The procedural value for cooperative games with non-transferable utility

I adapt Raiffa's discrete bargaining solution in order to take the possibility of partial cooperation into account when there are more than two players. The approach is non-cooperative. I slightly modify the bargaining procedure proposed by Sjöström for supporting the Raiffa solution, exactly as Hart and MasColell introduced the possibility of partial cooperation in (a slight variation of) the Rubinstein procedure. I characterize the unique subgame perfect equilibrium outcome and so justify a new value for cooperative games with non-transferable utility. The so-called procedural value is obtained by applying recursively the Raiffa solution to appropriate bargaining problems. It appears to satisfy nice properties. © 2006 Published by Elsevier B.V.