On the meaning of the Nash product

Walter Trockel

No 354, Center for Mathematical Economics Working Papers from Center for Mathematical Economics, Bielefeld University

Abstract: The paper provides two alternative completions of the Pareto ordering on finite dimensional compact sets. Applied to bargaining games they lead to the Pareto efficient boundary and to the Nash solution, respectively, as sets of maximal elements. In particular, the second of these complete preorderings is represented by the Nash product. This provides an interesting "straightforward interpretation" that the Nash product according to Osborne and Rubinstein (1994, p. 303) is lacking.

Keywords: Pareto boundary; Bargaining game; Nash product; Nash solution (search for similar items in EconPapers)
Date: 2011-08-12
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