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Multilateral non-cooperative bargaining in a general utility space

  • Klaus Kultti

    ()

  • Hannu Vartiainen

    ()

We consider an n-player bargaining problem where the utility possibility set is compact, convex, and stricly comprehensive. We show that a stationary subgame perfect Nash equilibrium exists, and that, if the Pareto surface is differentiable, all such equilibria converge to the Nash bargaining solution as the length of a time period between offers goes to zero. Without the differentiability assumption, convergence need not hold.

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File URL: http://hdl.handle.net/10.1007/s00182-009-0212-3
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Article provided by Springer in its journal International Journal of Game Theory.

Volume (Year): 39 (2010)
Issue (Month): 4 (October)
Pages: 677-689

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Handle: RePEc:spr:jogath:v:39:y:2010:i:4:p:677-689
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  1. Herings, P. Jean-Jacques & Predtetchinski, Arkadi, 2007. "One-dimensional Bargaining with Markov Recognition Probabilities," Research Memorandum 044, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  2. repec:cup:cbooks:9780521027038 is not listed on IDEAS
  3. Ariel Rubinstein, 2010. "Perfect Equilibrium in a Bargaining Model," Levine's Working Paper Archive 661465000000000387, David K. Levine.
  4. Krishna, Vijay & Serrano, Roberto, 1996. "Multilateral Bargaining," Review of Economic Studies, Wiley Blackwell, vol. 63(1), pages 61-80, January.
  5. Chae, Suchan & Yang, Jeong-Ae, 1988. "The unique perfect equilibrium of an n-person bargaining game," Economics Letters, Elsevier, vol. 28(3), pages 221-223.
  6. Kalyan Chatterjee & Hamid Sabourian, 2000. "Multiperson Bargaining and Strategic Complexity," Econometrica, Econometric Society, vol. 68(6), pages 1491-1510, November.
  7. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April.
  8. Suh, Sang-Chul & Wen, Quan, 2006. "Multi-agent bilateral bargaining and the Nash bargaining solution," Journal of Mathematical Economics, Elsevier, vol. 42(1), pages 61-73, February.
  9. Kultti, Klaus & Vartiainen, Hannu, 2007. "Von Neumann-Morgenstern stable sets, discounting, and Nash bargaining," Journal of Economic Theory, Elsevier, vol. 137(1), pages 721-728, November.
  10. Lensberg, T. & Thomson, W., 1988. "Characterizing The Nash Bargaining Solution Without Pareto-Optimality," RCER Working Papers 136, University of Rochester - Center for Economic Research (RCER).
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