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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.
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| Keywords
multilateral bargaining
heterogeneous discount factors
stationary SPE
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Corresponding Author(s):
Jianbo Zhang,Email:jbzhang@ku.edu
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Issue Date: 05 June 2013
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