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A comment on the Nash program and the theory of implementation

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  • Roberto Serrano

Abstract

The 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 Info

Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 161.

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Date of creation: Mar 1996
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Handle: RePEc:upf:upfgen:161

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Web page: http://www.econ.upf.edu/

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Keywords: Nash program; implementation;

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  1. Ariel Rubinstein, 2010. "Perfect Equilibrium in a Bargaining Model," Levine's Working Paper Archive 252, David K. Levine.
  2. Abreu, Dilip & Matsushima, Hitoshi, 1992. "Virtual Implementation in Iteratively Undominated Strategies: Complete Information," Econometrica, Econometric Society, Econometric Society, vol. 60(5), pages 993-1008, September.
  3. Sergiu Hart & Andreu Mas-Colell, 1994. "Bargaining and value," Economics Working Papers 114, Department of Economics and Business, Universitat Pompeu Fabra, revised Feb 1995.
  4. Nash, John, 1953. "Two-Person Cooperative Games," Econometrica, Econometric Society, Econometric Society, vol. 21(1), pages 128-140, April.
  5. 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.
  6. Serrano Roberto, 1995. "A Market to Implement the Core," Journal of Economic Theory, Elsevier, vol. 67(1), pages 285-294, October.
  7. Serrano, Roberto, 1995. "Strategic bargaining, surplus sharing problems and the nucleolus," Journal of Mathematical Economics, Elsevier, vol. 24(4), pages 319-329.
  8. Roberto Serrano & Rajiv Vohra, 1997. "Non-cooperative implementation of the core," Social Choice and Welfare, Springer, Springer, vol. 14(4), pages 513-525.
  9. Mas-Colell, Andreu, 1989. "An equivalence theorem for a bargaining set," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 129-139, April.
  10. Abreu, Dilip & Matsushima, Hitoshi, 1992. "A Response [Virtual Implementation in Iteratively Undominated Strategies I: Complete Information]," Econometrica, Econometric Society, Econometric Society, vol. 60(6), pages 1439-42, November.
  11. Krishna, Vijay & Serrano, Roberto, 1996. "Multilateral Bargaining," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 63(1), pages 61-80, January.
  12. Moore, John & Repullo, Rafael, 1988. "Subgame Perfect Implementation," Econometrica, Econometric Society, Econometric Society, vol. 56(5), pages 1191-1220, September.
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