A Demand Adjustment Process
The aspiration approach to cooperative games, which has been studied by a number of authors, including Cross, Turbay, Albers, Selten and Bennett, presumes that players in a game bargain over their reservation prices, or aspirations. A number of aspiration-based solution concepts have been put forth, and aspiration solutions have been connected to non-cooperative bargaining models. Missing in this approach has been theory of how aspirations themselves arise. The present paper is an attempt to fill this gap. It describes a very general demand adjustment process, using the framework of set-valued dynamical systems developed by Maschler and Peleg. This demand adjustment process always converges; sufficient conditions are given in order that it converge to an aspiration, and that it converge in a finite number of steps.
Year of publication: |
1998-05-19
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Authors: | Zame, William R. ; Maschler, Michael ; Bennett, Elaine |
Published in: |
International Journal of Game Theory. - Springer. - Vol. 26.1998, 4, p. 423-438
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Publisher: |
Springer |
Saved in:
Saved in favorites
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