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Rationalizability and Equilibrium in N-Person Sequential Bargaining

Author

Listed:
  • VANNETELBOSCH, Vincent J.

    (Center for Operations Research and Econometrics (CORE), Université catholique de Louvain (UCL), Louvain la Neuve, Belgium)

Abstract
This paper deals with N-person sequential bargaining games with complete information (perfect or almost perfect information). For N-person sequential bargaining games, uniqueness of the SPE has been obtained by allowing the players to exit with partial agreements. Adopting a non-equilibrium approach, we show that N-person sequential bargaining games without exit are only solvable by a refinement of rationallzability for multi-stage games (trembling-hand rationalizability) if the players are sufficiently impatient. Nevertheless, N-person sequential bargaining games with exit are solvable by trembling-hand rationalizability whatever the players' impatience. That is, once we take up the non-equilibrium approach, the exit opportunity still fulfils its original aim: we achieve a unique solution by introducing the exit opportunity.

Suggested Citation

  • VANNETELBOSCH, Vincent J., 1996. "Rationalizability and Equilibrium in N-Person Sequential Bargaining," LIDAM Discussion Papers CORE 1996041, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvco:1996041
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    File URL: https://sites.uclouvain.be/core/publications/coredp/coredp1996.html
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    Cited by:

    1. Herings, P.J.J. & Mauleon, A. & Vannetelbosch, V., 2000. "Social rationalizability," Research Memorandum 017, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
    2. Vannetelbosch, Vincent J., 1996. "Bargaining with an Endogenous Deadline," LIDAM Discussion Papers IRES 1996011, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    3. 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.
    4. Bedayo, Mikel & Mauleon, Ana & Vannetelbosch, Vincent, 2016. "Bargaining in endogenous trading networks," Mathematical Social Sciences, Elsevier, vol. 80(C), pages 70-82.
    5. P. Jean-Jacques Herings & Ana Mauleon & Vincent Vannetelbosch, 2023. "Social Rationalizability with Mediation," Dynamic Games and Applications, Springer, vol. 13(2), pages 440-461, June.
    6. Roberto Serrano & Sandeep Baliga, 2001. "Multilateral negotiations with private side-deals: a multiplicity example," Economics Bulletin, AccessEcon, vol. 3(1), pages 1-7.
    7. Mauleon, Ana & Vannetelbosch, Vincent, 2004. "Bargaining with endogenous deadlines," Journal of Economic Behavior & Organization, Elsevier, vol. 54(3), pages 321-335, July.
    8. Roberto Serrano, 2007. "Bargaining," Working Papers 2007-06, Instituto Madrileño de Estudios Avanzados (IMDEA) Ciencias Sociales.
    9. Yi-Chun Chen & Xiao Luo, 2008. "Delay in a bargaining game with contracts," Theory and Decision, Springer, vol. 65(4), pages 339-353, December.
    10. Kool, C.J.M. & Thornton, D., 2000. "The expectations theory and the founding of the fed: another look at the evidence," Research Memorandum 009, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
    11. Yi-Chun Chen & Xiao Luo & Chen Qu, 2016. "Rationalizability in general situations," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 61(1), pages 147-167, January.
    12. Goossens, J.H.M. & van Hoesel, C.P.M. & Kroon, L.G., 2002. "On solving multi-type line planning problems," Research Memorandum 009, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
    13. Torstensson, Pär, 2005. "An n-person Rubinstein bargaining game," Working Papers 2005:39, Lund University, Department of Economics.

    More about this item

    Keywords

    sequential bargaining; N-person; rationallzability;
    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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