Axiomatic Bargaining Game Theory

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Many social or economic conflict situations can be modelled by specifying the alternatives on which the involved parties may agree, and a special alternative which summarizes what happens in the event that no agreement is reached. Such a model is called a bargaining game, and a prescription assigning an alternative to each bargaining game is called a bargaining solution. In the co-operative game-theoretical approach, bargaining solutions are mathematically characterized by desirable properties, usually called axioms. In the nonco-operative approach, solutions are derived as equilibria of strategic models describing an underlying bargaining procedure. Axiomatic Bargaining Theory provides the reader with a survey of co-operative, axiomatic models of bargaining, starting with Nash’s seminal paper, The Bargaining Problem . It presents an overview of the main results in this area during the past four decades and also provides a chapter on nonco-operative models of bargaining, particularly on those models leading to bargaining solutions that also result from the axiomatic approach. The main existing axiomatizations of solutions for coalitional bargaining games are included, as well as an auxiliary chapter on the relevant demands from utility theory.