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Bargaining and value

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Abstract

The authors present and analyze a model of noncooperative bargaining among n participants, applied to situations describable as games in coalitional form. This leads to a unified solution theory for such games that have as special cases the Shapley value in the transferable utility case, the Nash bargaining solution in the pure bargaining case, and the recently introduced Maschler-Owen consistent value in the general nontransferable utility case. Moreover, the authors show that any variation (in a certain class) of their bargaining procedure which generates the Shapley value in the transferable utility setup must yield the consistent value in the general nontransferable utility setup. Copyright 1996 by The Econometric Society.

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Bibliographic Info

Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 114.

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Date of creation: Jul 1994
Date of revision: Feb 1995
Handle: RePEc:upf:upfgen:114

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  1. Ramon Marimon, 1993. "Adaptive learning, evolutionary dynamics and equilibrium selection in games," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra 23, Department of Economics and Business, Universitat Pompeu Fabra.
  2. Giovannetti, Giorgia & Marcet, Albert & Marimon, Ramon, 1993. "Growth, capital flows and enforcement constraints : The case of Africa," European Economic Review, Elsevier, Elsevier, vol. 37(2-3), pages 418-425, April.
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