New PDF release: Fairness in Bargaining and Markets

By Christian Korth

ISBN-10: 3642022529

ISBN-13: 9783642022524

This ebook contributes to behavioral fiscal examine at the primary factor of social personal tastes, concentrating on the results of social equity norms at the interplay of marketplace members. the writer makes use of either game-theoretic and experimental the way to learn the results of social equity norms at the results of bilateral bargaining events. it's proven choice for reciprocity is evolutionarily good in a "game of existence" that contains bilateral bargaining occasions. The equity benchmark or reference that this kind of choice is determined by is investigated via a school room test. additionally, the publication provides a theoretical research of a marketplace version in addition to an experimental laboratory learn to discover the consequences of equity issues for rate formation in matching markets.

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Extra resources for Fairness in Bargaining and Markets

Example text

He can achieve this by behaving nicely in return, as the reciprocation term is defined to be positive when the player chooses a kind action. The motivation for negative reciprocity is modeled analogously. Because the kindness and the reciprocation term depend explicitly on belief s, a psychological game is formed. However, Rabin’s model is restricted to simultaneous, two-player normal-form games. This implies a drawback when a sequential game is rewritten in normal form and solved accordingly: Rabin’s model cannot not take the sequential structure of the game into account.

3 fall in two categories: equity-based and intention-based psychological approaches to fairness. One important difference between them is that the former assume that players are either intrinsically fair or intrinsically egoistic or that each player randomizes whether he acts fairly or not. The ex-ante probability of a player being fair is common knowledge. In psychological games, beliefs are built independently of information. A shortcoming of this approach is that beliefs do not have any inherent meaning, and therefore might be formed strategically.

These are somewhat restrictive but not overly critical assumptions of the indirect evolutionary approach: immediate play of an equilibrium could be replaced by an adaptive learning process that operates sufficiently faster than evolution; general perfect observability of preferences—a standard assumption in game theory—could be relaxed to only occasional bilateral encounters with complete information, or the possibility that players collect and process information about their opponents at non-prohibitive costs, which they compare to population-dependent benefits.

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Fairness in Bargaining and Markets by Christian Korth

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