Efficiency Does Not Imply Immediate Agreement
Sergiu Hart () and
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Zohar Levy: The Hebrew University of Jerusalem
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Gul (Econometrica, 1989) introduces a non-cooperative bargaining procedure and claims that the payoffs of the resulting efficient stationary subgame perfect equilibria are close to the Shapley value of the underlying transferable utility game (when the discount factor is close to 1). We exhibit here an example showing that efficiency, even for strictly super-additive games, does not imply that all meetings end in agreement. Thus efficiency does not suffice to get Gul's result.
JEL-codes: C71 C72 D4 (search for similar items in EconPapers)
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Journal Article: Efficiency Does Not Imply Immediate Agreement (1999)
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Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpga:9709001
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