Title of article
The concavity axiom in bilateral monopoly
Author/Authors
Cristina Pita، نويسنده , , Ram?n J. Torregrosa، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2003
Pages
7
From page
211
To page
217
Abstract
The Nash solution has been systematically applied to solve most wage bargaining models. We show that this solution should not be used in a bilateral monopoly model in which wage bargaining takes place under uncertainty over the future state of nature due to the nonfulfillment of the—often neglected—concavity axiom.
Keywords
Nash bargaining solution , Uncertainty , Bilateral monopoly
Journal title
Economics Letters
Serial Year
2003
Journal title
Economics Letters
Record number
435228
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