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Axiomatic Bargaining on Economic Enviornments with Lott

Most contributions in axiomatic bargaining are phrased in the space of utilities. This comes in sharp contrast with standards in most other fields of economic theory. The present paper shows how Nash’s original axiomatic system can be rephrased in a natural class of economic environments with lotteries, and how his uniqueness result can be recovered, provided one completes the system with a property of independence with respect to preferences over unfeasible alternatives. Similar results can be derived for the Kalai-Smorodinsky solution if and only if bargaining may involve multiple goods. The paper also introduces a distinction between welfarism and cardinal welfarism, and emphasizes that the Nash solution is ordinally invariant on the class of von Neumann-Morgensterm preferences.

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File URL: http://www.brown.edu/Departments/Economics/Papers/2009/2009-5_paper.pdf
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Paper provided by Brown University, Department of Economics in its series Working Papers with number 2009-5.

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Date of creation: 2009
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Handle: RePEc:bro:econwp:2009-5
Contact details of provider: Postal: Department of Economics, Brown University, Providence, RI 02912

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  1. de Clippel, Geoffroy & Eliaz, Kfir, 2009. "Reason-Based Choice: A Bargaining Rationale for the Attraction and Compromise Effects," CEPR Discussion Papers 7414, C.E.P.R. Discussion Papers.
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  4. DUTTA, Bhaskar & JACKSON, Matthew O. & LE BRETON, Michel, 1999. "Strategic candidacy and voting procedures," CORE Discussion Papers 1999011, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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  7. Zvi Safra & Dov Samet, 2003. "An ordinal solution to bargaining problems with many players," Game Theory and Information 0310002, EconWPA.
  8. Grant, Simon & Kajii, Atsushi, 1995. "A Cardinal Characterization of the Rubinstein-Safra-Thomson Axiomatic Bargaining Theory," Econometrica, Econometric Society, vol. 63(5), pages 1241-49, September.
  9. Geoffroy de Clippel & Camelia Bejan, 2009. "No Profitable Decomposition in Quasi-Linear Allocation Problems," Working Papers 2009-6, Brown University, Department of Economics.
  10. Marc Fleurbaey, 2003. "On the informational basis of social choice," Social Choice and Welfare, Springer, vol. 21(2), pages 347-384, October.
  11. Rubinstein, Ariel & Safra, Zvi & Thomson, William, 1992. "On the Interpretation of the Nash Bargaining Solution and Its Extension to Non-expected Utility Preferences," Econometrica, Econometric Society, vol. 60(5), pages 1171-86, September.
  12. Hanany, Eran, 2007. "Appeals immune bargaining solution with variable alternative sets," Games and Economic Behavior, Elsevier, vol. 59(1), pages 72-84, April.
  13. EHLERS, Lars & WEYMARK, John A., 2001. "Candidate Stability and Nonbinary Social Choice," Cahiers de recherche 2001-30, Universite de Montreal, Departement de sciences economiques.
  14. Peters, H.J.M. & Tijs, S.H., 1985. "Characterization of all individually monotonic bargaining solutions," Other publications TiSEM 52f5a6d5-dcac-4fec-9b8e-9, School of Economics and Management.
  15. Burgos, Albert & Grant, Simon & Kajii, Atsushi, 2002. "Bargaining and Boldness," Games and Economic Behavior, Elsevier, vol. 38(1), pages 28-51, January.
  16. Roger B. Myerson, 1982. "Two-Person Bargaining Problems with Incomplete Infonnation," Discussion Papers 527, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  17. Chambers, Christopher P., 2005. "Allocation rules for land division," Journal of Economic Theory, Elsevier, vol. 121(2), pages 236-258, April.
  18. Karni, Edi & Schmeidler, David, 1976. "Independence of nonfeasible alternatives, and independence of nonoptimal alternatives," Journal of Economic Theory, Elsevier, vol. 12(3), pages 488-493, June.
  19. Campbell, Donald E, 1992. "Implementation of Social Welfare Functions," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 33(3), pages 525-33, August.
  20. Kibris, Ozgur, 2004. "Egalitarianism in ordinal bargaining: the Shapley-Shubik rule," Games and Economic Behavior, Elsevier, vol. 49(1), pages 157-170, October.
  21. Elisha A. Pazner & David Schmeidler, 1975. "Egalitarian Equivalent Allocations: A New Concept of Economic Equity," Discussion Papers 174, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  22. Thomson, W., 1989. "Cooperative Models Of Bargaining," RCER Working Papers 177, University of Rochester - Center for Economic Research (RCER).
  23. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April.
  24. Samet, Dov & Safra, Zvi, 2005. "A family of ordinal solutions to bargaining problems with many players," Games and Economic Behavior, Elsevier, vol. 50(1), pages 89-106, January.
  25. Roemer, John E., 1988. "Axiomatic bargaining theory on economic environments," Journal of Economic Theory, Elsevier, vol. 45(1), pages 1-31, June.
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