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Bargaining and Reputation

Author

Listed:
  • D. Abreu
  • F. Gul
Abstract
A complete information bargaining model is amended to accommodate "irrational types" who are inflexible in their offers and demands. An "independence of procedures" result is derived: the bargaining outcome is independent of the details of the bargaining protocol if players can make offers frequently. In the limiting continuous-time game, equilibrium is unique, and entails delay, consequently inefficiency. As the probability of irrationality goes to zero, delay and inefficiency disappear; furthermore, if there are a rich set of types for both agents, their limit equilibrium payoffs are inversely proportional to their rates of time preference.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • D. Abreu & F. Gul, 1998. "Bargaining and Reputation," Princeton Economic Theory Papers 00s9, Economics Department, Princeton University.
    • Handle: RePEc:wop:prinet:00s9
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