2004, English, Article, Working paper edition: Complexity and Efficiency in Repeated Games and Negotiation Lee, Jihong; Sabourian, Hamid

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Bookmark: http://trove.nla.gov.au/version/920
Physical Description
  • 324542 bytes, application/​pdf
  • Working Paper
Published
  • 2004-06-16T16:05:44Z
  • 2004-03
Language
  • English

Edition details

Title
  • Complexity and Efficiency in Repeated Games and Negotiation
Author
  • Lee, Jihong
  • Sabourian, Hamid
Published
  • 2004-06-16T16:05:44Z
  • 2004-03
Physical Description
  • 324542 bytes, application/​pdf
  • Working Paper
Subjects
Notes
  • This paper considers the �negotiation game� (Busch and Wen [4]) which combines the features of two-person alternating offers and repeated games. Despite the forces of bargaining, the negotiation game in general admits a large number of equilibria, some of which involve delay in agreement and inefficiency. In order to isolate equilibria in this game, we explicitly consider the complexity of implementing a strategy, introduced in the literature on repeated games played by automata. It turns out that when the players have a preference for less complex strategies (even at the margin) only efficient equilibria survive. Thus, complexity and bargaining in tandem may offer an explanation for co-operation in repeated games.
Language
  • English
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