Bargaining and markets: Complexity and the competitive outcome (Q1876641)

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Bargaining and markets: Complexity and the competitive outcome
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    Bargaining and markets: Complexity and the competitive outcome (English)
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    20 August 2004
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    The paper investigates the effect of introducing complexity costs of implementing strategies into the dynamic matching and bargaining games. More specifically, it shows that complexity considerations can provide a game-theoretic foundation for the competitive behaviour in decentralised markets with a finite number of agents. Moreover, it shows that in these models, the introduction of complexity costs into players' preferences ensures that in equilibrium, players choose history-independent strategies, sometimes referred to as stationary or Markov strategies.
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    bargaining games
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    matching games
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    complexity costs
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