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Uniqueness of stationary equilibria in bargaining one-dimensional policies under (super) majority rules

  • Cardona, Daniel
  • Ponsati, Clara

We consider negotiations selecting one-dimensional policies. Individuals have instantaneous preferences represented by continuous, concave and single-peaked utility functions, and they are impatient. Decisions arise from a bargaining game with random proposers and (super) majority approval, ranging from the simple majority up to unanimity. We provide sufficient conditions that guarantee the existence of a unique stationary subgame perfect equilibrium, and we provide its explicit characterization. The uniqueness of the equilibrium permits an analysis of the set of Pareto optimal voting rules. For symmetric distributions of peaks and uniform recognition probabilities unanimity is the unanimously preferred majority rule.

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Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 73 (2011)
Issue (Month): 1 (September)
Pages: 65-75

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Handle: RePEc:eee:gamebe:v:73:y:2011:i:1:p:65-75
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622836

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  1. Predtetchinski, Arkadi, 2011. "One-dimensional bargaining," Games and Economic Behavior, Elsevier, vol. 72(2), pages 526-543, June.
  2. Greenberg, Joseph, 1979. "Consistent Majority Rules over Compact Sets of Alternatives," Econometrica, Econometric Society, vol. 47(3), pages 627-36, May.
  3. John Duggan & Seok-ju Cho, 2007. "Bargaining Foundations of the Median Voter Theorem," Wallis Working Papers WP49, University of Rochester - Wallis Institute of Political Economy.
  4. Seok-ju Cho & John Duggan, 2001. "Uniqueness of Stationary Equilibria in a one-Dimensional Model of Bargaining," Wallis Working Papers WP23, University of Rochester - Wallis Institute of Political Economy.
  5. Merlo, Antonio & Wilson, Charles A, 1995. "A Stochastic Model of Sequential Bargaining with Complete Information," Econometrica, Econometric Society, vol. 63(2), pages 371-99, March.
  6. Jackson, Matthew O. & Moselle, Boaz, 2002. "Coalition and Party Formation in a Legislative Voting Game," Journal of Economic Theory, Elsevier, vol. 103(1), pages 49-87, March.
  7. Bucovetsky, S., 1995. "The Optimal Majority with an Endogenous Status Quo," Papers 95-8, York (Canada) - Department of Economics.
  8. Eraslan, H. & Merlo, A., 2000. "Majority Rule in a Stochastic Model of Bargaining," Working Papers 00-05, C.V. Starr Center for Applied Economics, New York University.
  9. Caplin, Andrew S & Nalebuff, Barry J, 1988. "On 64%-Majority Rule," Econometrica, Econometric Society, vol. 56(4), pages 787-814, July.
  10. Banks, Jeffrey S. & Duggan, John, 2006. "A General Bargaining Model of Legislative Policy-making," Quarterly Journal of Political Science, now publishers, vol. 1(1), pages 49-85, January.
  11. Cardona, Daniel & Ponsati, Clara, 2007. "Bargaining one-dimensional social choices," Journal of Economic Theory, Elsevier, vol. 137(1), pages 627-651, November.
  12. Tasos Kalandrakis, 2004. "Proposal Rights and Political Power," Wallis Working Papers WP38, University of Rochester - Wallis Institute of Political Economy.
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