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Stable Outcomes For Contract Choice Problems

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Somdeb Lahiri

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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, cntract choic problems. We provide conditions under which a contract choice problem has a non-empty set of "stable" outcomes. There are two types of stability concepts we study in this paper:cooperative stability and non- cooperative stability. The cooperative stability concept that we invoke here is the core. We also show, that a simple generalization of the Deferred Acceptance Procedure with men proposing due to Gale and Shapley(1962), yeilds outcomes for a generalized marriage problem, which necessarily belong to the core. The non-cooperative stability concept that we study here is individual stability. The final result of this paper states that every contract choice problem has a non-empty weak bargaining st.

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Paper provided by EconWPA in its series Game Theory and Information with number 0311001.

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Length: 17 pages
Date of creation: 03 Nov 2003
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Handle: RePEc:wpa:wuwpga:0311001

Note: Type of Document - pdf; prepared on Win98; to print on hp Laserjet 2300d; pages: 17; figures: 0. 17 pages,pdf
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Related research
Keywords: stable outcomes core individual stability weak bargaining set contract choice problem matching

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Find related papers by JEL classification:
C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games

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  1. Tayfun Sönmez & Suryapratim Banerjee & Hideo Konishi, 2001. "Core in a simple coalition formation game," Social Choice and Welfare, Springer, vol. 18(1), pages 135-153. [Downloadable!] (restricted)
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  2. Shapley, Lloyd & Scarf, Herbert, 1974. "On cores and indivisibility," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 23-37, March. [Downloadable!] (restricted)
  3. Mas-Colell, Andreu, 1989. "An equivalence theorem for a bargaining set," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 129-139, April. [Downloadable!] (restricted)
  4. Diamantoudi, Effrosyni & Miyagawa, Eiichi & Xue, Licun, 2004. "Random paths to stability in the roommate problem," Games and Economic Behavior, Elsevier, vol. 48(1), pages 18-28, July. [Downloadable!] (restricted)
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  5. Klijn, F. & Masso, J., 1999. "Weak stability and a bargaining set for the marriage model," Discussion Paper 114, Tilburg University, Center for Economic Research. [Downloadable!]
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  6. Chung, Kim-Sau, 2000. "On the Existence of Stable Roommate Matchings," Games and Economic Behavior, Elsevier, vol. 33(2), pages 206-230, November. [Downloadable!] (restricted)
  7. Sotomayor, Marilda, 1996. "A Non-constructive Elementary Proof of the Existence of Stable Marriages," Games and Economic Behavior, Elsevier, vol. 13(1), pages 135-137, March. [Downloadable!] (restricted)
  8. 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. [Downloadable!] (restricted)
  9. Matthew O. Jackson & Asher Wolinsky, 1995. "A Strategic Model of Social and Economic Networks," Discussion Papers 1098R, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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  10. Bogomolnaia, Anna & Jackson, Matthew O., 2002. "The Stability of Hedonic Coalition Structures," Games and Economic Behavior, Elsevier, vol. 38(2), pages 201-230, February. [Downloadable!] (restricted)
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  11. Roth, Alvin E. & Postlewaite, Andrew, 1977. "Weak versus strong domination in a market with indivisible goods," Journal of Mathematical Economics, Elsevier, vol. 4(2), pages 131-137, August. [Downloadable!] (restricted)
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