Anbarci, Nejat; Sun, Ching-jen - Deakin University, Faculty of Business and Law, School … - 2009
We propose a new axiom, Weakest Collective Rationality (WCR) which is weaker than both Weak Pareto Optimality (WPO) in Nash (1950)’s original characterization and Strong Individual Rationality (SIR) in Roth (1977)’s characterization of the Nash bargaining solution. We then characterize the...