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Existence and indeterminacy of Markovian equilibria in dynamic bargaining games

机译:动态讨价还价博弈中马尔可夫均衡的存在性和不确定性

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摘要

The paper studies stationary Markov perfect equilibria in multidimensional models of dynamic bargaining, in which the alternative chosen in one period determines the status quo for the next. We generalize a sufficient condition for existence of equilibrium due to Anesi and Seidmann (2015). We then use this existence result to show that if a weak gradient restriction holds at an alternative, then when players are sufficiently patient, there is a continuum of equilibria with absorbing sets arbitrarily close to that alternative. A sufficient condition for our gradient restriction is that the gradients of all players' utilities are linearly independent at that alternative. When the dimensionality of the set of alternatives is high, this linear independence condition holds at almost all alternatives, and equilibrium absorbing sets are dense in the set of alternatives. This implies that constructive techniques, which are common in the literature, fail to identify many plausible outcomes in dynamic bargaining games.
机译:本文研究了动态讨价还价多维模型中的平稳马尔可夫完美均衡,其中一个时期选择的替代方案决定了下一时期的现状。由于Anesi和Seidmann(2015),我们归纳了一个存在平衡的充分条件。然后,我们使用这个存在性结果表明,如果在替代方案中保持弱梯度限制,那么当玩家足够耐心时,就会有一个连续的平衡点,其吸收集可以任意接近该替代方案。对于我们的梯度限制,一个充分的条件是,所有玩家效用的梯度在该替代方案上都是线性独立的。当备选方案集的维数很高时,此线性独立条件几乎适用于所有备选方案,并且均衡吸收组在备选方案集中是密集的。这意味着在文献中很常见的建设性技术未能在动态讨价还价博弈中确定许多可能的结果。

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