Game Theory: Rubenstein model gets flak again

from conclusion:

These findings add support to the growing suspicion that the uniqueness and efficiency results of the standard Rubinstein model are the product of its temporal monopoly assumption and do not survive when it is lifted. When the timing of decisions is returned to he players, the cost of waiting a additional period, upon which the Rubinstein model fixed depends, evaporates thus allowing a wider range of optimal bargaining choices. These are generically inefficient regardless of whether information is complete or not.