| Article ID: | iaor200916794 |
| Country: | Netherlands |
| Volume: | 65 |
| Issue: | 4 |
| Start Page Number: | 339 |
| End Page Number: | 353 |
| Publication Date: | Dec 2008 |
| Journal: | Theory and Decision |
| Authors: | Chen YiChun, Luo Xiao |
In a multilateral bargaining game where a proposer and responders can set up a ‘principal–agent’ relationship by means of binding cash–offer contracts, we show that there is a Markov SPE with a delay in reaching an agreement. We also show that all the individually rational and efficient payoffs can be supported by SPE.