O R Spectrum : quantitative approaches in management
Springer Berlin / Heidelberg
Place of publication
The oldest and best-known cooperative bargaining solution concept is the Nash solution. Nash  characterized his seminal solution concept by using the axioms of ‘Independence of Irrelevant Alternatives’ (IIA), ‘Weak Pareto Optimality’ (WPO), ‘Symmetry’ (SYM), and ‘Scale Invariance’ (SI). Except for WPO, these axioms have been at the center of controversy (especially the most crucial axiom, IIA). This paper considers a new and simple axiom ‘Focal Relevance of a Pareto-optimal Midpoint’ (FRPM). It turns out that the Nash solution can be characterized by WPO and FRPM only.
Field of Research
150305 Human Resources Management 150310 Organisation and Management Theory
Socio Economic Objective
970115 Expanding Knowledge in Commerce, Management, Tourism and Services