Multilateral Bargaining with Discrete Surplus

Amit Kumar Maurya

MPRA Paper from University Library of Munich, Germany

Abstract: Krishna and Serrano (1996) show a unique and efficient outcome in a model of multilateral bargaining. We show that the predictability of the model critically depends on the nature of the surplus i.e. whether it is continuous or discrete. We show that the model suffers from multiple equilibria and severe inefficiency when the surplus is discrete, not continuous as assumed in Krishna and Serrano (1996), and players are patient enough.

Keywords: Multilateral bargaining; Discrete surplus; Inefficiency (search for similar items in EconPapers)
JEL-codes: C72 C78 (search for similar items in EconPapers)
Date: 2015-10-10
New Economics Papers: this item is included in nep-gth and nep-mic
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