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Bargaining with Many Players: A Limit Result

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  • Klaus Kultti

    ()
    (Department of Economics, University of Helsinki)

  • Hannu Vartiainen

    ()
    (Department of Economics, Turku School of Economics)

Abstract

We provide a simple characterization of the stationary subgame perfect equilibrium of an alternating offers bargaining game when the number of players increases without a limit. Core convergence literature is emulated by increasing the number of players by replication. The limit allocation is interpreted in terms of Walrasian market for being the first proposer.

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Bibliographic Info

Paper provided by Aboa Centre for Economics in its series Discussion Papers with number 32.

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Length: 15
Date of creation: Jun 2008
Date of revision:
Handle: RePEc:tkk:dpaper:dp32

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Keywords: non-cooperative bargaining; stationary equilibrium; replication; Walrasian market;

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  1. Fishburn, Peter C & Rubinstein, Ariel, 1982. "Time Preference," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 23(3), pages 677-94, October.
  2. Joseph M. Ostroy & Louis Makowski, 2001. "Perfect Competition and the Creativity of the Market," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 479-535, June.
  3. Kultti Klaus & Vartiainen Hannu, 2007. "Von Neumann-Morgenstern Stable Set Bridges Time-Preferences to the Nash Solution," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 7(1), pages 1-26, November.
  4. Krishna, Vijay & Serrano, Roberto, 1996. "Multilateral Bargaining," Review of Economic Studies, Wiley Blackwell, vol. 63(1), pages 61-80, January.
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Cited by:
  1. Hannu Vartiainen, 2008. "A conflict-free arbitration scheme in a large population," Discussion Papers 34, Aboa Centre for Economics.

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