Fairness in Bargaining and Markets - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Fairness in Bargaining and Markets write by Christian Korth. This book was released on 2009-07-25. Fairness in Bargaining and Markets available in PDF, EPUB and Kindle. This book focuses on economic bargaining theory. Economic bargaining theory seeks to predict the outcomes of bargaining situations. In such situations, govern ments, ?rms, or individuals share a mutual interest in cooperation; however, they also have con?icting interests regarding the terms of an agreement. A classic ex ample of such a situation is wage bargaining between unions and employers. More commonplace examples also exist. For instance, a discussion between partners on how to spend an evening can be understood as a bargaining situation. Economic bargaining theory explores the relationship between bargaining situ ations and the outcomes of the bargaining. Economists have two primary reasons to show interest in this relationship. The ?rst reason is that many important human interactions, including economic interactions, are bargaining situations. The second reason is that the understanding of these situations may inform the economic theory of markets. The tool utilized in this study is the mathematical theory of games. Predictions for bargaining outcomes are developed by modeling the bargaining situation as a strategic game and using game theoretic equilibrium concepts in order to solve the game. In this approach, the speci?c identi?ed bargaining outcome depends on the assumptions underlying the model. The neoclassical and fundamental assumption is that of rational agents—called economic men—who strive to maximize their utility based on stable preferences.
Free Market Fairness
Free Market Fairness - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Free Market Fairness write by John Tomasi. This book was released on 2013-05-05. Free Market Fairness available in PDF, EPUB and Kindle. A provocative new vision of free market capitalism that achieves liberal ends by libertarian means Can libertarians care about social justice? In Free Market Fairness, John Tomasi argues that they can and should. Drawing simultaneously on moral insights from defenders of economic liberty such as F. A. Hayek and advocates of social justice such as John Rawls, Tomasi presents a new theory of liberal justice. This theory, free market fairness, is committed to both limited government and the material betterment of the poor. Unlike traditional libertarians, Tomasi argues that property rights are best defended not in terms of self-ownership or economic efficiency but as requirements of democratic legitimacy. At the same time, he encourages egalitarians concerned about social justice to listen more sympathetically to the claims ordinary citizens make about the importance of private economic liberty in their daily lives. In place of the familiar social democratic interpretations of social justice, Tomasi offers a "market democratic" conception of social justice: free market fairness. Tomasi argues that free market fairness, with its twin commitment to economic liberty and a fair distribution of goods and opportunities, is a morally superior account of liberal justice. Free market fairness is also a distinctively American ideal. It extends the notion, prominent in America's founding period, that protection of property and promotion of real opportunity are indivisible goals. Indeed, according to Tomasi, free market fairness is social justice, American style. Provocative and vigorously argued, Free Market Fairness offers a bold new way of thinking about politics, economics, and justice—one that will challenge readers on both the left and right.
The Economics of Fairness
The Economics of Fairness - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Economics of Fairness write by Alexander W. Cappelen. This book was released on 2019. The Economics of Fairness available in PDF, EPUB and Kindle. A growing literature in economics has studied how fairness considerations shape human behavior. This research collection comprises forty key theoretical and empirical contributions spanning the last four decades, along with influential related work in normative economics. These papers show that the fairness motive is essential for understanding human behavior in a wide range of settings, such as markets, bargaining, and redistributive situations. They document large heterogeneity in what people view as fair and the importance people attach to fairness, displaying how a concern for fairness develops in childhood and manifests itself in the brain. Together with an original introduction by the editors, this volume will be a valuable research tool for those interested in the fascinating field of the economics of fairness.
Fairness and Bargaining Efficiency Under Deadlines
Fairness and Bargaining Efficiency Under Deadlines - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Fairness and Bargaining Efficiency Under Deadlines write by Masahiro Yoshida. This book was released on 2023. Fairness and Bargaining Efficiency Under Deadlines available in PDF, EPUB and Kindle. Monopolists often exploit a deadline to boost their bargaining power, but historically, experiments document significant compromises in ultimatums. Motivated by this gap between theory and the real world, I explore whether the market designer can leverage the fairness of the monopolist to restore the extracted bargaining efficiency. Employing a durable goods monopolist model under a deadline, I show that a threat of an earlier breakdown facilitates a trade by triggering a compromise even from the rational monopolist. I test these insights in approximately 1,200 pieces of randomly matched trade data from a laboratory experiment to find that the threat device is even more robustly effective; a non-zero threat augments the overall efficiency from shrinking delays until agreement and deterring breakdowns by inciting the fairness of monopolists.
Bargaining, Fairness, and Price Rigidity in a Dsge Environment
Bargaining, Fairness, and Price Rigidity in a Dsge Environment - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Bargaining, Fairness, and Price Rigidity in a Dsge Environment write by David M. Arseneau. This book was released on 2007. Bargaining, Fairness, and Price Rigidity in a Dsge Environment available in PDF, EPUB and Kindle. "A growing body of evidence suggests that an important reason why firms do not change prices nearly as much as standard theory predicts is out of concern for disrupting ongoing customer relationships because price changes may be viewed as "unfair". Existing models that try to capture this concern regarding price-setting are all based on goods markets that are fundamentally Walrasian. In Walrasian goods markets, transactions are spot, making the idea of ongoing customer relationships somewhat difficult to understand. We develop a simple dynamic general equilibrium model of a search-based goods market to make precise the notion of a customer as a repeat buyer at a particular location. In this environment, the transactions price plays a distributive role as well as an allocative role. We exploit this distributive role of prices to explore how concerns for fairness influence price dynamics. Using pricing schemes with bargaining-theoretic foundations, we show that the particular way in which a "fair" outcome is determined matters for price dynamics. The most stark result we find is that complete price stability can arise endogenously. There are issues about which models based on standard Walrasian goods markets are silent"--Federal Reserve Board web site.
