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Bargaining with Many Players: A Limit Result

Author

Listed:
  • Klaus Kultti

    (Department of Economics, University of Helsinki)

  • Hannu Vartiainen

    (Department of Economics, Turku School of Economics)

Abstract
We provide a simple characterization of the stationary subgame perfect equilibrium of an alternating offers bargaining game when the number of players increases without a limit. Core convergence literature is emulated by increasing the number of players by replication. The limit allocation is interpreted in terms of Walrasian market for being the first proposer.

Suggested Citation

  • Klaus Kultti & Hannu Vartiainen, 2008. "Bargaining with Many Players: A Limit Result," Discussion Papers 32, Aboa Centre for Economics.
    • Handle: RePEc:tkk:dpaper:dp32
    as

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    File URL: http://www.ace-economics.fi/kuvat/dp32.pdf
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    References listed on IDEAS

    as
    1. Ken Binmore & Ariel Rubinstein & Asher Wolinsky, 1986. "The Nash Bargaining Solution in Economic Modelling," RAND Journal of Economics, The RAND Corporation, vol. 17(2), pages 176-188, Summer.
    2. Fishburn, Peter C & Rubinstein, Ariel, 1982. "Time Preference," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 23(3), pages 677-694, October.
    3. Kultti Klaus & Vartiainen Hannu, 2007. "Von Neumann-Morgenstern Stable Set Bridges Time-Preferences to the Nash Solution," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 7(1), pages 1-26, November.
    4. Joseph M. Ostroy & Louis Makowski, 2001. "Perfect Competition and the Creativity of the Market," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 479-535, June.
    5. Vijay Krishna & Roberto Serrano, 1996. "Multilateral Bargaining," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 63(1), pages 61-80.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Jiawei Li & Tianxiang Cui & Graham Kendall, 2022. "Equilibrium in a Bargaining Game of Two Sellers and Two Buyers," Mathematics, MDPI, vol. 10(15), pages 1-9, July.
    2. Hannu Vartiainen, 2008. "A conflict-free arbitration scheme in a large population," Discussion Papers 34, Aboa Centre for Economics.

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    More about this item

    Keywords

    non-cooperative bargaining; stationary equilibrium; replication; Walrasian market;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory

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