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Frontiers of Economics in China

ISSN 1673-3444

ISSN 1673-3568(Online)

CN 11-5744/F

Postal Subscription Code 80-978

Front Econ Chin    2013, Vol. 8 Issue (2) : 272-287    https://doi.org/10.3868/s060-002-013-0014-1
research-article |
A Closed Form Characterization of the Stationary Outcome in Multilateral Bargaining
Yi Jin1, Jianbo Zhang2()
1. Department of Economics, Monash University, Caulfield East, VIC 3145, Australia; 2. Department of Economics, University of Kansas, Lawrence, KS 66045, USA
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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.

Keywords multilateral bargaining      heterogeneous discount factors      stationary SPE     
Corresponding Authors: Jianbo Zhang,Email:jbzhang@ku.edu   
Issue Date: 05 June 2013
 Cite this article:   
Yi Jin,Jianbo Zhang. A Closed Form Characterization of the Stationary Outcome in Multilateral Bargaining[J]. Front Econ Chin, 2013, 8(2): 272-287.
 URL:  
http://academic.hep.com.cn/fec/EN/10.3868/s060-002-013-0014-1
http://academic.hep.com.cn/fec/EN/Y2013/V8/I2/272
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