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No individual priorities and the Nash bargaining solution. (English) Zbl 1471.91191

Summary: A bargaining solution satisfies no individual priorities (NIP) if the following holds: if \(x\) is the selected utility allocation and \(\pi x\) is also feasible, where \(\pi\) is some permutation, then \(x=\pi x\). I characterize the Nash bargaining solution on the basis of this axiom, non-triviality (the disagreement point is never selected), and scale covariance. An additional characterization is presented for the 2-person case, in which NIP is weakened and symmetry is added.

MSC:

91B26 Auctions, bargaining, bidding and selling, and other market models
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