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Nash Bargaining Game
Cooperative bargaining is a process in which two people decide how to share a surplus that they can jointly generate. In many cases, the surplus created by the two players can be shared in many ways, forcing the players to negotiate which division of payoffs to choose. Such surplus-sharing problems (also called bargaining problem) are faced by management and labor in the division of a firm's profit, by trade partners in the specification of the terms of trade, and more. The present article focuses on the ''normative'' approach to bargaining. It studies how the surplus ''should'' be shared, by formulating appealing axioms that the solution to a bargaining problem should satisfy. It is useful when both parties are willing to cooperate in implementing the fair solution. Such solutions, particularly the Nash solution, were used to solve concrete economic problems, such as management–labor conflicts, on numerous occasions. An alternative approach to bargaining is the ''positive'' appr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sequential Bargaining
Sequential bargaining (also known as alternate-moves bargaining, alternating-offers protocol, etc.) is a structured form of bargaining between two participants, in which the participants take turns in making offers. Initially, person #1 has the right to make an offer to person #2. If person #2 ''accepts'' the offer, then an agreement is reached and the process ends. If person #2 ''rejects'' the offer, then the participants switch turns, and now it is the turn of person #2 to make an offer (which is often called a ''counter-offer''). The people keep switching turns until either an agreement is reached, or the process ends with a disagreement due to a certain ''end condition''. Several end conditions are common, for example: * There is a pre-specified limit on the number of turns; after that many turns, the process ends. * There is a pre-specified limit on the negotiation time; when time runs out, the process ends. * The number of possible offers is finite, and the protocol rules dis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Rawls
John Bordley Rawls (; February 21, 1921 – November 24, 2002) was an American moral philosophy, moral, legal philosophy, legal and Political philosophy, political philosopher in the Modern liberalism in the United States, modern liberal tradition. Rawls has been described as one of the most influential list of political philosophers, political philosophers of the 20th century. In 1990, Will Kymlicka wrote in his introduction to the field that "it is generally accepted that the recent rebirth of normative political philosophy began with the publication of John Rawls's ''A Theory of Justice'' in 1971". Rawls's theory of Justice as Fairness, "justice as fairness" recommends equal basic liberties, equality of opportunity, and facilitating the maximum benefit to the least advantaged members of society in any case where inequalities may occur. Rawls's argument for these principles of social justice uses a thought experiment called the "original position", in which people Deliberative ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bargaining
In the social sciences, bargaining or haggling is a type of negotiation in which the buyer and seller of a Goods and services, good or service debate the price or nature of a Financial transaction, transaction. If the bargaining produces agreement on terms, the transaction takes place. It is often commonplace in poorer countries, or poorer localities within any specific country. Haggling can mostly be seen within street markets worldwide, wherein there remains no guarantee of the origin and authenticity of available products. Many people attribute it as a skill, but there remains no guarantee that the price put forth by the buyer would be acknowledged by the seller, resulting in losses of Profit (economics), profit and even Inventory turnover, turnover in some cases. A growth in the country's Per capita income, GDP Per Capita Income is bound to reduce both the ill-effects of bargaining and the unscrupulous practices undertaken by vendors at street markets. Although the most app ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uriel Rothblum
Uriel George "Uri" Rothblum (; Tel Aviv, March 16, 1947 – Haifa, March 26, 2012) was an Israeli mathematician and operations researcher. From 1984 until 2012 he held the Alexander Goldberg Chair in Management Science at the Technion – Israel Institute of Technology in Haifa, Israel.. Rothblum was born in Tel Aviv to a family of Jewish immigrants from Austria. He went to Tel Aviv University, where Robert Aumann became his mentor; he earned a bachelor's degree there in 1969 and a master's in 1971. He completed his doctorate in 1974 from Stanford University, in operations research, under the supervision of Arthur F. Veinott. After postdoctoral research at New York University, he joined the Yale University faculty in 1975, and moved to the Technion in 1984. Rothblum became president of the Israeli Operational Research Society (ORSIS) for 2006–2008, and editor-in-chief of ''Mathematics of Operations Research'' from 2010 until his death. He was elected to the 2003 class of Fellow ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alvin E
''Alvin'' (DSV-2) is a crewed deep-ocean research submersible owned by the United States Navy and operated by the Woods Hole Oceanographic Institution (WHOI) of Woods Hole, Massachusetts. The original vehicle was built by General Mills' Electronics Group in Minneapolis, Minnesota. Named to honor the prime mover and creative inspiration for the vehicle, Allyn Vine, ''Alvin'' was commissioned on June 5, 1964. The submersible is launched from the deep submergence support vessel , which is also owned by the U.S. Navy and operated by WHOI. The submersible has made more than 5,200 dives, carrying two scientists and a pilot, observing the lifeforms that must cope with super-pressures and move about in total darkness, as well as exploring the wreck of ''Titanic''. Research conducted by ''Alvin'' has been featured in nearly 2,000 scientific papers. Design ''Alvin'' was designed as a replacement for bathyscaphes and other less maneuverable oceanographic vehicles. Its more nimble des ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk Aversion
In economics and finance, risk aversion is the tendency of people to prefer outcomes with low uncertainty to those outcomes with high uncertainty, even if the average outcome of the latter is equal to or higher in monetary value than the more certain outcome. Risk aversion explains the inclination to agree to a situation with a lower average payoff that is more predictable rather than another situation with a less predictable payoff that is higher on average. For example, a risk-averse investor might choose to put their money into a bank account with a low but guaranteed interest rate, rather than into a stock that may have high expected returns, but also involves a chance of losing value. Example A person is given the choice between two scenarios: one with a guaranteed payoff, and one with a risky payoff with same average value. In the former scenario, the person receives $50. In the uncertain scenario, a coin is flipped to decide whether the person receives $100 or nothing. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Strong Reciprocity
Strong reciprocity is an area of research in behavioral economics, evolutionary psychology, and evolutionary anthropology on the predisposition to cooperate even when there is no apparent benefit in doing so. This topic is particularly interesting to those studying the evolution of cooperation, as these behaviors seem to be in contradiction with predictions made by many models of cooperation. In response, current work on strong reciprocity is focused on developing evolutionary models which can account for this behavior. Critics of strong reciprocity argue that it is an artifact of lab experiments and does not reflect cooperative behavior in the real world. Evidence for strong reciprocity Experimental evidence A variety of studies from experimental economics provide evidence for strong reciprocity, either by demonstrating people's willingness to cooperate with others, or by demonstrating their willingness to take costs on themselves to punish those who do not. Evidence for cooperat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Herbert Gintis
Herbert Gintis (February 11, 1940 – January 5, 2023) was an American economist, behavioral scientist, and educator known for his theoretical contributions to sociobiology, especially altruism, cooperation, epistemic game theory, gene-culture coevolution, efficiency wages, strong reciprocity, and human capital theory. Throughout his career, he worked extensively with economist Samuel Bowles (economist), Samuel Bowles. Their landmark book, ''Schooling in Capitalist America: Educational Reform and the Contradictions of Economic Life, Schooling in Capitalist America'', had multiple editions in five languages since it was first published in 1976. Their book, ''A Cooperative Species: Human Reciprocity and its Evolution'' was published by Princeton University Press in 2011. Early life and education Gintis was born in Philadelphia, Pennsylvania, where his father had a retail furniture business. He grew up there and later in Bala Cynwyd (just outside Philadelphia). Gintis completed his ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Justice
In its broadest sense, justice is the idea that individuals should be treated fairly. According to the ''Stanford Encyclopedia of Philosophy'', the most plausible candidate for a core definition comes from the ''Institutes (Justinian), Institutes'' of Justinian I, Justinian, a 6th-century codification of Roman law, where justice is defined as "the constant and perpetual will to render to each his due". A society where justice has been achieved would be one in which individuals receive what they "deserve". The interpretation of what "deserve" means draws on a variety of fields and philosophical branches including ethics, rationality, law, religion, and fairness. The state may pursue justice by operating courts and enforcing their rulings. History Early Western theories of justice were developed in part by Ancient Greek philosophers such as Plato in his work ''Republic (Plato), The Republic'', and Aristotle, in his ''Nicomachean Ethics'' and ''Politics (Aristotle), Politics'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Evolutionary Game Theory
Evolutionary game theory (EGT) is the application of game theory to evolving populations in biology. It defines a framework of contests, strategies, and analytics into which Darwinism, Darwinian competition can be modelled. It originated in 1973 with John Maynard Smith and George R. Price's formalisation of contests, analysed as strategies, and the mathematical criteria that can be used to predict the results of competing strategies. Evolutionary game theory differs from classical game theory in focusing more on the dynamics of strategy change. This is influenced by the frequency of the competing strategies in the population. Evolutionary game theory has helped to explain the basis of altruism (biology), altruistic behaviours in Darwinian evolution. It has in turn become of interest to economists, sociologists, anthropologists, and philosophers. History Classical game theory Classical non-cooperative game theory was conceived by John von Neumann to determine optimal strategies i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Distributive Justice
Distributive justice concerns the Social justice, socially just Resource allocation, allocation of resources, goods, opportunity in a society. It is concerned with how to allocate resources fairly among members of a society, taking into account factors such as wealth, income, and social status. Often contrasted with procedural justice, just process and Equal opportunity, formal equal opportunity, distributive justice concentrates on outcomes (substantive equality). This subject has been given considerable attention in philosophy and the social sciences. Theorists have developed widely different conceptions of distributive justice. These have contributed to debates around the arrangement of social, political and economic institutions to promote the just distribution of benefits and burdens within a society. Most contemporary theories of distributive justice rest on the precondition of material scarcity. From that precondition arises the need for principles to resolve competing intere ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kenneth Binmore
Kenneth George "Ken" Binmore, (born 27 September 1940) is an English mathematician, economist, and game theorist, a Professor Emeritus of Economics at University College London (UCL) and a Visiting Emeritus Professor of Economics at the University of Bristol. As a founder of modern economic theory of bargaining (with Nash and Rubinstein), he made important contributions to the foundations of game theory, experimental economics, evolutionary game theory and analytical philosophy. He took up economics after holding the Chair of Mathematics at the London School of Economics. The switch has put him at the forefront of developments in game theory. His other interests include political and moral philosophy, decision theory, and statistics. He has written over 100 scholarly papers and 14 books. Education Binmore studied mathematics at Imperial College London, where he was awarded a 1st class-honours BSc with a Governor's Prize, and later a PhD in mathematical analysis. Research B ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
