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On the Relevance of Alternatives in Bargaining: Average Alternative Solutions

  • Younghwan In


    (National University of Singapore)

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    We compare bargaining solutions in terms of the relevance of alternatives. We show that most well-known bargaining solutions do not use all the alternatives, but there are numerous bargaining solutions that do. We introduce a new class of bargaining solutions called ``average alternative solutions'', characterize them, and show that the Nash solution and the Kalai-Smorodinsky solution are limits of average alternative solutions. We also provide alternative characterizations for the Nash solution and the Kalai-Smorodinsky solution.

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    Paper provided by National University of Singapore, Department of Economics in its series Departmental Working Papers with number wp0214.

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    Length: 32 pages
    Date of creation: Sep 2002
    Date of revision:
    Handle: RePEc:nus:nusewp:wp0214
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    1. Thomson, W., 1989. "Cooperative Models Of Bargaining," RCER Working Papers 177, University of Rochester - Center for Economic Research (RCER).
    2. Martin J. Osborne & Ariel Rubinstein, 2005. "Bargaining and Markets," Levine's Bibliography 666156000000000515, UCLA Department of Economics.
    3. Kalai, Ehud & Smorodinsky, Meir, 1975. "Other Solutions to Nash's Bargaining Problem," Econometrica, Econometric Society, vol. 43(3), pages 513-18, May.
    4. Anbarci, Nejat, 1993. "Noncooperative Foundations of the Area Monotonic Solutions," The Quarterly Journal of Economics, MIT Press, vol. 108(1), pages 245-58, February.
    5. Tijs, S.H. & Peters, H., 1985. "Risk sensitivity and related properties for bargaining solutions," Other publications TiSEM 9715c0e3-8f88-482e-9a95-f, Tilburg University, School of Economics and Management.
    6. Sobel, Joel, 1981. "Distortion of Utilities and the Bargaining Problem," Econometrica, Econometric Society, vol. 49(3), pages 597-619, May.
    7. Peters, H.J.M. & Tijs, S.H., 1985. "Characterization of all individually monotonic bargaining solutions," Other publications TiSEM 52f5a6d5-dcac-4fec-9b8e-9, Tilburg University, School of Economics and Management.
    8. Anbarci, Nejat & Bigelow, John P., 1994. "The area monotonic solution to the cooperative bargaining problem," Mathematical Social Sciences, Elsevier, vol. 28(2), pages 133-142, October.
    9. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April.
    10. Thomson, William, 1981. "A class of solutions to bargaining problems," Journal of Economic Theory, Elsevier, vol. 25(3), pages 431-441, December.
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