Fallback bargaining is a bargaining procedure under which bargainers begin by indicating their preference rankings over all alternatives. They then fall back, in lockstep, to less and less preferred alternatives - starting with first choices, then adding second choices, and so on - until an alternative is found on which all bargainers agree. This common agreement, which becomes the outcome of the procedure, may be different if a decision rule other than unanimity is used.
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References listed on IDEAS
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- Leonid Hurwicz, 1996. "Institutions As Families Of Game Forms," The Japanese Economic Review, Japanese Economic Association, vol. 47(2), pages 113-132, June.