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The Mechanism of Transaction: Value Equilibrium Model of A Bargaining Game Betwe
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http://ieeexplore.ieee.org/xpl/freeabs_all.jsp?arnumber=4680808 : paper title: The Mechanism of Transaction: Value Equilibrium Model of A Bargaining Game Between Two Rational Agents This paper appears in: Wireless Communications, Networking and Mobile Computing, 2008. WiCOM '08. 4th International Conference on
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| Abstract Transactions are the most common phenomenon in market economy. But in theoretical research, modeling a transaction is a complex problem unsolved. In this paper, firstly, natural rationality (A) is defined as nonlinear function of agent's benefit (B) and cost (C), and A=max(B/C). This mathematical model of natural rationality can be considered as one answer to Aumann's "open problem". Secondly, Three basic definitions of neutrality value system for market economy are constructed: commodity value, seller value and buyer value. Thirdly, value equilibrium of a bargaining game is modeled when the seller value is equal to the buyer value, and equilibrium price solution in a transaction is obtained. Finally, On these basis, the sequential bargaining process between two rationality agents (a seller and a buyer) is modeled in a time series by analytical geometry. |
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