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Equity dynamics in bargaining without information exchange


Nax, Heinrich H (2015). Equity dynamics in bargaining without information exchange. Journal of Evolutionary Biology, 25(5):1011-1026.

Abstract

In this paper, completely uncoupled dynamics for n-player bargaining are proposed that mirror key behavioral elements of early bargaining and aspiration adjustment models (Zeuthen, 1930; Sauermann and Selten, 118:577–597 1962). Individual adjustment dynamics are based on directional learning adjustments, solely driven by histories of own realized payoffs. Bargaining this way, all possible splits have positive probability in the stationary distribution of the process, but players will split the pie almost equally most of the time. The expected waiting time for almost equal splits to be played is quadratic.

Abstract

In this paper, completely uncoupled dynamics for n-player bargaining are proposed that mirror key behavioral elements of early bargaining and aspiration adjustment models (Zeuthen, 1930; Sauermann and Selten, 118:577–597 1962). Individual adjustment dynamics are based on directional learning adjustments, solely driven by histories of own realized payoffs. Bargaining this way, all possible splits have positive probability in the stationary distribution of the process, but players will split the pie almost equally most of the time. The expected waiting time for almost equal splits to be played is quadratic.

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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:06 Faculty of Arts > Institute of Sociology
Dewey Decimal Classification:300 Social sciences, sociology & anthropology
Scopus Subject Areas:Social Sciences & Humanities > General Business, Management and Accounting
Social Sciences & Humanities > Economics and Econometrics
Uncontrolled Keywords:Bargaining, Cooperative game theory, Equity, Evolutionary game theory, (Completely uncoupled) learning
Language:English
Date:18 April 2015
Deposited On:27 Nov 2020 12:11
Last Modified:24 May 2024 01:42
Publisher:Wiley-Blackwell Publishing, Inc.
ISSN:1010-061X
OA Status:Closed
Free access at:Publisher DOI. An embargo period may apply.
Publisher DOI:https://doi.org/10.1007/s00191-015-0405-9