We give an axiomatic characterization of the Time-Preference Nash Solution, a bargaining solution that is applied when the underlying preferences are defined over streams of physical outcomes. This bargaining solution is similar to the ordinal Nash solution introduced by Rubinstein, Safra, and Thomson (1992), but it gives a different prediction when the set of physical outcomes is a set of lott...

We correct an omission in the definition of the domain of weakly responsive preferences introduced in [B. Klaus, F. Klijn, Stable matchings and preferences of couples, J. Econ. Theory 121 (2005) 75–106] or KK05 for short. The proof of the existence of stable matchings [KK05, Theorem 3.3] and a maximal domain result [KK05, Theorem 3.5] are adjusted accordingly. © 2009 Elsevier Inc. All rights re...

We compare bargaining solutions in terms of the relevance of alternatives. We show that most well-known bargaining solutions do not use all the alternatives, but there are numerous bargaining solutions that do. We introduce a new class of bargaining solutions called ``average alternative solutions'', characterize them, and show that the Nash solution and the Kalai-Smorodinsky solution are limit...

Market design plays an essential role in promoting innovation. I examine emission allowance auctions, airport slot auctions, spectrum auctions, and electricity markets, and demonstrate how the market design can encourage innovation. Improved pricing information is one source of innovation. Enhancing competition is another driver of innovation seen in all of the applications. Market design foste...

We analyze an exchange economy in which (i) all commodities except money are indivisible, (ii) agents' preferences can be described by a reservation value for each bundle of indivisible objects, and (iii) all agents are price-takers. We obtain a necessary and sufficient condition under which market clearing prices exist. Implications for market mechanisms are discussed. Journal of Economic Lite...

This study investigated the effect crumb rubber recycled from wasted tires on properties of structural lightweight aggregate concrete (LWAC). Two types were tested: control LWAC and rubberized (RLWAC). The consisted cement, fine (river sand), coarse (porous aggregates). For RLWAC, was replaced by at rate 10, 20, 30, 40, 50% volume. water to cement ratio for both set 0.35. experiment series dens...

In tiffs paper we present necessary and sufficient conditions Ibr existence and uniqueness of ordinal Nash outcomes. These outcomes are derived from the ordinal Nash solution a reinterpretation and an extension of the Nash bargaining solution that allows bargainers to have preference relations that are more general than expected utility. Out task is undertaken by the construction of a new notio...

Lotteries are introduced into Cavalcanti and Erosa (2008) [2], a version of Trejos and Wright (1995) [4] with aggregate shocks. Lotteries improve welfare and eliminate the two notable features of the optimum with deterministic trades: over-production and history-dependence. Moreover, the optimum can be supported by buyer take-it-or-leave-it offers. © 2011 Elsevier Inc. All rights reserved. JEL ...

We establish a general n-player link between non-cooperative bargaining and the Nash solution. Non-cooperative bargaining is captured in a reduced form through the von Neumann-Morgenstern (1944) stability concept. A stable set always exists. Moreover, if the utility set has a smooth surface, then any stable set converges to the Nash bargaining solution. Finally, the equivalence of stationary eq...