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A Protocol for Repeated Bargaining

Author

Listed:
  • Akihisa Kato

    (Bank of Japan)

  • Jose-Victor Rios-Rull

    (University of Pennsylvania, CAERP, UCL, CEPR and NBER)

Abstract

We propose a protocol for repeated bargaining where occasional periods of good outside opportunities yield improved outcomes but also higher breakout probabilities, yet there is a lot of risk sharing. Crucially, we only consider Markov perfect equilibria that have neither non payoff-relevant state variables that are costly to compute nor a contrived process of equilibrium selection.Length: 9 pages

Suggested Citation

  • Akihisa Kato & Jose-Victor Rios-Rull, 2023. "A Protocol for Repeated Bargaining," PIER Working Paper Archive 23-013, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    • Handle: RePEc:pen:papers:23-013
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