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.
(This abstract was borrowed from another version of this item.)
Volume (Year): 37 (2011)
Issue (Month): 3 (September)
|Contact details of provider:|| Web page: http://link.springer.de/link/service/journals/00355/index.htm |
|Order Information:||Web: http://link.springer.de/orders.htm|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April.
When requesting a correction, please mention this item's handle: RePEc:spr:sochwe:v:37:y:2011:i:3:p:425-429. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Guenther Eichhorn)or (Christopher F Baum)
If references are entirely missing, you can add them using this form.