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1、BargainingPowerinRepeatedNegotiationswithOutsideOptionsChristianGrohDepartmentofEconomicsUniversityofMannheimL13,15,D-68131Mannheim,GermanyTel.:++491813421email:groh@econ.uni-mannheim.deDecember20,1999AbstractForrepeatedultimatumbargaining,theFolkTh
2、eoremofrepeatedgamethe-orysuggeststhattherearemanyequilibria,amongthemequilibriainwhichthesecondmover,say,thebuyer,appropriatesallthesurplus.Thispapershowsthatthepresenceofoutsideoptionsinformofalternativetradingpartnerseliminatessomeoftheseequilibri
3、abyreducingthecopeforextractingsurplusinrepeatedbargaining.Thestructureofoptimalequilibriaischaracterized.Keywords:noncooperativebargaining,repeatedgames,outsideoptionsJELClassi cation:C78,C73,C72ThispaperwaspartlywrittenwhiletheauthorwasvisitingUni
4、versityCollegeLondonwhosewarmhospitalityisgratefullyacknowledged.IamespeciallygratefultoTilmanBorgersandMartinHellwigfortheirencouragementsandgenerousadvice.Ihavealsobene tedfromthecommentsofMalteCherdron,TonyCurzon-Price,PhilippeJehielandEnnioStacch
5、etti.Allremainingerrorsaremine.1IntroductionInthisandthecompanionpaper(Groh[10])Iinvestigatemarketpowerandcollusioninsituationsinvolvingbilateralbargaining.Marketpowerandcollusionareusuallystudiedinmodelswithhomogenousmarkets,i.e.theCournotmodelorthe
6、Betrandmodel.Incontrast,mytransactionsarebasedonbilateralbargainingwith"markets"providingoutsideoptionsintheformofnewtradingpartners.Iconsiderrepeatednegotiatonsforrepeatedone-shottransactions.TheanalysisiscomplicatedbytheFolkTheoremofrepeatedgamethe
7、orywhichsuggeststhatevenintheabsenceofoutsideoptionstherearemanyequilibria,inparticularequilibriainwhichthebuyercanextractallthesurplusfromanagreement.Startingfromthisobservationthepresentpaperanalyseshowtheabilitytoextractsurplusisa ectedbythepresen
8、ceofothermarketparticipants,inparticulartheabilitytotradeonepartnero againsttheother.InthecompanionpaperIdiscussthescopeforcollusioninthissetting.Iintroducethebasicmodelinsection2.Thegameisconstructedsothatineachone-shottransactionmarketpowerrestswit
