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Welfarism And Axiomatic Bargainig Theory

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  • ROEMER, J.E.

Abstract

Consider the domain of economic environments E whose typical element is ξ = (U₁, U₂, Ω, ω*), where ui are Neumann-Morgenstern utility functions, Ω is a set of lotteries on a fixed finite set of alternatives, and ω ϵ Ω. A mechanism f associates to each ξ a lottery f(ξ) in Ω. Formulate the natural version of Nash's axioms, from his bargaining solution, for mechanisms on this domain, (e.g., IIA says that if ξ = (U₁, U₂, Δ ⊂ Ω, and f ∈ It is shown that the Nash axioms (Pareto, symmetry, IIA, invariance w. r. t. cardinal transformations of the utility functions) hardly restrict the behavior of the mechanism at all. In particular, for any integer M, choose M environments ξi, i = 1,..., M, and choose a Pareto optimal lottery ωi ∈ Ωi, restricted only so that no axiom is directly contradicted by these choices. Then there is a mechanism f for which f (ξi) = ωi, which satisfies all the axioms, and is continuous on E.
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Suggested Citation

  • Roemer, J.E., 1990. "Welfarism And Axiomatic Bargainig Theory," Papers 351, California Davis - Institute of Governmental Affairs.
  • Handle: RePEc:fth:caldav:351
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    References listed on IDEAS

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    Cited by:

    1. d'Aspremont, Claude & Gevers, Louis, 2002. "Social welfare functionals and interpersonal comparability," Handbook of Social Choice and Welfare,in: K. J. Arrow & A. K. Sen & K. Suzumura (ed.), Handbook of Social Choice and Welfare, edition 1, volume 1, chapter 10, pages 459-541 Elsevier.
    2. Marco Mariotii, 1996. "Fair bargains: distributive justice and Nash Bargaining Theory," Game Theory and Information 9611003, EconWPA, revised 06 Dec 1996.

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    Keywords

    econometrics ; economic models ; social choice;

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