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Characterization of the von Neumann–Morgenstern stable set in a non-cooperative model of dynamic policy-making with a persistent agenda setter

  • Diermeier, Daniel
  • Fong, Pohan
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    We generalize the dynamic bargaining game of Diermeier and Fong (2011) to arbitrary quota rules to provide a non-cooperative characterization of the von Neumann–Morgenstern stable set. Assuming that players are sufficiently patient and have strict preferences, a pure-strategy stationary equilibrium exists and in any such equilibrium, a policy is a steady state if and only if it is in the stable set. The result provides a non-cooperative foundation of stable sets in settings with dynamic policy-making and a persistent agenda setter.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0899825612000607
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    Article provided by Elsevier in its journal Games and Economic Behavior.

    Volume (Year): 76 (2012)
    Issue (Month): 1 ()
    Pages: 349-353

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    Handle: RePEc:eee:gamebe:v:76:y:2012:i:1:p:349-353
    Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622836

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    1. Roger B. Myerson & Daniel Diermeier, 1999. "Bicameralism and Its Consequences for the Internal Organization of Legislatures," American Economic Review, American Economic Association, vol. 89(5), pages 1182-1196, December.
    2. Daniel Diermeier & Pohan Fong, 2011. "Legislative Bargaining with Reconsideration," The Quarterly Journal of Economics, Oxford University Press, vol. 126(2), pages 947-985.
    3. Francisco Ruge-Murcia & Alessandro Riboni, 2008. "Monetary Policy by Committee: Consensus, Chairman Dominance or Simple Majority?," 2008 Meeting Papers 142, Society for Economic Dynamics.
    4. Kalandrakis, Anastassios, 2004. "A three-player dynamic majoritarian bargaining game," Journal of Economic Theory, Elsevier, vol. 116(2), pages 294-322, June.
    5. Vincent Anesi, 2007. "Noncooperative Foundations of Stable Sets in Voting Games," Discussion Papers 2007-09, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
    6. Thomas Romer & Howard Rosenthal, 1978. "Political resource allocation, controlled agendas, and the status quo," Public Choice, Springer, vol. 33(4), pages 27-43, December.
    7. Duggan, John & Kalandrakis, Tasos, 2012. "Dynamic legislative policy making," Journal of Economic Theory, Elsevier, vol. 147(5), pages 1653-1688.
    8. Brian Knight, 2005. "Estimating the Value of Proposal Power," American Economic Review, American Economic Association, vol. 95(5), pages 1639-1652, December.
    9. James A. Robinson & Ragnar Torvik, 2008. "Endogenous Presidentialism," NBER Working Papers 14603, National Bureau of Economic Research, Inc.
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