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We introduce two new variations on the Nash demand game. One, like all known Nash-like demand games so far, has the Nash solution outcome as its equilibrium outcome. In the other, the range of solutions depends on an exogenous breakdown probability; surprisingly, the Kalai-Smorodinsky outcome...
Persistent link: https://www.econbiz.de/10005769735
We start with an initial wealth distribution. Each agent may establish at most one link with any agent in each period, yielding a surplus that agents split according to a uniform division rule. Wealth evolves by adding the payoffs to current wealth. Many long-run wealth distributions can arise,...
Persistent link: https://www.econbiz.de/10005190287
Persistent link: https://www.econbiz.de/10008843292