Uniqueness of stationary equilibrium payoffs in the Baron-Ferejohn model

• 成果类型: Article
• 署名作者: Eraslan, H
• 署名单位: University of Pennsylvania
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1006/jeth.2001.2820
• 发表日期: 2002
• 页码: 11-30
• 关键词: Multilateral bargaining; Majority rule

摘要

We consider a multilateral sequential bargaining model in which the players may differ in their probability of being selected as the proposer and the rate at which they discount future payoffs. For games in which agreement requires less than unanimous consent, we characterize the set of stationary subgame perfect equilibrium payoffs. With this characterization, we establish the uniqueness of the equilibrium payoffs. For the case where the players have the same discount factor, we show that the payoff to a player is nondecreasing in his probability of being selected as the proposer. For the case where the players have the same probability of being selected as the proposer, we show that the payoff to a player is nondecreasing in his discount factor. (C) 2001 Elsevier Science (USA).