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Revision as of 03:39, 11 February 2024
scientific article
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English | The lexicographic equal-loss solution |
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The lexicographic equal-loss solution (English)
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27 June 1992
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The paper deals with a new solution for Nash's bargaining problem. It is based on the classical equal-loss solution extended by a lexicographical procedure tending to a Pareto optimum if the equal-loss itself is not Pareto optimal. The equalized losses are related to the ideal point of maximally attainable utilities. The solution is characterized by five axioms, namely: Pareto optimality, anonymity, translation invariance, weak monotonicity, independence of other (than the ideal point) alternatives, and the main result concerns the uniqueness of the described solution under the accepted axioms.
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lexicographic solution
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Pareto optimality
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Nash's bargaining problem
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equal-loss solution
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