Bargaining Strategies Unlock New Paths to Fairer Negotiations
The article explores different strategies in bargaining situations. Nash's papers from the 1950s introduced significant ideas to this field. He developed a solution for bargaining by considering both cooperative and noncooperative game theories. By creating a unique noncooperative demand game, Nash reached an equilibrium that matched his bargaining solution. Despite some gaps, this work set the stage for a new approach called the Nash program. This approach aims to build bargaining processes that are backed by fundamental principles and align with how players might act independently in a game.