The Economics of Standards: Theory, Evidence, Policy – a Review Article

Marlies Ahlert () and Bodo Vogt ()
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Marlies Ahlert: Faculty of Economics, Martin-Luther-University Halle-Wittenberg
Bodo Vogt: Faculty of Economics, Otto-von-Guericke-University Magdeburg

Homo Oeconomicus, 2005, vol. 22, pages 111-122

Abstract: For an axiomatic approach to a special solution of the Nash-bargaining problem we use a weakened form of invariance of the solution under affine linear transformations of utility which is motivated by behavioural studies on bounded rationality. Besides standard axioms a new compensation axiom is applied. We uniquely characterize a solution which models a rule proposed in the Talmud. This solution is also supported by experimental studies.

Date: 2005

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Persistent link: http://EconPapers.repec.org/RePEc:hom:homoec:v:22:y:2005:p:111-122

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