On the non-cooperative foundations of cooperative bargaining
In this note we challenge the non-cooperative foundations of cooperative bargaining solutions on the grounds that the limit operation for approaching frictionless world is not robust. We show that when discounting almost ceases to play a role, any individually rational payoff can be supported by some subgame perfect equilibrium. To select the "correct" point imposes excessive informational requirements on the analyst.
|Date of creation:||Nov 1992|
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