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Multilateral Bargaining with Discrete Surplus

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  • Maurya, Amit Kumar

Abstract

Krishna and Serrano (1996) show a unique and efficient outcome in a model of multilateral bargaining. We show that the predictability of the model critically depends on the nature of the surplus i.e. whether it is continuous or discrete. We show that the model suffers from multiple equilibria and severe inefficiency when the surplus is discrete, not continuous as assumed in Krishna and Serrano (1996), and players are patient enough.

Suggested Citation

  • Maurya, Amit Kumar, 2015. "Multilateral Bargaining with Discrete Surplus," MPRA Paper 67558, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:67558
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    References listed on IDEAS

    as
    1. Rubinstein, Ariel, 1982. "Perfect Equilibrium in a Bargaining Model," Econometrica, Econometric Society, vol. 50(1), pages 97-109, January.
    2. Cai, Hongbin, 2000. "Delay in Multilateral Bargaining under Complete Information," Journal of Economic Theory, Elsevier, vol. 93(2), pages 260-276, August.
    3. Roy Chowdhury, Prabal & Sengupta, Kunal, 2012. "Transparency, complementarity and holdout," Games and Economic Behavior, Elsevier, vol. 75(2), pages 598-612.
    4. John Sutton, 1986. "Non-Cooperative Bargaining Theory: An Introduction," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 53(5), pages 709-724.
    5. Van Damme, Eric & Selten, Reinhard & Winter, Eyal, 1990. "Alternating bid bargaining with a smallest money unit," Games and Economic Behavior, Elsevier, vol. 2(2), pages 188-201, June.
    6. Muthoo, Abhinay, 1991. "A Note on Bargaining over a Finite Number of Feasible Agreements," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 1(3), pages 290-292, July.
    7. Hongbin Cai, 2003. "Inefficient Markov perfect equilibria in multilateral bargaining," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 22(3), pages 583-606, October.
    8. Vijay Krishna & Roberto Serrano, 1996. "Multilateral Bargaining," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 63(1), pages 61-80.
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    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory

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