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Bargaining with commitments

  • Juan J. Vidal-Puga

    ()

We study a simple bargaining mechanism in which, given an order of players, the first n−1 players sequentially announce their reservation price. Once these prices are given, the last player may choose a coalition to cooperate with, and pay each member of this coalition his reservation price. The only expected final equilibrium payoff is a new solution concept, the “selective value”, which can be defined by means of marginal contributions vectors of a reduced game. The selective value coincides with the Shapley value for convex games. Moreover, for 3-player games the vectors of marginal contributions determine the core when it is nonempty. Copyright Springer-Verlag 2004

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File URL: http://hdl.handle.net/10.1007/s001820400190
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Article provided by Springer in its journal International Journal of Games Theory.

Volume (Year): 33 (2004)
Issue (Month): 1 (January)
Pages: 129-144

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Handle: RePEc:spr:jogath:v:33:y:2004:i:1:p:129-144
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  1. Hart, Sergiu & Mas-Colell, Andreu, 1996. "Bargaining and Value," Econometrica, Econometric Society, vol. 64(2), pages 357-80, March.
  2. Michael L. Katz., 1991. "Game-Playing Agents: Unobservable Contracts as Precommitments," Economics Working Papers 91-172, University of California at Berkeley.
  3. Helmut Bester & Jozsef Sakovics, 2004. "Delegated Bargaining and Renegotiation," ESE Discussion Papers 61, Edinburgh School of Economics, University of Edinburgh.
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  5. Chaim Fershtman & Ehud Kalai, 1993. "Unobserved Delegation," Discussion Papers 1043, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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  6. Harold Houba & Wilko Bolt, 1997. "Strategic bargaining in the variable threat game," Economic Theory, Springer, vol. 11(1), pages 57-77.
  7. Abhinay Muthoo, . "A Bargaining Model Based on the Commitment Tactic," Economics Discussion Papers 420, University of Essex, Department of Economics.
  8. Bennett, E. & Van Damme, E., 1990. "Demand Commitment Bargaining: -The Case Of Apex Games," Papers 9062, Tilburg - Center for Economic Research.
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  12. Selten,Reinhard, . "A demand commitment model of coalition bargaining," Discussion Paper Serie B 191, University of Bonn, Germany.
  13. Haller, Hans & Holden, Steinar, 1997. "Ratification Requirement and Bargaining Power," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(4), pages 825-51, November.
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  16. Vidal-Puga, Juan & Bergantinos, Gustavo, 2003. "An implementation of the Owen value," Games and Economic Behavior, Elsevier, vol. 44(2), pages 412-427, August.
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