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The Nash Bargaining Game is a simple two player game used to model bargaining interactions. In the Nash Bargaining Game two players demand a portion of some good (usually some amount of money). If the two proposals sum to less than the total good, then both players get their demand. Otherwise, both get nothing. This game was first suggested by John Nash in his 1950 paper "The Bargaining Problem". Jump to: navigation, search 1950 was a common year starting on Sunday (link will take you to calendar). ...
Equilibrium Analysis Strategies are represented in the Nash Bargaining Game by an pair (x, y). x and y are selected from the interval [0, z], where z is the total good. If x+y is equal to or less than z, the first player receives x and the second y. Otherwise both get 0. In mathematics, interval is a concept relating to the sequence and set-membership of one or more numbers. ...
There are many Nash equilibria in the Nash Bargaining Game. Any x and y such that x+y=z is a Nash equilibrium. If either player increases their demand, both players receive nothing. If either reduces their demand they will receive less than if had they demanded x or y. There is also a Nash equilibrium where both players demand the entire good. Here both players receive nothing, but neither player can increase their return by unilaterally changing their strategy. In game theory, the Nash equilibrium (named after John Nash) is a kind of optimal strategy for games involving two or more players, whereby the players reach an outcome to mutual advantage. ...
Applications Recently the Nash Bargaining Game has been used by some philosophers and economists in order to explain the emergence of human attitudes toward distributive justice (Alexander 2000; Alexander and Skyrms 1999; Binmore 1998, 2005). These authors primarily use evolutionary game theory in order to explain how individuals come to believe that proposing a 50-50 split is the only just solution to the Nash Bargaining Game. Jump to: navigation, search Philosophy is a discipline or field of study involving the investigation, analysis, and development of ideas at a general, abstract, or fundamental level. ...
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Distributive justice concerns what is just or right with respect to the allocation of goods (or utility) in a society. ...
Evolutionary game theory (EGT) is the application of game theory in evolutionary biology. ...
Jump to: navigation, search Allegory of Justice as woman with sword and with book - statue at court building. ...
See Also In game theory, the Nash equilibrium (named after John Nash who proposed it) is a kind of optimal collective strategy in a game involving two or more players, where no player has anything to gain by changing only their own strategy. ...
The Ultimatum game is an experimental economics game in which two parties interact anonymously and only once, so reciprocation is not an issue. ...
References Alexander, Jason McKenzie (2000) "Evolutionary Explanations of Distributive Justice." Philosophy of Science 67: 490-516.
Alexander, Jason and Brian Skyrms (1999) "Bargaining with Neighbors: Is Justice Contagious" Journal of Philosophy 96(11): 588-598.
Binmore, Ken (1998) Game Theory and The Social Contract Volume 2: Just Playing Cambridge: MIT Press.
Binmore, Ken (2005) Natural Justice
Nash, John (1950) "The Bargaining Problem" Econometrica 18: 155-162.
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