Sequential Share Bargaining
This paper presents a new extension of the Rubinstein-St°ahl bargaining model to the case with n players, called sequential share bargaining. The bargaining protocol is natural and has as its main feature that the players’ shares in the cake are determined sequentially. The bargaining protocol requires unanimous agreement for proposals to be implemented. Unlike all existing bargaining protocols with unanimous agreement, the resulting game has unique subgame perfect equilibrium utilities for any value of the discount factor. In equilibrium, agreement is reached immediately. The results are therefore qualitatively the same as in the two player case. The result builds on an analysis of so-called one-dimensional bargaining problems. We show that also one-dimensional bargaining problems have unique subgame perfect equilibrium utilities for any value of the discount factor, and that also in one-dimensional bargaining problems agreement is reached immediately.
|Date of creation:||2007|
|Date of revision:|
|Contact details of provider:|| Postal: P.O. Box 616, 6200 MD Maastricht|
Phone: +31 (0)43 38 83 830
Web page: http://www.maastrichtuniversity.nl/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Sang-Chul Suh & Quan Wen, 2003.
"Multi-Agent Bilateral Bargaining and the Nash Bargaining Solution,"
Vanderbilt University Department of Economics Working Papers
0306, Vanderbilt University Department of Economics.
- Suh, Sang-Chul & Wen, Quan, 2006. "Multi-agent bilateral bargaining and the Nash bargaining solution," Journal of Mathematical Economics, Elsevier, vol. 42(1), pages 61-73, February.
- Chae, Suchan & Yang, Jeong-Ae, 1988. "The unique perfect equilibrium of an n-person bargaining game," Economics Letters, Elsevier, vol. 28(3), pages 221-223.
- Kalandrakis, Tasos, 2004. "Equilibria in sequential bargaining games as solutions to systems of equations," Economics Letters, Elsevier, vol. 84(3), pages 407-411, September.
- Rubinstein, Ariel, 1982.
"Perfect Equilibrium in a Bargaining Model,"
Econometric Society, vol. 50(1), pages 97-109, January.
- Cardona, Daniel & Ponsati, Clara, 2007. "Bargaining one-dimensional social choices," Journal of Economic Theory, Elsevier, vol. 137(1), pages 627-651, November.
- Herings, P. Jean-Jacques & Predtetchinski, Arkadi, 2007.
"One-dimensional Bargaining with Markov Recognition Probabilities,"
044, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
- Herings, P. Jean-Jacques & Predtetchinski, Arkadi, 2010. "One-dimensional bargaining with Markov recognition probabilities," Journal of Economic Theory, Elsevier, vol. 145(1), pages 189-215, January.
- Vijay Krishna & Roberto Serrano, 1996. "Multilateral Bargaining," Review of Economic Studies, Oxford University Press, vol. 63(1), pages 61-80.
- Seok-ju Cho & John Duggan, 2001.
"Uniqueness of Stationary Equilibria in a one-Dimensional Model of Bargaining,"
Wallis Working Papers
WP23, University of Rochester - Wallis Institute of Political Economy.
- Cho, Seok-ju & Duggan, John, 2003. "Uniqueness of stationary equilibria in a one-dimensional model of bargaining," Journal of Economic Theory, Elsevier, vol. 113(1), pages 118-130, November.
- Merlo, Antonio & Wilson, Charles A, 1995. "A Stochastic Model of Sequential Bargaining with Complete Information," Econometrica, Econometric Society, vol. 63(2), pages 371-99, March.
- Imai, Haruo & Salonen, Hannu, 2000. "The representative Nash solution for two-sided bargaining problems," Mathematical Social Sciences, Elsevier, vol. 39(3), pages 349-365, May.
- Hart, Sergiu & Kurz, Mordecai, 1983. "Endogenous Formation of Coalitions," Econometrica, Econometric Society, vol. 51(4), pages 1047-64, July.
- Chen-Ying Huang, 2002. "Multilateral bargaining: conditional and unconditional offers," Economic Theory, Springer, vol. 20(2), pages 401-412.
- Yang, Jeong-Ae, 1992. "Another n-person bargaining game with a unique perfect equilibrium," Economics Letters, Elsevier, vol. 38(3), pages 275-277, March.
- Haller, Hans, 1986. "Non-cooperative bargaining of N [ges] 3 players," Economics Letters, Elsevier, vol. 22(1), pages 11-13.
When requesting a correction, please mention this item's handle: RePEc:unm:umamet:2007005. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Charles Bollen)
If references are entirely missing, you can add them using this form.