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Alternating-Offers Bargaining with Nash Bargaining Fairness Concerns.

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This study examines the Rubinstein bargaining game with fairness concerns. Player outcomes depend on individual and opponent fairness, and bargaining power, influencing strategic proposal decisions.

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Area of Science:

  • Game Theory
  • Behavioral Economics
  • Mathematical Economics

Background:

  • The Rubinstein alternating-offers bargaining game is a foundational model in economics.
  • Fairness concerns, often referenced by the Nash bargaining solution, can significantly influence negotiation outcomes.
  • Previous models often overlooked the impact of reciprocal fairness considerations.

Purpose of the Study:

  • To analyze the impact of fairness concerns on the Rubinstein alternating-offers bargaining game.
  • To develop a model incorporating fairness preferences into the bargaining framework.
  • To investigate the strategic implications of fairness for players' proposals.

Main Methods:

  • Construction of a subgame perfect equilibrium for the bargaining game with fairness concerns.
  • Analysis of the uniqueness and properties of the derived equilibrium.
  • Application of the model to a real-world scenario: the professional basketball players' market.

Main Results:

  • Player payoffs are positively correlated with their own fairness concerns and bargaining power.
  • Payoffs are negatively correlated with opponents' fairness concerns.
  • The equilibrium partition is influenced by the ratio of players' discount rates as time lapses approach zero.

Conclusions:

  • Players should strategically consider their own and their opponents' fairness concerns and bargaining power when making proposals.
  • Simple escalation of offers is not necessarily optimal when fairness is a factor.
  • The model provides insights into pricing in bilateral monopoly markets, such as professional sports.