A bargaining solution satisfies no individual priorities (NIP) if the following holds: if x is the selected utility allocation and πx is also feasible, where π is some permutation, then x= πx. I characterize the Nash bargaining solution on the basis of this axiom, non-triviality (the disagreement point is never selected), and scale covariance. An additional characterization is presented for the 2-person case, in which NIP is weakened and symmetry is added.
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ASJC Scopus subject areas
- Social Sciences (miscellaneous)
- Economics and Econometrics