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Stochastic Orders of Proposing Players in Bargaining

Listed author(s):
  • Harold Houba

    ()

    (Faculty of Economics and Business Administration, Vrije Universiteit Amsterdam)

The bargaining model with stochastic order of proposing players is properly embedded in continuous time and it is strategically equivalent to the alternating offers model. For all parameter values, the pair of equilibrium proposals corresponds to the Nash bargaining solution of a modified bargaining problem and the Maximum Theorem implies convergence to the Nash bargaining solution when time between proposals vanishes. The model unifies alternating offers, one-sided offers and random proposers. Only continuous-time Markov processes are firmly rooted in probability theory and offer fundamentally different limit results.

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Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 05-063/1.

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Date of creation: 15 Jun 2005
Handle: RePEc:tin:wpaper:20050063
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  1. Rubinstein, Ariel, 1982. "Perfect Equilibrium in a Bargaining Model," Econometrica, Econometric Society, vol. 50(1), pages 97-109, January.
  2. Houba, Harold, 1993. "An alternative proof of uniqueness in non-cooperative bargaining," Economics Letters, Elsevier, vol. 41(3), pages 253-256.
  3. Nash, John, 1953. "Two-Person Cooperative Games," Econometrica, Econometric Society, vol. 21(1), pages 128-140, April.
  4. Ken Binmore & Ariel Rubinstein & Asher Wolinsky, 1986. "The Nash Bargaining Solution in Economic Modelling," RAND Journal of Economics, The RAND Corporation, vol. 17(2), pages 176-188, Summer.
  5. Muthoo,Abhinay, 1999. "Bargaining Theory with Applications," Cambridge Books, Cambridge University Press, number 9780521576475, December.
  6. Merlo, Antonio & Wilson, Charles A, 1995. "A Stochastic Model of Sequential Bargaining with Complete Information," Econometrica, Econometric Society, vol. 63(2), pages 371-399, March.
  7. Hoel, Michael, 1987. "Bargaining games with a random sequence of who makes the offers," Economics Letters, Elsevier, vol. 24(1), pages 5-9.
  8. Taiji Furusawa & Quan Wen, 2003. "Bargaining with stochastic disagreement payoffs," International Journal of Game Theory, Springer;Game Theory Society, vol. 31(4), pages 571-591, September.
  9. Shaked, Avner & Sutton, John, 1984. "Involuntary Unemployment as a Perfect Equilibrium in a Bargaining Model," Econometrica, Econometric Society, vol. 52(6), pages 1351-1364, November.
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