Axiomatic Characterizations of the Raiffa and the Kalai-Smorodinsky Solutions to the Bargaining Problem
Published Online:1 Dec 1989https://doi.org/10.1287/opre.37.6.972
Abstract
The Raiffa Solution to the Bargaining Problem, proposed in 1951, has several appealing properties, especially when viewed as a model of the negotiation process in an integrative bargaining situation. Unlike the well known solutions of Nash and Kalai-Smorodinsky, the Raiffa Solution has not been characterized by a set of axioms. We present two axiomatic characterizations of the Raiffa Solution. In addition, we present a new axiomatic characterization of the Kalai-Smorodinsky Solution.
