“…In Güth et al (2004), an option of waiting is added to the noisy Nash demand game; in equilibrium, there is always commitment not to wait and conditions are found under which the equilibrium converges to the Nash solution. Trockel (2005) presents a market-based noncooperative foundation of the Nash solution, emphasizing the fairness property of the Nash product. In Gómez (2006), a distortion game is proposed where players report their utility functions to an arbitrator, equilibrium outcomes coincide with the entire Pareto frontier, but where adding uncertainty to the game, an approximate implementation of the Nash solution obtains.…”
The Nash program is an important research agenda initiated in Nash (1953) in order to bridge the gap between the noncooperative and cooperative counterparts of game theory. The program is thus turning sixty-seven years old, but I will argue it is not ready for retirement, as it is full of energy and one can still propose important directions to be explored. This paper completes and updates previous surveys, and suggests several directions for future research.
“…In Güth et al (2004), an option of waiting is added to the noisy Nash demand game; in equilibrium, there is always commitment not to wait and conditions are found under which the equilibrium converges to the Nash solution. Trockel (2005) presents a market-based noncooperative foundation of the Nash solution, emphasizing the fairness property of the Nash product. In Gómez (2006), a distortion game is proposed where players report their utility functions to an arbitrator, equilibrium outcomes coincide with the entire Pareto frontier, but where adding uncertainty to the game, an approximate implementation of the Nash solution obtains.…”
The Nash program is an important research agenda initiated in Nash (1953) in order to bridge the gap between the noncooperative and cooperative counterparts of game theory. The program is thus turning sixty-seven years old, but I will argue it is not ready for retirement, as it is full of energy and one can still propose important directions to be explored. This paper completes and updates previous surveys, and suggests several directions for future research.
The Nash program is an important research agenda initiated in Nash (Econometrica 21:128-140, 1953) in order to bridge the gap between the noncooperative and cooperative counterparts of game theory. The program is thus turning sixty-seven years old, but I will argue it is not ready for retirement, as it is full of energy and one can still propose important directions to be explored. This paper completes and updates previous surveys, and suggests several directions for future research.
This essay surveys the literature on the axiomatic model of bargaining formulated by Nash ("The Bargaining Problem," Econometrica 28, 1950,[155][156][157][158][159][160][161][162].Journal of Economic Literature classification numbers, D63, D70.
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