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The Nash bargaining solution in economic modelling
This article establishes the relationship between the static axiomatic theory of bargaining and the sequential strategic approach to bargaining. We consider two strategic models of alternating…
Learning to be imperfect: The ultimatum game
Muddling Through: Noisy Equilibrium Selection☆
This paper model strategy selection as a birth–death process, allowing us to find a simple, closed-form solution for the stationary distribution, and examines equilibrium selection by considering the limiting case as the population gets large, eliminating aggregate noise.
An Outside Option Experiment
In the economic modeling of bargaining, outside options have often been naively treated by taking them as the disagreement payoffs in an application of the Nash bargaining solution. The paper…
Evolutionary stability in repeated games played by finite automata
A Backward Induction Experiment
- K. Binmore, John D. McCarthy, Giovanni Ponti, L. Samuelson, A. Shaked
- EconomicsJ. Econ. Theory
- 1 May 2002
This paper reports experiments with one-stage and two-stage alternating-offers bargaining games to examine whether, given payoff-interdependent preferences, players respect backward induction and finds systematic violations of both subgame and truncation consistency.
Testing non-cooperative bargaining theory: a preliminary study
Musical Chairs: Modeling Noisy Evolution
Abstract We examine an evolutionary process based on an explicit model of choice in which agents occasionally make mistakes in choosing their strategies. If the population size is sufficiently large,…
Game theory - a very short introduction
- K. Binmore
- 2 November 2007
This Very Short Introduction introduces the fascinating world of game theory, showing how it can be understood without mathematical equations, and revealing that everything from how to play poker optimally to the sex ratio among bees can be understanding by anyone willing to think seriously about the problem.