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• W125801825 abstract "In his theory of distributive justice, Gauthier argues that a just principle for determining social values has to be based on the agreement of all individuals in a given society. The only such principle upon which rational individuals will agree, is, according to Gauthier, one which is achieved through bargaining. The existence of such an agreement is necessitated by the possibility of a “market failure”, or, using Smith’s metaphor, “where the invisible hand fails to direct a person, mindful only of her own gain, to promote the benefit of all, cooperation provides a visible hand” (Gauthier (1986), p. 113). Thus, in situations in which strategic rationality leads to inefficiency, Gauthier’s theory suggests that rational individuals will cooperate in order to exploit common utility gains. In cooperating, “each person accepts some restrictions on his or her aim of utility maximization. That is, each must agree to constrain her behaviour, provided others similarly agree, to the end that all may live peaceably” (Gauthier (1986), p. 115). Only where each person takes the interests of all others into account, can every individual achieve a utility value which is greater than his or her utility value without cooperation." @default.
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• W125801825 date "1992-01-01" @default.
• W125801825 modified "2023-09-28" @default.
• W125801825 title "Axiomatic Characterizations of Gauthier’s Bargaining Solution" @default.
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• W125801825 doi "https://doi.org/10.1007/978-3-662-02811-7_4" @default.
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