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Bargaining with many players: A limit result

Author

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  • Kultti, Klaus
  • Vartiainen, Hannu

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.

Suggested Citation

  • Kultti, Klaus & Vartiainen, Hannu, 2008. "Bargaining with many players: A limit result," Economics Letters, Elsevier, vol. 101(3), pages 249-252, December.
  • Handle: RePEc:eee:ecolet:v:101:y:2008:i:3:p:249-252
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    References listed on IDEAS

    as
    1. 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.
    2. 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 677-694, October.
    3. 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.
    4. Vijay Krishna & Roberto Serrano, 1996. "Multilateral Bargaining," Review of Economic Studies, Oxford University Press, vol. 63(1), pages 61-80.
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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.

    More about this item

    Keywords

    Non-cooperative bargaining Stationary equilibrium Replication Walrasian market;

    JEL classification:

    • 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

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