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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

(p.459) 16 Getting Together
Playing for Real

Ken Binmore (Contributor Webpage)

Oxford University Press

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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