Abstract
This paper establishes existence of subgame perfect equilibrium in pure strategies
for a general class of sequential multi-lateral bargaining games, without assuming
a stationary setting. The only required hypothesis is that utility functions are
continuous on the space of economic outcomes. In particular, no assumption on
the space of feasible payoffs is needed. The result covers arbitrary and even timevarying bargaining protocols (acceptance rules), externalities, and other-regarding preferences. As a side result, we clarify the meaning of assumptions on “continuity at infinity.”
for a general class of sequential multi-lateral bargaining games, without assuming
a stationary setting. The only required hypothesis is that utility functions are
continuous on the space of economic outcomes. In particular, no assumption on
the space of feasible payoffs is needed. The result covers arbitrary and even timevarying bargaining protocols (acceptance rules), externalities, and other-regarding preferences. As a side result, we clarify the meaning of assumptions on “continuity at infinity.”
| Original language | English |
|---|---|
| Article number | 102540 |
| Number of pages | 39 |
| Journal | JOURNAL OF MATHEMATICAL ECONOMICS |
| Early online date | 1 Jul 2021 |
| DOIs | |
| Publication status | E-pub ahead of print - 1 Jul 2021 |
Keywords
- bargaining, equilibrium existence, infinite-horizon games, subgame perfection