Multistage bilateral bargaining model with incomplete information-A fuzzy approach

The model derives from the theoretic foundation of Spulber [1999. Market Microstructure. Cambridge University Press, Cambridge, UK] and Rubinstein [1982. Perfect equilibrium in a bargaining model. Econometrica 50(1), 97-109] that, compared to the classical framework of asymmetric information and bid-spread problem by Harsanyi [1967. Games with incomplete information played by “Bayesian” players. I. The basic model. Management Science 14, 159-182], describe the process through the definition of new parameters such as bargaining power and breakdown probability. The contribution to the research is enriched by fuzzyfication process of data, considering Qi et al. [2005. Design retrieval technology of fuzzy customer requirements. In: World Congress on Mass Customization and Personalization] experiences, to build a framework that could transform inputs from the transaction, agents and market in an output that could regulate the possible concessions and the opportunity of accepting or refusing an offer.