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| Author: | Chen, Z. Woolley, F. |
| Title: | A Cournot-Nash model of family decision making |
| Journal: | Economic Journal
2001 : OCT, VOL. 111:474, p. 722-748 |
| Index terms: | DECISION MAKING FAMILIES GAME THEORY |
| Language: | eng |
| Abstract: | This paper models a two-person family. Each family member is utility maximising, yet family members are interdependent because of caring and public goods within the family. The two family members' interdependent utility maximisation problems are first solved using a non-cooperative, or Cournot-Nash, game theoretic framework. The Cournot-Nash equilibrium is then used as a threat point in a bargaining game. |
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