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Von Neumann-Morgenstern Stable Set Bridges Time-Preferences to the Nash Solution

Author

Listed:
  • Kultti Klaus

    (University of Helsinki)

  • Vartiainen Hannu

    (Turku School of Economics and Yrjö Jahnsson Foundation)

Abstract

We apply the von Neumann-Morgenstern stable set to the n-player cake division problem. Only time-preferences á la Rubinstein (1982) are assumed. The stable set is defined with respect to the following dominance relation: x dominates y if there is a player who prefers x over y even with one period lag. The Nash bargaining solution is characterized in the language of stable sets. Through the characterization, we establish the existence and uniqueness of the Nash solution.

Suggested Citation

  • Kultti Klaus & Vartiainen Hannu, 2007. "Von Neumann-Morgenstern Stable Set Bridges Time-Preferences to the Nash Solution," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 7(1), pages 1-26, November.
    • Handle: RePEc:bpj:bejtec:v:7:y:2007:i:1:n:41
    DOI: 10.2202/1935-1704.1251
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    Cited by:

    1. Kultti, Klaus & Vartiainen, Hannu, 2008. "Bargaining with many players: A limit result," Economics Letters, Elsevier, vol. 101(3), pages 249-252, December.
    2. Hannu Vartiainen, 2008. "A conflict-free arbitration scheme in a large population," Discussion Papers 34, Aboa Centre for Economics.

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