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A Note on Multi-Issue Bargaining with a Finite Set of Alternatives

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  • Younghwan In

    ()
    (National University of Singapore)

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    Abstract

    We study two bilateral multi-issue bargaining procedures with complete information and endogenous agenda, where each issue is associated with a finite set of alternatives. In both procedures, when bargaining frictions are small, we find a large multiplicity of equilibrium agreements, including ones with arbitrarily long delays. Thus, this paper extends the previous results of van Damme et al. (1990) and Muthoo (1991) for the single-issue case to multi-issue cases. Furthermore, we show that in the first procedure (issue-by-issue bargaining), the stationary subgame perfect equilibria alone may support a large multiplicity of inefficient agreements. Confronting a recent study, this implies that it is not necessary to appeal to “strictly controversial” issues in a bargaining problem in order to find multiplicity and delay in agreements.

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    File URL: http://www.fas.nus.edu.sg/ecs/pub/wp/wp0304.pdf
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    Bibliographic Info

    Paper provided by National University of Singapore, Department of Economics in its series Departmental Working Papers with number wp0304.

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    Length: 14 pages
    Date of creation: May 2003
    Date of revision:
    Handle: RePEc:nus:nusewp:wp0304

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    Related research

    Keywords: multi-issue bargaining; finiteness of alternatives; multiple equilibria; inefficiency and delay;

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    References

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    1. Ariel Rubinstein, 2010. "Perfect Equilibrium in a Bargaining Model," Levine's Working Paper Archive 661465000000000387, David K. Levine.
    2. Martin J. Osborne & Ariel Rubinstein, 2005. "Bargaining and Markets," Levine's Bibliography 666156000000000515, UCLA Department of Economics.
    3. Inderst, Roman, 1998. "Multi-Issue Bargaining with Endogenous Agenda," Sonderforschungsbereich 504 Publications 98-35, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
    4. Busch, L-A. & Wen, Q., 1991. "Perfect Equilibria in a Negotiation Model," University of Western Ontario, The Centre for the Study of International Economic Relations Working Papers 9108, University of Western Ontario, The Centre for the Study of International Economic Relations.
    5. Raquel Fernandez & Jacob Glazer, 1989. "Striking for a Bargain Between Two Completely Informed Agents," NBER Working Papers 3108, National Bureau of Economic Research, Inc.
    6. Younghwan In & Roberto Serrano, 2000. "Agenda Restrictions in Multi-Issue Bargaining," Working Papers 2000-08, Brown University, Department of Economics.
    7. Younghwan In & Roberto Serrano, 2002. "Agenda Restrictions in Multi-Issue Bargaining (II): Unrestricted Agendas," Departmental Working Papers wp0206, National University of Singapore, Department of Economics.
    8. Avery Christopher & Zemsky Peter B., 1994. "Money Burning and Multiple Equilibria in Bargaining," Games and Economic Behavior, Elsevier, vol. 7(2), pages 154-168, September.
    9. Muthoo, Abhinay, 1991. "A Note on Bargaining over a Finite Number of Feasible Agreements," Economic Theory, Springer, vol. 1(3), pages 290-92, July.
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