A New Insight into Three Bargaining Solutions in Convex Problems
AbstractWe reconsider the three well-known solutions: the Nash, the egalitarian and the Kalai-Smorodinsky solutions, to the classical domains of convex bargaining problems. A new proof for the Nash solution that highlights the crucial role the axiom Contraction Independence plays is provided. We also give new axiomatic characterizations for both the egalitarian and the Kalai-Smorodinsky solutions. Our results focus on both contraction and expansion independence properties of bargaining problems and, as a consequence, some new insights on the three solutions from the perspective of rational choice may be derived.
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Bibliographic InfoPaper provided by Institute of Economic Research, Hitotsubashi University in its series Discussion Paper Series with number a453.
Length: 12 p.
Date of creation: Jul 2004
Date of revision:
Note: April 2004, Bibliography: p. 11-12
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2004-07-04 (All new papers)
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