A Protocol for Repeated Bargaining

Akihisa Kato and Jose-Victor Rios-Rull
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Akihisa Kato: Bank of Japan
Jose-Victor Rios-Rull: University of Pennsylvania, CAERP, UCL, CEPR and NBER

PIER Working Paper Archive from Penn Institute for Economic Research, Department of Economics, University of Pennsylvania

Abstract: We propose a protocol for repeated bargaining where occasional periods of good outside opportunities yield improved outcomes but also higher breakout probabilities, yet there is a lot of risk sharing. Crucially, we only consider Markov perfect equilibria that have neither non payoff-relevant state variables that are costly to compute nor a contrived process of equilibrium selection.Length: 9 pages

Date: 2023-03-08
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