A simple two-axiom characterization of the Nash solution

Anbarci, Nejat 2002, A simple two-axiom characterization of the Nash solution, O R Spectrum : quantitative approaches in management, vol. 24, no. 2, pp. 215-218.

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Title A simple two-axiom characterization of the Nash solution
Author(s) Anbarci, Nejat
Journal name O R Spectrum : quantitative approaches in management
Volume number 24
Issue number 2
Start page 215
End page 218
Total pages 4
Publisher Springer Berlin / Heidelberg
Place of publication Heidelberg, Germany
Publication date 2002-05
ISSN 0171-6468
1436-6304
Summary The oldest and best-known cooperative bargaining solution concept is the Nash solution. Nash [2] 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.
Language eng
Field of Research 150305 Human Resources Management
150310 Organisation and Management Theory
Socio Economic Objective 970115 Expanding Knowledge in Commerce, Management, Tourism and Services
HERDC Research category C1.1 Refereed article in a scholarly journal
Copyright notice ©2002, Springer-Verlag
Persistent URL http://hdl.handle.net/10536/DRO/DU:30024351

Document type: Journal Article
Collection: School of Accounting, Economics and Finance
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