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Bargaining in standing committees with an endogenous default

机译:常设委员会内生违约谈判

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摘要

Committee voting has mostly been investigated from the perspective of the standard Baron–Ferejohn model of bargaining over the division of a pie, in which bargaining ends as soon as the committee reaches an agreement. In standing committees, however, existing agreements can be amended. This article studies an extension of the Baron–Ferejohn framework to a model with an evolving default that reflects this important feature of policymaking in standing committees: In each of an infinite number of periods, the ongoing default can be amended to a new policy (which is, in turn, the default for the next period). The model provides a number of quite different predictions. (i) From a positive perspective, the key distinction turns on whether the quota is less than unanimity. In that case, patient enough players waste substantial shares of the pie each period and the size principle fails in some pure strategy Markov perfect equilibria. In contrast, the unique Markov perfect equilibrium payoffs in a unanimity committee coincide with those in the corresponding Baron–Ferejohn framework. (ii) If players have heterogeneous discount factors then a large class of subgame perfect equilibria (including all Markov perfect equilibria) are inefficient.
机译:委员会投票主要从标准的Baron-Ferejohn讨价还价模型的角度进行研究,该模型在委员会达成协议后就开始讨价还价。但是,在常务委员会中,可以修改现有协议。本文研究了Baron-Ferejohn框架对具有不断发展的违约的模型的扩展,该模型反映了常务委员会决策的重要特征:在无数时期中,可以将正在进行的违约修改为新政策(依次是下一个时段的默认设置)。该模型提供了许多完全不同的预测。 (i)从积极的角度来看,关键的区别在于配额是否小于一致。在这种情况下,足够耐心的玩家每个时期都会浪费大量的份额,而大小原则在某种纯粹的策略马尔可夫完美均衡中会失败。相比之下,统一委员会中独特的马尔可夫完美均衡收益与相应的Baron-Ferejohn框架中的收益一致。 (ii)如果玩家具有不同的折扣因子,则一大类子博弈的完美均衡(包括所有马尔可夫完美均衡)是无效的。

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