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A characterization of the Nash bargaining solution

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  • Eyal Winter

    ()
    (Department of Economics, Hebrew University, Jerusalem 91905, Israel)

  • Oscar Volij

    ()
    (Department of Economics, 260 Heady Hall, Iowa State University, Ames, Iowa 50011, USA)

  • Nir Dagan

    ()
    (Academic Priority Ltd., Rashi 31, 52015 Ramat-Gan, Israel)

Abstract

We characterize the Nash bargaining solution replacing the axiom of Independence of Irrelevant Alternatives with three independent axioms: Independence of Non-Individually Rational Alternatives, Twisting, and Disagreement Point Convexity. We give a non-cooperative bargaining interpretation to this last axiom.

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Bibliographic Info

Article provided by Springer in its journal Social Choice and Welfare.

Volume (Year): 19 (2002)
Issue (Month): 4 ()
Pages: 811-823

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Handle: RePEc:spr:sochwe:v:19:y:2002:i:4:p:811-823

Note: Received: 4 September 2000/Accepted: 6 September 2001
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References

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  1. Rubinstein, Ariel, 1982. "Perfect Equilibrium in a Bargaining Model," Econometrica, Econometric Society, vol. 50(1), pages 97-109, January.
  2. Eric van Damme, 1984. "The Nash Bargaining Solution is Optimal," Discussion Papers 597, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  3. Lensberg, Terje, 1988. "Stability and the Nash solution," Journal of Economic Theory, Elsevier, vol. 45(2), pages 330-341, August.
  4. Damme, E.E.C. van & Peters, H., 1991. "Characterizing the Nash and Raiffa bargaining solutions by disagreement point axioms," Open Access publications from Tilburg University urn:nbn:nl:ui:12-154419, Tilburg University.
  5. Thomson, William, 1994. "Cooperative models of bargaining," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 2, chapter 35, pages 1237-1284 Elsevier.
  6. Chun, Youngsub & Thomson, William, 1990. "Nash solution and uncertain disagreement points," Games and Economic Behavior, Elsevier, vol. 2(3), pages 213-223, September.
  7. Ehud Kalai & Robert W. Rosenthal, 1976. "Arbitration of Two-Party Disputes Under Ignorance," Discussion Papers 215, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  8. Kalai, Ehud & Smorodinsky, Meir, 1975. "Other Solutions to Nash's Bargaining Problem," Econometrica, Econometric Society, vol. 43(3), pages 513-18, May.
  9. Mariotti, Marco, 1999. "Fair Bargains: Distributive Justice and Nash Bargaining Theory," Review of Economic Studies, Wiley Blackwell, vol. 66(3), pages 733-41, July.
  10. Marco Mariotti, 2000. "Maximal symmetry and the Nash solution," Social Choice and Welfare, Springer, vol. 17(1), pages 45-53.
  11. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April.
  12. Peters, Hans J M, 1986. "Simultaneity of Issues and Additivity in Bargaining," Econometrica, Econometric Society, vol. 54(1), pages 153-69, January.
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Cited by:
  1. Shiran Rachmilevitch, 2011. "Disagreement point axioms and the egalitarian bargaining solution," International Journal of Game Theory, Springer, vol. 40(1), pages 63-85, February.
  2. Xu, Yongsheng, 2012. "Symmetry-based compromise and the Nash solution to convex bargaining problems," Economics Letters, Elsevier, vol. 115(3), pages 484-486.
  3. Vartiainen, Hannu, 2007. "Collective choice with endogenous reference outcome," Games and Economic Behavior, Elsevier, vol. 58(1), pages 172-180, January.
  4. Abraham Diskin & Dan S. Felsenthal, 2007. "Individual rationality and bargaining," LSE Research Online Documents on Economics 24233, London School of Economics and Political Science, LSE Library.
  5. Geoffroy de Clippel, 2004. "An Axiomatization of the Nash Bargaining Solution," Working Papers 2004-17, Brown University, Department of Economics.
  6. Nir Dagan & Oscar Volij & Eyal Winter, 2001. "The time-preference Nash solution," Economic theory and game theory 019, Nir Dagan.
  7. Kıbrıs, Özgür & Tapkı, İpek Gürsel, 2011. "Bargaining with nonanonymous disagreement: Decomposable rules," Mathematical Social Sciences, Elsevier, vol. 62(3), pages 151-161.
  8. KIbrIs, Özgür & TapkI, Ipek Gürsel, 2010. "Bargaining with nonanonymous disagreement: Monotonic rules," Games and Economic Behavior, Elsevier, vol. 68(1), pages 233-241, January.
  9. Haruo Imai & Hannu Salonen, 2009. "Limit Solutions for Finite Horizon Bargaining Problems," Discussion Papers 51, Aboa Centre for Economics.
  10. Frank A. Schmid, 2001. "Equity financing of the entrepreneurial firm," Review, Federal Reserve Bank of St. Louis, issue Nov., pages 15-28.

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