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On the meaning of the Nash product

Author

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  • Trockel, Walter

    (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.

Suggested Citation

  • Trockel, Walter, 2011. "On the meaning of the Nash product," Center for Mathematical Economics Working Papers 354, Center for Mathematical Economics, Bielefeld University.
    • Handle: RePEc:bie:wpaper:354
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    File URL: https://pub.uni-bielefeld.de/download/2315391/2319781
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    References listed on IDEAS

    as
    1. Nash, John, 1953. "Two-Person Cooperative Games," Econometrica, Econometric Society, vol. 21(1), pages 128-140, April.
    2. Trockel, Walter, 2017. "Rationalizability of the Nash bargaining solution," Center for Mathematical Economics Working Papers 291, Center for Mathematical Economics, Bielefeld University.
    3. Martin J. Osborne & Ariel Rubinstein, 1994. "A Course in Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262650401, December.
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