Costless delay in negotiations

Abstract We study bargaining models in discrete time with a finite number of players, stochastic selection the proposing player, endogenously determined sets and orders responders, set feasible alternatives. The standard optimality conditions system recursive equations may not be sufficient for existence subgame perfect equilibrium stationary strategies (SSPE) case costless delay. present characterization SSPE that is valid both costly address relationship between an under delay limit SSPEs vanishing An always exists when costly, but necessarily so delay, even mixed are allowed for. This surprising as quasi SSPE, solution to equations, exists. problem caused by potential singularity which intimately related possibility perpetual disagreement process.