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A Closed Form Characterization of the Stationary Outcome in Multilateral Bargaining 被引量：1

A Closed Form Characterization of the Stationary Outcome in Multilateral Bargaining
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摘要 In this paper we consider infinite horizon multilateral bargaining with al- ternate offers. We prove that there exists only one stationary subgame perfect equilib- rium outcome and it corresponds to the unique invariant measure of a column stochas- tic 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. In this paper we consider infinite horizon multilateral bargaining with al- ternate offers. We prove that there exists only one stationary subgame perfect equilib- rium outcome and it corresponds to the unique invariant measure of a column stochas- tic 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.
作者 Yi Jin Jianbo Zhang
机构地区 Department of Economics Department of Economics
出处 《Frontiers of Economics in China-Selected Publications from Chinese Universities》 2013年第2期272-287,共16页 中国高等学校学术文摘·经济学（英文版）
关键词 multilateral bargaining heterogeneous discount factors stationary SPE multilateral bargaining, heterogeneous discount factors, stationary SPE
分类号 O211.62 [理学—概率论与数理统计] TN915.04 [电子电信—通信与信息系统]
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参考文献12

  • 1Binmore K (1987). Model rational players: Part I. Cambridge Journal Economics and Philoso-phy, 3: 179-214.
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  • 3Dutta B, Gevers L (1984). On majority rules, veto rights and perfect equilibrium allocations of a shrinking cake. Cahiers de la Faculte des Sciences Economiques et Sociales de Namur, Serie Rechcherche, 60, Facultes Universitaires Notre-Dame de Paix, Namur, Belgium.
  • 4Fudenberg D, Levine D (1983). Subgame perfect equilibrium of finite and infinite horizon games. Journal of Economic Theory, 31: 227-256.
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  • 8Moulin H (1986). Game Theory for Social Sciences. New York: NYU press.
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  • 10Rubinstein A (1982). Perfect equilibrium in a bargaining model. Econometrica, 50: 97-110.

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Frontiers of Economics in China-Selected Publications from Chinese Universities
2013年 第2期

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