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In the current FIFA penalty shootout mechanism, a coin toss decides which team will kick first. Empirical evidence suggests that the team taking the first kick has a higher probability to win a shootout. We design sequentially fair shootout mechanisms such that in all symmetric Markov-perfect...
Persistent link: https://www.econbiz.de/10011162526
We propose a new axiom, Weakest Collective Rationality (WCR) which is weaker than both Weak Pareto Optimality (WPO) in Nash (1950)’s original characterization and Strong Individual Rationality (SIR) in Roth (1977)’s characterization of the Nash bargaining solution. We then characterize the...
Persistent link: https://www.econbiz.de/10008479704
This article proposes a simple Nash program. Both our axiomatic characterization and our noncooperative procedure consider each distinct asymmetric and symmetric Nash solution. Our noncooperative procedure is a generalization of the simplest known sequential Nash demand game analyzed by...
Persistent link: https://www.econbiz.de/10010593102
Most real-life bargaining is resolved gradually. During this process parties reach intermediate agreements. These intermediate agreements serve as disagreement points in subsequent rounds. We identify robustness criteria which are satisfied by three prominent bargaining solutions, the Nash,...
Persistent link: https://www.econbiz.de/10010593103
Suppes-Sen Dominance is a commonly accepted criterion of impartiality in distributive justice. Mariotti (1999) characterized the Nash bargaining solution using Nash (1950).s Scale Invariance (SI) axiom and an axiom named Suppes-Sen Proofness (SSP) that embodies the Suppes-Sen principle. By...
Persistent link: https://www.econbiz.de/10008474120
In most macroeconomic models inflation tends to be harmful. In this paper we show that by simply changing the timing of production decisions by firms from “on demand” to “in advance”, some inflation can boost welfare as long as goods are sufficiently perishable. The main conclusion from...
Persistent link: https://www.econbiz.de/10015252786
Persistent link: https://www.econbiz.de/10012090571
In the current FIFA penalty shootout mechanism, a coin toss decides which team will kick first. Empirical evidence suggests that the team taking the first kick has a higher probability to win a shootout. We design sequentially fair shootout mechanisms such that in all symmetric Markov-perfect...
Persistent link: https://www.econbiz.de/10011158610
Most real-life bargaining is resolved gradually. During this process parties reach intermediate agreements. These intermediate agreements serve as disagreement points in subsequent rounds. We identify robustness criteria which are satisfied by three prominent bargaining solutions, the Nash,...
Persistent link: https://www.econbiz.de/10011049666
This article proposes a simple Nash program. Both our axiomatic characterization and our noncooperative procedure consider each distinct asymmetric and symmetric Nash solution. Our noncooperative procedure is a generalization of the simplest known sequential Nash demand game analyzed by ...
Persistent link: https://www.econbiz.de/10011041615