A comment on the Nash program and the theory of implementation
AbstractThe mechanisms in the Nash program for cooperative games are made compatible with the framework of the theory of implementation. This is done through a reinterpretation of the characteristic function that avoids feasibility problems, thereby allowing an analysis that focuses exclusively on the payoff space. In this framework, we show that the core is the only major cooperative solution that is Maskin monotonic. Thus, implementation of most cooperative solutions must rely on refinements of the Nash equilibrium concept (like most papers in the Nash program do). Finally, the mechanisms in the Nash program are adapted into the model.
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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 55 (1997)
Issue (Month): 2 (August)
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Web page: http://www.elsevier.com/locate/ecolet
Other versions of this item:
- Roberto Serrano, 1996. "A comment on the Nash program and the theory of implementation," Economics Working Papers 161, Department of Economics and Business, Universitat Pompeu Fabra.
- C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Serrano, Roberto, 1995. "Strategic bargaining, surplus sharing problems and the nucleolus," Journal of Mathematical Economics, Elsevier, vol. 24(4), pages 319-329.
- Ariel Rubinstein, 2010.
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Levine's Working Paper Archive
252, David K. Levine.
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- Nash, John, 1953. "Two-Person Cooperative Games," Econometrica, Econometric Society, vol. 21(1), pages 128-140, April.
- Dutta, Bhaskar & Ray, Debraj & Sengupta, Kunal & Vohra, Rajiv, 1989. "A consistent bargaining set," Journal of Economic Theory, Elsevier, vol. 49(1), pages 93-112, October.
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- Moore, John & Repullo, Rafael, 1988. "Subgame Perfect Implementation," Econometrica, Econometric Society, vol. 56(5), pages 1191-1220, September.
- Serrano Roberto, 1995. "A Market to Implement the Core," Journal of Economic Theory, Elsevier, vol. 67(1), pages 285-294, October.
- Krishna, Vijay & Serrano, Roberto, 1996. "Multilateral Bargaining," Review of Economic Studies, Wiley Blackwell, vol. 63(1), pages 61-80, January.
- Mas-Colell, Andreu, 1989. "An equivalence theorem for a bargaining set," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 129-139, April.
- Roberto Serrano & Rajiv Vohra, 1997. "Non-cooperative implementation of the core," Social Choice and Welfare, Springer, vol. 14(4), pages 513-525.
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