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

Author

Listed:
  • Marlies Ahlert

    (Faculty of Economics, Martin-Luther-University Halle-Wittenberg)

  • Bodo Vogt

    (Faculty of Economics, Otto-von-Guericke-University Magdeburg)

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.

Suggested Citation

  • Marlies Ahlert & Bodo Vogt, 2005. "The Economics of Standards: Theory, Evidence, Policy û a Review Article," Homo Oeconomicus, Institute of SocioEconomics, vol. 22, pages 111-122.
    • Handle: RePEc:hom:homoec:v:22:y:2005:p:111-122
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