- Risk sensitivity, independence of irrelevant alternatives and continuity of bargaining solutions
- Mathematical Social Sciences
- Pages (from-to)
- Document type
- Faculty of Economics and Business (FEB)
- Amsterdam School of Economics Research Institute (ASE-RI)
Bargaining solutions are considered which have the following four properties: individual rationality, Pareto optimality, independence of equivalent utility representations, and independence of irrelevant alternatives. A main result of this paper is a simple proof of the fact that all such bargaining solutions are risk sensitive. Further a description is given of all bargaining solutions satisfying the four mentioned properties. Finally, a continuous bargaining solution, satisfying the first three properties, is given which is not risk sensitive.
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