Multilateral Negotiations with Private Side-Deals: A Multiplicity Example, Economics Bulletin
We study a multilateral negotiation procedure that allows for "partial agreements" in which responders are told only their own shares. Applications of our model include negotiations under "joint and several liability." Unlike previous models of multilateral bargaining with exit, we find that there are multiple equilibrium outcomes.
Sandeep Baliga, Roberto Serrano
Baliga, Sandeep, and Roberto Serrano. 2001. Multilateral Negotiations with Private Side-Deals: A Multiplicity Example. Economics Bulletin. 3(1): 1-7.