Rationality and the Nash Solution to Non-convex Bargaining Problems
AbstractConditions α and β are two well-known rationality conditions in the theory of rational choice. This paper examines the implication of weaker versions of these two rationality conditions in the context of solutions to non-convex bargaining problems. It is shown that, together with the standard axioms of efficiency, anonymity and scale invariance, they characterize the Nash solution. This result makes a further connection between solutions to non-convex bargaining problems and rationalizability of choice functions in the theory of rational choice.
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Bibliographic InfoPaper provided by Institute of Economic Research, Hitotsubashi University in its series Discussion Paper Series with number a537.
Length: 8 p.
Date of creation: Apr 2010
Date of revision:
Find related papers by JEL classification:
- C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
- C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
- 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-2010-07-03 (All new papers)
- NEP-GTH-2010-07-03 (Game Theory)
- NEP-UPT-2010-07-03 (Utility Models & Prospect Theory)
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