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A Closed Form Characterization of the Stationary Outcome in Multilateral Bargaining
Jin, Yi Zhang, Jianbo
Jin, Yi
Zhang, Jianbo
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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.
Description
This is the author's accepted manuscript, made available with the permission of the publisher.
Date
2013-03-01
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Brill
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Keywords
Heterogeneous discount factors, Stationary SPE, Multilateral bargaining
Citation
Yi, Jin and Jianbo Zhang. "A Closed Form Characterization of the Stationary Outcome in Multilateral Bargaining." Frontiers of Economics in China, Vol. 8, No. 2, 2013, pp272 – 287. http://dx.doi.org/10.3868/s060-002-013-0014-1