definitions, as well as the relationship to renegotiation-proof equilibrium. It is possible for repeated matching equilibria to be … completely distinct from renegotiation-proof equilibria, and even to be Pareto inefficient. …

strategically distort contracts to influence renegotiation outcomes. In this sequential common agency game, the initial contract … impacts elements of the renegotiation process: outside options (a `leverage' effect), and the beliefs of the new government …

-post inefficient and creates scope for renegotiation. If a renegotiation-stage is incorporated in the game then for some parameter …