Von Neumann-Morgenstern Stable Set Bridges Time-Preferences to the Nash Solution
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.
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Volume (Year): 7 (2007)
Issue (Month): 1 (November)
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