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The Time-Preference Nash Solution

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  • Nir Dagan

    ()

  • Oscar Volij

    ()

  • Eyal Winter

    ()

Abstract

The primitives of a bargaining problem consist of a set, S, of feasible utility pairs and a disagree- ment point in it. The idea is that the set S is induced by an underlying set of physical outcomes which, for the purposes of the analysis, can be abstracted away. In a very influential paper Nash (1950) gives an axiomatic characterization of what is now the widely known Nash bargaining solution. Rubinstein, Safra, and Thomson (1992) (RST in the sequel) recast the bargaining problem into the underlying set of physical alternatives and give an axiomatization of what is known as the ordinal Nash bargaining solution. This solution has a very natural interpretation and has the interesting property that when risk preferences satisfy the expected utility axioms, it induces the standard Nash bargaining solution of the induced bargaining problem. This property justifies the proper name in the solution’s appellation. The purpose of this paper is to give an axiomatic characterization of the rule that assigns the time-preference Nash outcome to each bargaining problem.

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Bibliographic Info

Paper provided by The Center for the Study of Rationality, Hebrew University, Jerusalem in its series Discussion Paper Series with number dp265.

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Length: 20 pages
Date of creation: Mar 2001
Date of revision:
Handle: RePEc:huj:dispap:dp265

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  1. Oscar Volij, 1999. "On Risk Aversion and Bargaining Outcomes," Economic theory and game theory 010, Oscar Volij.
  2. Nir Dagan & Oscar Volij & Eyal Winter, 2001. "A Characterization of the Nash Bargaining Solution," Economic theory and game theory 013, Oscar Volij.
  3. Grant, Simon & Kajii, Atsushi, 1995. "A Cardinal Characterization of the Rubinstein-Safra-Thomson Axiomatic Bargaining Theory," Econometrica, Econometric Society, vol. 63(5), pages 1241-49, September.
  4. Safra Zvi & Zilcha Itzhak, 1993. "Bargaining Solutions without the Expected Utility Hypothesis," Games and Economic Behavior, Elsevier, vol. 5(2), pages 288-306, April.
  5. Hanany, Eran & Safra, Zvi, 2000. "Existence and Uniqueness of Ordinal Nash Outcomes," Journal of Economic Theory, Elsevier, vol. 90(2), pages 254-276, February.
  6. Rubinstein, Ariel & Safra, Zvi & Thomson, William, 1992. "On the Interpretation of the Nash Bargaining Solution and Its Extension to Non-expected Utility Preferences," Econometrica, Econometric Society, vol. 60(5), pages 1171-86, September.
  7. Damme, E.E.C. van & Peters, H., 1991. "Characterizing the Nash and Raiffa bargaining solutions by disagreement point axioms," Open Access publications from Tilburg University urn:nbn:nl:ui:12-154419, Tilburg University.
  8. Yaari, Menahem E, 1987. "The Dual Theory of Choice under Risk," Econometrica, Econometric Society, vol. 55(1), pages 95-115, January.
  9. Burgos, Albert & Grant, Simon & Kajii, Atsushi, 2002. "Bargaining and Boldness," Games and Economic Behavior, Elsevier, vol. 38(1), pages 28-51, January.
  10. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April.
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Cited by:
  1. Oscar Volij, 1999. "On Risk Aversion and Bargaining Outcomes," Economic theory and game theory 010, Oscar Volij.

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