EQUILIBRIUM STRATEGIES FOR FINAL-OFFER ARBITRATION: THERE IS NO MEDIAN CONVERGENCE.

Steven J. Brams; Samuel Merrill

doi:10.1287/mnsc.29.8.927

EQUILIBRIUM STRATEGIES FOR FINAL-OFFER ARBITRATION: THERE IS NO MEDIAN CONVERGENCE.

Steven J. Brams, Samuel Merrill

Research output: Contribution to journal › Article › peer-review

Abstract

Final-offer arbitration is modeled as a two-person, zero-sum game of imperfect information, in which the parties are assumed to know the probability distribution of the arbitrator's fair settlements and to make bids in an infinite strategy space that maximize their expected payoffs. Necessary and sufficient conditions for there to be local and global equilibria in pure strategies are derived, and necessary conditions for mixed strategies in a particular case are found.

Original language	English (US)
Pages (from-to)	927-941
Number of pages	15
Journal	Management Science
Volume	29
Issue number	8
DOIs	https://doi.org/10.1287/mnsc.29.8.927
State	Published - 1983

ASJC Scopus subject areas

Strategy and Management
Management Science and Operations Research

Access to Document

10.1287/mnsc.29.8.927

Cite this

@article{d0892d688d37499d885780d0415c1cab,

title = "EQUILIBRIUM STRATEGIES FOR FINAL-OFFER ARBITRATION: THERE IS NO MEDIAN CONVERGENCE.",

abstract = "Final-offer arbitration is modeled as a two-person, zero-sum game of imperfect information, in which the parties are assumed to know the probability distribution of the arbitrator's fair settlements and to make bids in an infinite strategy space that maximize their expected payoffs. Necessary and sufficient conditions for there to be local and global equilibria in pure strategies are derived, and necessary conditions for mixed strategies in a particular case are found.",

author = "Brams, {Steven J.} and Samuel Merrill",

year = "1983",

doi = "10.1287/mnsc.29.8.927",

language = "English (US)",

volume = "29",

pages = "927--941",

journal = "Management Science",

issn = "0025-1909",

publisher = "INFORMS Inst.for Operations Res.and the Management Sciences",

number = "8",

}

TY - JOUR

T1 - EQUILIBRIUM STRATEGIES FOR FINAL-OFFER ARBITRATION

T2 - THERE IS NO MEDIAN CONVERGENCE.

AU - Brams, Steven J.

AU - Merrill, Samuel

PY - 1983

Y1 - 1983

N2 - Final-offer arbitration is modeled as a two-person, zero-sum game of imperfect information, in which the parties are assumed to know the probability distribution of the arbitrator's fair settlements and to make bids in an infinite strategy space that maximize their expected payoffs. Necessary and sufficient conditions for there to be local and global equilibria in pure strategies are derived, and necessary conditions for mixed strategies in a particular case are found.

AB - Final-offer arbitration is modeled as a two-person, zero-sum game of imperfect information, in which the parties are assumed to know the probability distribution of the arbitrator's fair settlements and to make bids in an infinite strategy space that maximize their expected payoffs. Necessary and sufficient conditions for there to be local and global equilibria in pure strategies are derived, and necessary conditions for mixed strategies in a particular case are found.

UR - http://www.scopus.com/inward/record.url?scp=0020797097&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=0020797097&partnerID=8YFLogxK

U2 - 10.1287/mnsc.29.8.927

DO - 10.1287/mnsc.29.8.927

M3 - Article

AN - SCOPUS:0020797097

SN - 0025-1909

VL - 29

SP - 927

EP - 941

JO - Management Science

JF - Management Science

IS - 8

ER -

EQUILIBRIUM STRATEGIES FOR FINAL-OFFER ARBITRATION: THERE IS NO MEDIAN CONVERGENCE.

Abstract

ASJC Scopus subject areas

Access to Document

Other files and links

Fingerprint

Cite this