From Nash to Walras via Shapley-Shubik

We derive the existence of a Walras equilibrium directly from Nash's theorem on noncooperative games. No price player is involved, nor are generalized games. Instead we use a variant of the Shapley-Shubik trading-post game.Nash equilibrium, Walras equilibrium, Shapley-Shubik trading-posts game, Money

Corporate strategies – the institutional approach

The present paper introduces a model of corporate strategies, based on institutional theories of the firm and formalized with the concepts of the theory of games. Corporate strategies are balanced outcomes of four social games: capital market, corporate governance, product market and social responsibility. Two empirical applications of the model are then introduced: a qualitative one, consisting in comparative study of strategies deployed by Royal Dutch Shell and Israel Corporation, then a quantitative one, presenting a study of capital accumulation and operational efficiency in 79 companies listed in the Warsaw Stock Exchange.institutional economics, strategy, corporation

Nash Demand Game and the Kalai-Smorodinsky Solution

We introduce two new variations on the Nash demand game. One, like all known Nash-like demand games so far, has the Nash solution outcome as its equilibrium outcome. In the other, the range of solutions depends on an exogenous breakdown probability; surprisingly, the Kalai-Smorodinsky outcome proves to be the most robust equilibrium outcome. While the Kalai-Smorodinsky solution always finishes on top, there is no possible general ranking among the remaining solution concepts considered; in fact, the rest of the solution concepts take their turns at the bottom at various bargaining problems, depending on the specifics of the bargaining setup.Nash demand game, Kalai-Smorodinsky Solution.

Bargaining and the theory of cooperative games: John Nash and beyond

This essay surveys the literature on the axiomatic model of bargaining formulated by Nash ("The Bargaining Problem," Econometrica 28, 1950, 155-162).Nash's bargaining model, Nash solution, Kalai-Smorodinsky solution, Egalitarian solution

Existence of Walras Equilibrium Without a Price Player of Generalized Game

We derive the existence of a Walras equilibrium directly from Nash's theorem on noncooperative games. No price player is involved, nor are generalized games.Walras equilibrium, game theory, Nash model, noncoperative games

On the Nash program for the Nash bargaining solution

bargaining

A universal meta bargaining realization of the Nash solution

bargaining