In this paper we propose a new axiom, Relevant Balanced Expansion Monotonicity (RBEM), to replace Nash’s original Independence of Irrelevant Alternatives (HA) axiom. Using the RBEM axiom and the other three original axioms suggested by Nash we provide a characterization of the Nash Solution.
Field of Research
150101 Accounting Theory and Standards
Socio Economic Objective
970115 Expanding Knowledge in Commerce, Management, Tourism and Services