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Books > Business & Economics > Economics > Microeconomics
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Fairness in Bargaining and Markets (Paperback, 2009 ed.)
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Fairness in Bargaining and Markets (Paperback, 2009 ed.)
Series: Lecture Notes in Economics and Mathematical Systems, 627
Expected to ship within 10 - 15 working days
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This book focuses on economic bargaining theory. Economic
bargaining theory seeks to predict the outcomes of bargaining
situations. In such situations, govern ments, ?rms, or individuals
share a mutual interest in cooperation; however, they also have
con?icting interests regarding the terms of an agreement. A classic
ex ample of such a situation is wage bargaining between unions and
employers. More commonplace examples also exist. For instance, a
discussion between partners on how to spend an evening can be
understood as a bargaining situation. Economic bargaining theory
explores the relationship between bargaining situ ations and the
outcomes of the bargaining. Economists have two primary reasons to
show interest in this relationship. The ?rst reason is that many
important human interactions, including economic interactions, are
bargaining situations. The second reason is that the understanding
of these situations may inform the economic theory of markets. The
tool utilized in this study is the mathematical theory of games.
Predictions for bargaining outcomes are developed by modeling the
bargaining situation as a strategic game and using game theoretic
equilibrium concepts in order to solve the game. In this approach,
the speci?c identi?ed bargaining outcome depends on the assumptions
underlying the model. The neoclassical and fundamental assumption
is that of rational agents-called economic men-who strive to
maximize their utility based on stable preferences.
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