The Bargaining Problem

Title: The Bargaining Problem

Field: Economics, Game Theory

Author: John F. Nash, Jr.

Published: April 1950

Abstract:
A new treatment is presented of a classical economic problem, one which occurs in many forms, as bargaining, bilateral monopoly, etc. It may also be regarded as a nonzero-sum two-person game. In this treatment a few general assumptions are made concerning the behaviour of a single individual and of a group of two individuals in certain economic environments. From these, the solution (in the sense of this paper) of the classical problem may be obtained. In the terms of game theory, values are found for the game.

Presenter Bio:
Daniel Simeone is a doctoral candidate in history, specializing in 19th-century Quebec bankruptcy. In another life, he studied discrete mathematics, graph theory, and algorithms. He likes reading, biking, and cooking. He also enjoys programming, but does so in a manner that makes professional programmers cringe.