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Fair Bargains: Distributive Justice and Nash Bargaining Theory

Author

Listed:
  • Marco Mariotti

    (Economics Department, Queen Mary, University of London)

Abstract

The Suppes-Sen dominance relation is a weak and widely accepted criterion of distributive justice. I propose its application to Nash bargaining theory. The Nash Bargaining Solution (NBS) is characterised by replacing the controversial Independence of Irrelevant Alternatives axiom with an axiom embodying the Suppes-Sen principle. The characterisation is more robust than the standard one with respect to variations in the domain of bargaining problems. It is also shown that a subset of Nash's axioms imply the Suppes-Sen relation.

Suggested Citation

  • Marco Mariotti, 1998. "Fair Bargains: Distributive Justice and Nash Bargaining Theory," Royal Holloway, University of London: Discussion Papers in Economics 98/16, Department of Economics, Royal Holloway University of London, revised Feb 1998.
    • Handle: RePEc:hol:holodi:9816
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    JEL classification:

    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
    • C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory

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