Equilibrium Coalitional Behavior∗
نویسنده
چکیده
I develop a solution concept, equilibrium coalitional behavior (ECB), which captures foresight and imposes the requirement that each coalition in a sequence of coalitional moves chooses optimally among all its available options. The model does not require, but may use, the apparatus of a dynamic process or a protocol that specifies the negotiation procedure underlying coalition formation. Therefore, it forms a bridge between the noncooperative and the cooperative approaches to foresight. ECB refines subgame perfect equilibrium in extensive form games of perfect information and provides a complete characterization of the core in characteristic function games. Through applications it is shown that ECB provides a unified approach to study a wide range of problems involving sequential coalitional actions, which have hitherto been solved on a case-by-case basis. JEL classification: C70; C71; C72; D71
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