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An axiomatization of the Sequential Raiffa solution

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  • Walter Trockel

    ()
    (Institute of Mathematical Economics, Bielefeld University)

Abstract

This paper provides four axioms that uniquely characterize the Sequential Raiffa solution proposed by Raiffa (1951, 1953) for two-person bargaining games. Three of these axioms are standard and are shared by several popular bargaining solutions. They suffice to characterize these solutions on TU-bargaining games where they coincide. The fourth axiom is a weakening of Kalai's (1977) axiom of step-by-step negotiating and turns out to be sort of a dual condition to a weaker version of Nash's IIA-axiom that together with the three standard axioms suffices to characterize the Nash bargaining solution due to Nash (1950). A conclusion of this axiomatization is that in contrast to all other known bargaining solutions the Sequential Raiffa solution does not represent just another kind of fairness or equity condition in addition to the three standard axioms but rather is determined by indefinite repeated application of the three standard axioms.

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File URL: http://www.imw.uni-bielefeld.de/papers/files/imw-wp-425.pdf
File Function: First version, 2009
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Bibliographic Info

Paper provided by Bielefeld University, Center for Mathematical Economics in its series Working Papers with number 425.

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Length: 18 pages
Date of creation: Dec 2009
Date of revision:
Handle: RePEc:bie:wpaper:425

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Related research

Keywords: bargaining games; Raiffa solution; Nash solution; axiomatization;

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Cited by:
  1. Anbarci, Nejat & Sun, Ching-jen, 2013. "Robustness of intermediate agreements and bargaining solutions," Games and Economic Behavior, Elsevier, vol. 77(1), pages 367-376.
  2. Eric Guerci & Sylvie Thoron, 2011. "Experimental comparison of compulsory and non compulsory arbitration mechanisms," Working Papers halshs-00584328, HAL.
  3. Haake,C., 2004. "Dividing by demanding : object division through market procedures," Working Papers 359, Bielefeld University, Center for Mathematical Economics.
  4. Walter Trockel, 2009. "An exact non-cooperative support for the sequential Raiffa solution," Working Papers 426, Bielefeld University, Center for Mathematical Economics.
  5. Walter Trockel, 2013. "Robustness of Intermediate Agreements for the Discrete Raiffa Solution," Working Papers 496, Bielefeld University, Center for Mathematical Economics.
  6. Haruo Imai & Hannu Salonen, 2012. "A characterization of a limit solution for finite horizon bargaining problems," International Journal of Game Theory, Springer, vol. 41(3), pages 603-622, August.

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