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A Closed Form Characterization of the Stationary Outcome in Multilateral Bargaining

Author

Listed:
  • Yi Jin

    (Department of Economics, Monash University, Caulfield East, VIC 3145, Australia)

  • Jianbo Zhang

    (Department of Economics, University of Kansas, Lawrence, KS 66045, USA)

Abstract

In this paper we consider infinite horizon multilateral bargaining with alternate offers. We prove that there exists only one stationary subgame perfect equilibrium outcome and it corresponds to the unique invariantmeasure of a column stochastic matrix. We characterize this stationary subgame perfect equilibrium outcome in a closed form, and also extend the approach to the multilateral bargaining with random moves.

Suggested Citation

  • Yi Jin & Jianbo Zhang, 2013. "A Closed Form Characterization of the Stationary Outcome in Multilateral Bargaining," Frontiers of Economics in China-Selected Publications from Chinese Universities, Higher Education Press, vol. 8(2), pages 272-287, June.
    • Handle: RePEc:fec:journl:v:8:y:2013:i:2:p:272-287
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    File URL: http://journal.hep.com.cn/fec/EN/10.3868/s060-002-013-0014-1
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    More about this item

    Keywords

    multilateral bargaining; heterogeneous discount factors; stationary SPE;
    All these keywords.

    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
    • D7 - Microeconomics - - Analysis of Collective Decision-Making

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