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Playing for RealGame Theory$
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Ken Binmore

Print publication date: 2007

Print ISBN-13: 9780195300574

Published to Oxford Scholarship Online: May 2007

DOI: 10.1093/acprof:oso/9780195300574.001.0001

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 Getting Together

 Getting Together

Chapter:
(p.459) 16 Getting Together
Source:
Playing for Real
Author(s):

Ken Binmore (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195300574.003.0016

This chapter introduces cooperative game theory by examining the axiomatic theory of two-person bargaining problems. The link between cooperative and noncooperative game theory is first explained in terms of the Nash program. The idea of a cooperative payoff region is then developed for use in applied contexts. The Coase theorem is explained for the case of a Nash bargaining problem. A variant of the Nash bargaining solution with both a breakdown point and a deadlock point is described. A proof of Nash's axiomatic bargaining theorem is offered. The Kalai-Smorodinsky bargaining solution and the Walrasian bargaining solution are offered as alternatives to Nash's solution.

Keywords:   cooperative game theory, noncooperative game theory, John Nash, Nash program, Nash bargaining problem, Coase theorem, Pareto efficiency, Nash bargaining solution, Kalai-Smorodinsky bargaining solution, Walrasian bargaining solution

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