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Weakest Collective Rationality and the Nash Bargaining Solution

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Author Info
Nejat Anbarci ()
Ching-jen Sun ()
Abstract

We propose a new axiom, Weakest Collective Rationality (WCR) which is weaker than both Weak Pareto Optimality (WPO) in Nash (1950)’s original characterization and Strong Individual Rationality (SIR) in Roth (1977)’s characterization of the Nash bargaining solution. We then characterize the Nash solution by Symmetry (SYM), Scale Invariance (SI), Independence of Irrelevant Alternatives (IIA) and our Weakest Collective Rationality (WCR) axiom.

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File URL: http://www.deakin.edu.au/buslaw/aef/workingpapers/papers/2009_16.pdf
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Publisher Info
Paper provided by Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance in its series Economics Series with number 2009_16.

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Date of creation: 27 Oct 2009
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Handle: RePEc:dkn:econwp:eco_2009_16

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Related research
Keywords: Nash Bargaining Solution; Pareto Optimality; Strong Individual Rationality; Weak Pareto Optimality; Weakest Collective Rationality;

Find related papers by JEL classification:
C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
D74 - Microeconomics - - Analysis of Collective Decision-Making - - - Conflict; Conflict Resolution; Alliances

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This page was last updated on 2009-11-12.

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