Majority rule in a stochastic model of bargaining (Q1599825): Difference between revisions

The authors consider multilateral stochastic bargaining models with general agreement rules. For \(n\)-player games where in each period a player is randomly selected to allocate a stochastic level of surplus, and \(q\leq n\) players have to agree on a proposal to induce its acceptance they characterize the set of stationary subgame perfect equilibrium payoffs and establish their existence. They show that for agreement rule other than the unanimity rule, the equilibrium payoffs need not to be unique. Also even when the equilibrium is unique, it needs not to be efficient.