Fairness in Bargaining and the Kalai-Smorodinsky Solution
AbstractA bargaining solution guarantees minimal equity if each player's payoff is at least as large as the minimum of the payoffs assigned to him by the equal-gain (i.e., egalitarian) and equal-loss solutions. The Kalai-Smorodinsky solution is the unique scale-invariant 2-person solution with this property. There does not exist a scale-invariant n-person solution with this property.
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Bibliographic InfoPaper provided by University of Haifa, Department of Economics in its series Working Papers with number WP2011/12.
Date of creation:
Date of revision: 03 Nov 2011
Bargaining; fairness; Kalai-Smorodinsky solution;
Find related papers by JEL classification:
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
- D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-11-21 (All new papers)
- NEP-GTH-2011-11-21 (Game Theory)
- NEP-MIC-2011-11-21 (Microeconomics)
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