Perfect equilibria of a model of n-person noncooperative bargaining

The authors study the set of subgame perfect equilibria associated with the n-person noncooperative bargaining mechanism proposed by Hart and Mas-Colell. The present results pertain to transferable utility games. The set of perfect equilibria depends on the parameter representing the ‘continuation probability’, ρ. For general TU games, the authors characterize the set of payoffs from perfect equilibria for (a) small values of ρ; and (b) large values of ρ. For symmetric games a complete characterization for all values of ρ is provided.