Weakest collective rationality and the Nash bargaining solution
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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Volume (Year): 37 (2011)
Issue (Month): 3 (September)
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- Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April.
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