We define a family of solutions for n-person bargaining problems which generalizes the discrete Raiffa solution and approaches the continuous Raiffa solution. Each member of this family is a stepwise solution, which is a pair of functions: a step-function that determines a new disagreement point for a given bargaining problem, and a solution function that assigns the solution to the problem. We axiomatically characterize stepwise solutions of the family of generalized Raiffa solutions, using standard axioms of bargaining theory.
- Nash bargaining problem
- Raiffa solution
All Science Journal Classification (ASJC) codes
- Economics and Econometrics