hummingbird212

Actual outside options reflect the possibility to exit or links of london charms join other existing groups. Hypothetical outside options refer to hypothetical groups that are ultimately not formed. Articulation of hypothetical outside options in the bargaining process determines the relative bargaining power of the members of a group, which constitutes an instance of the power of voice. The adopted equilibrium concept, competitive equilibrium with free group formation and bargaining cum voice, endogenizes the outside options as well as the power of links of london necklaces. We establish existence of such equilibria and we explore their properties.In this paper, we present a model of implementation where infeasible allocations are converted into feasible ones through a process of renegotiation that is represented by a reversion function. We describe the maximal set of Social Choice Correspondences that can be implemented in Nash Equilibrium in a class of reversion functions that punish agents for infeasibilities. This is used to study the links of london earrings of the Walrasian Correspondence and several axiomatic solutions to problems of bargaining and taxation.A tenure committee first votes on whether to hire a candidate; if it does, it receives an informative performance signal, and then votes on whether to tenure the candidate; rejection at either stage returns links of london rings committee to a candidate pool, endogenising the value of the outside option.