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Fairness in Bargaining and Markets Christian Korth

Fairness in Bargaining and Markets By Christian Korth

Fairness in Bargaining and Markets by Christian Korth


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Summary

This book focuses on economic bargaining theory. Economic bargaining theory explores the relationship between bargaining situ ations and the outcomes of the bargaining. Predictions for bargaining outcomes are developed by modeling the bargaining situation as a strategic game and using game theoretic equilibrium concepts in order to solve the game.

Fairness in Bargaining and Markets Summary

Fairness in Bargaining and Markets by Christian Korth

This book focuses on economic bargaining theory. Economic bargaining theory seeks to predict the outcomes of bargaining situations. In such situations, govern ments, ?rms, or individuals share a mutual interest in cooperation; however, they also have con?icting interests regarding the terms of an agreement. A classic ex ample of such a situation is wage bargaining between unions and employers. More commonplace examples also exist. For instance, a discussion between partners on how to spend an evening can be understood as a bargaining situation. Economic bargaining theory explores the relationship between bargaining situ ations and the outcomes of the bargaining. Economists have two primary reasons to show interest in this relationship. The ?rst reason is that many important human interactions, including economic interactions, are bargaining situations. The second reason is that the understanding of these situations may inform the economic theory of markets. The tool utilized in this study is the mathematical theory of games. Predictions for bargaining outcomes are developed by modeling the bargaining situation as a strategic game and using game theoretic equilibrium concepts in order to solve the game. In this approach, the speci?c identi?ed bargaining outcome depends on the assumptions underlying the model. The neoclassical and fundamental assumption is that of rational agents-called economic men-who strive to maximize their utility based on stable preferences.

Table of Contents

Bargaining Theory.- Game Theory and Fairness Preferences.- Reciprocity#x2014;An Indirect Evolutionary Analysis.- Fairness Norms in Ultimatum Exchanges.- Fairness, Price Stickiness, and History Dependence in Decentralized Trade.- Generalizations and Extensions of the Decentralized Trade Model.- Price Rigidity in an Experimental Market.

Additional information

NLS9783642022524
9783642022524
3642022529
Fairness in Bargaining and Markets by Christian Korth
New
Paperback
Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
2009-07-31
175
N/A
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