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How to Add Apples and Pears: Non-Symmetric Nash Bargaining and the Generalized Joint Surplus

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  • Samuel Danthine

    ()
    (Department of Economics, Université du Québec à Montréal)

  • Noemí Navarro

    ()
    (Department of Economics, Université de Sherbrooke)

Abstract

We generalize the equivalence of the non-symmetric Nash bargaining solution and the linear division of the joint surplus when bargainers use different utility scales. This equivalence in the general case requires the surplus each agent receives to be expressed in compatible, or comparable, units. This result is valid in the case of bargaining over multiple-issues. In addition, we discuss the requirements on the curvatures of the agents’ utility functions, or, in other words, on the bargainers’ attitudes towards risk.

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File URL: http://webdeptos.uma.es/THEconomica/malagawpseries/Papers/METCwp2010-4.pdf
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Bibliographic Info

Paper provided by Universidad de Málaga, Department of Economic Theory, Málaga Economic Theory Research Center in its series Working Papers with number 2010-04.

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Length: 18 pages
Date of creation: Apr 2010
Date of revision:
Handle: RePEc:mal:wpaper:2010-4

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Keywords: Bargaining Problems; Non-Symmetric Nash Bargaining Solution; Linear Sharing;

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  1. Fredriksson, Peter & Holmlund, Bertil, 2001. "Optimal Unemployment Insurance in Search Equilibrium," Journal of Labor Economics, University of Chicago Press, vol. 19(2), pages 370-99, April.
  2. Ariel Rubinstein, 2010. "Perfect Equilibrium in a Bargaining Model," Levine's Working Paper Archive 252, David K. Levine.
  3. Rupert, Peter & Schindler, Martin & Wright, Randall, 2001. "Generalized search-theoretic models of monetary exchange," Journal of Monetary Economics, Elsevier, vol. 48(3), pages 605-622, December.
  4. Manning, Alan, 1987. "An Integration of Trade Union Models in a Sequential Bargaining Framework," Economic Journal, Royal Economic Society, vol. 97(385), pages 121-39, March.
  5. Etienne Lehmann & Bruno Van Der Linden, 2007. "On the Optimality of Search Matching Equilibrium When Workers Are Risk Averse," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 9(5), pages 867-884, October.
  6. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680, October.
  7. Conley, John P. & Wilkie, Simon, 1996. "An Extension of the Nash Bargaining Solution to Nonconvex Problems," Games and Economic Behavior, Elsevier, vol. 13(1), pages 26-38, March.
  8. Blanchard, O.J. & Diamond, P., 1990. "Ranking, Unemployment Duration, And Wages," Working papers 546, Massachusetts Institute of Technology (MIT), Department of Economics.
  9. Cahuc, Pierre & Lehmann, Etienne, 2000. "Should unemployment benefits decrease with the unemployment spell?," Journal of Public Economics, Elsevier, vol. 77(1), pages 135-153, July.
  10. Lin Zhou, 1997. "The Nash Bargaining Theory with Non-Convex Problems," Econometrica, Econometric Society, vol. 65(3), pages 681-686, May.
  11. Herrero, Maria Jose, 1989. "The nash program: Non-convex bargaining problems," Journal of Economic Theory, Elsevier, vol. 49(2), pages 266-277, December.
  12. Serrano, Roberto & Shimomura, Ken-Ichi, 1998. "Beyond Nash Bargaining Theory: The Nash Set," Journal of Economic Theory, Elsevier, vol. 83(2), pages 286-307, December.
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