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Core-equivalence for the Nash bargaining solution

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Author Info
Walter Trockel ()

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Abstract

Core equivalence and shrinking of the core results are well known for economies. The present paper establishes counterparts for bargaining economies, a specific class of production economies (finite and infinite) representing standard two-person bargaining games and their continuum counterparts as coalition production economies. Thereby we get core equivalence of the Nash solution. The results reconfirm the Walrasian approach to Nash bargaining of Trockel (1996). Moreover we establish the same speed of convergence as is known from Debreu (1975) and Grodal (1975) for replicated pure exchange economies and for regular purely competitive sequences of economies, respectively. Copyright Springer-Verlag Berlin/Heidelberg 2005

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File URL: http://hdl.handle.net/10.1007/s00199-004-0470-z
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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 25 (2005)
Issue (Month): 1 (01)
Pages: 255-263
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Handle: RePEc:spr:joecth:v:25:y:2005:i:1:p:255-263

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Related research
Keywords: Nash-solution; Core convergence; Equivalence theorem.;

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  1. Debreu, Gerard, 1975. "The rate of convergence of the core of an economy," Journal of Mathematical Economics, Elsevier, vol. 2(1), pages 1-7, March. [Downloadable!] (restricted)
  2. Nash, John, 1953. "Two-Person Cooperative Games," Econometrica, Econometric Society, vol. 21(1), pages 128-140, April. [Downloadable!] (restricted)
  3. Grodal, Birgit, 1975. "The rate of convergence of the core for a purely competitive sequence of economies," Journal of Mathematical Economics, Elsevier, vol. 2(2), pages 171-186. [Downloadable!] (restricted)
  4. Trockel, Walter, 1996. "A Walrasian approach to bargaining games," Economics Letters, Elsevier, vol. 51(3), pages 295-301, June. [Downloadable!] (restricted)
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