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Riskless versus Risky Bargaining Procedures: the Aumann-Roth Controversy Revisited

Author

Listed:
  • Maria Montero

    (University of Nottingham)

  • Akira Okada

    (Kyoto University)

Abstract

In a series of papers, Aumann and Roth discussed a game in which players can cooperate in pairs and two of them prefer to form a coalition with each other. Roth argued that the only rational outcome is that the players who prefer each other form a coalition; Aumann argued that all three coalitions are possible because the players have a problem of expectation coordination. A noncooperative analysis provides additional support for Aumann's arguments and shows that the difference between Aumann's and Roth's views can be traced back to a difference (risky versus riskless) in the bargaining procedure.

Suggested Citation

  • Maria Montero & Akira Okada, 2003. "Riskless versus Risky Bargaining Procedures: the Aumann-Roth Controversy Revisited," Game Theory and Information 0305002, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpga:0305002
    Note: Type of Document -
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/game/papers/0305/0305002.pdf
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    Citations

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    Cited by:

    1. Juan Vidal-Puga, 2004. "Forming societies and the Shapley NTU value," Game Theory and Information 0401003, University Library of Munich, Germany.
    2. Akira Okada, 2015. "Cooperation and Institution in Games," The Japanese Economic Review, Japanese Economic Association, vol. 66(1), pages 1-32, March.

    More about this item

    Keywords

    coalition formation; noncooperative bargaining; random proposers;
    All these keywords.

    JEL classification:

    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
    • 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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