the order of moves is such that stronger players must respond to the proposal after weaker ones.

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Bibliographic Info

Paper provided by The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham in its series Discussion Papers with number 2012-11.

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Date of creation: Nov 2012
Date of revision:
Handle: RePEc:not:notcdx:2012-11

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Web page: http://www.nottingham.ac.uk/economics/cedex/
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Related research

Keywords: veto players; noncooperative bargaining; myopic behavior; serial rule;

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References

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  1. Vincent Feltkamp & Javier Arin, 1997. "The Nucleolus and Kernel of Veto-Rich Transferable Utility Games," International Journal of Game Theory, Springer, vol. 26(1), pages 61-73.
  2. Dagan, Nir & Serrano, Roberto & Volij, Oscar, 1997. "A Noncooperative View of Consistent Bankruptcy Rules," Games and Economic Behavior, Elsevier, vol. 18(1), pages 55-72, January.
  3. Moulin, Herve & Shenker, Scott, 1992. "Serial Cost Sharing," Econometrica, Econometric Society, vol. 60(5), pages 1009-37, September.
  4. Arin, J. & Feltkamp, V., 2007. "Coalitional games with veto players: Consistency, monotonicity and Nash outcomes," Journal of Mathematical Economics, Elsevier, vol. 43(7-8), pages 855-870, September.
  5. Arin, J. & Feltkamp, V., 2012. "Coalitional games: Monotonicity and core," European Journal of Operational Research, Elsevier, vol. 216(1), pages 208-213.
  6. Peleg, B, 1986. "On the Reduced Game Property and Its Converse," International Journal of Game Theory, Springer, vol. 15(3), pages 187-200.
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