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account well for the observed fairness and cooperation in all the tested games. The impressive predictions of the theory … promoting fairness and cooperation in the discussed games is only marginal. Strikingly, the Golden Ratio, known for its … alternating offers, and the sequential CPR dilemma game. The emergence of the golden ratio as the fairness solution in these games …
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Substantial evidence has accumulated in recent empirical works on the limited ability of the Nash equilibrium to rationalize observed behavior in many classes of games played by experimental subjects. This realization has led to several attempts aimed at finding tractable equilibrium concepts...
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We analyze optimal labor contracts when the worker is inequity averse towards the employer. Welfare is maximized for an equal sharing rule of surplus between the worker and the firm. That is, profit sharing is optimal even if effort is contractible. If the firm can make a take-it-or leave-it...
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successful in terms of fit to the experimental data: EQRE, IBE, EIBE, QRE and Nash equilibrium. -- Fairness ; Inequity aversion …
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We study the classical bargaining problem and its two canonical solutions, (Nash and Kalai-Smorodinsky), from a novel point of view: we ask for stability of the solution if both players are able distort the underlying bargaining process by reference to a third party (e.g. a court). By exploring...
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We consider the allocation problem of infinitely divisible resources with at least three agents. For this problem, Thomson (Games and Economic Behavior, 52: 186-200, 2005) and Dogan (Games and Economic Behavior, 98: 165-171, 2016) propose "simple" but not "procedurally fair" game forms which...
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