Consider a 3-player bargaining model where players divide a pie of size 1, and the possible set of agreements includes all shares with = 1,2,3, such that 1 + 2 + 3 = 1. Players take turns to make offers starting with player 1 first, player 2 second and so on. An offer is accepted with unanimity (bothreceivers agree to the proposer's offer) otherwise the next player becomes the proposer. The players, discount the future periods at a rate < 1. a. Draw the extensive form game for = 4 periods

b. Find how much each player receives at equilibrium. [Hint: assume there is an infinite number of periods but start solving at = 4]

c. Does any of the players have an advantage?