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Fair bargains: Distributive justice and Nash bargaining theory. (English) Zbl 0942.91039
Summary: The Suppes-Sen dominance relation is a weak criterion of impartiality in distributive justice. I propose its application to Nash bargaining theory. The Nash bargaining solution (NBS) is characterized by replacing the controversial independence of irrelevant alternatives axiom with an axiom embodying the Suppes-Sen principle. This allows a clear interpretation of the NBS as a fair arbitration scheme. In addition, the proposed characterization is more robust than the standard one with respect to variations in the domain of bargaining problems.

MSC:
91B26 Auctions, bargaining, bidding and selling, and other market models
91A12 Cooperative games
91B10 Group preferences
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