A comment on the Nash program and the theory of implementation
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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- Roberto Serrano & Rajiv Vohra, 1997. "Non-cooperative implementation of the core," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 14(4), pages 513-525.
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114, Department of Economics and Business, Universitat Pompeu Fabra, revised Feb 1995.
- Serrano Roberto, 1995. "A Market to Implement the Core," Journal of Economic Theory, Elsevier, vol. 67(1), pages 285-294, October.
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- Abreu, Dilip & Matsushima, Hitoshi, 1992. "A Response [Virtual Implementation in Iteratively Undominated Strategies I: Complete Information]," Econometrica, Econometric Society, vol. 60(6), pages 1439-42, November.
- Nash, John, 1953. "Two-Person Cooperative Games," Econometrica, Econometric Society, vol. 21(1), pages 128-140, April.
- Serrano, Roberto, 1995. "Strategic bargaining, surplus sharing problems and the nucleolus," Journal of Mathematical Economics, Elsevier, vol. 24(4), pages 319-329.
- Vijay Krishna & Roberto Serrano, 1996. "Multilateral Bargaining," Review of Economic Studies, Oxford University Press, vol. 63(1), pages 61-80.
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