Collective choice with endogenous reference outcome
نویسنده
چکیده
A collective choice problem essentially a bargaining problem without disagreement outcome is studied. An exteneded solution, which determines simultaneously a solution and a reference point, is characterized through a system of axioms. It is proved that the unique extended solution meeting Pareto-optimality, independence of irrelevant alternatives, symmetry, and scale invariance axioms maximizes the Nash product via both the solution and the reference point. JEL: C71, C78.
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ورودعنوان ژورنال:
- Games and Economic Behavior
دوره 58 شماره
صفحات -
تاریخ انتشار 2007