March 2011
Beginner
384 pages
9h 1m
English
Content preview from The Complete Idiot's Guide to Game Theory
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Chapter10
Bargaining Games
In This Chapter
- Two-player bargaining
- The axiomatic approach
- Nash’s solution
- The Kalai-Smorodinsky alternative
This chapter considers the problem of two players bargaining over how to divide a sum of money, given that they may have certain legitimate claims. Rather than employ a back-and-forth approach to bargaining—with dramatic offers and counteroffers, the following procedure is like calling in an impartial arbitrator to determine a fair and final allocation.
Nash’s Standard Model
The way John Nash considered the problem of two-player bargaining was to suppose there is a set of different outcomes represented by ...
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