The subset of _______ optimal joint strategies offering each player at least his/her security level is called the negotiation set (contract curve).

Question

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The subset of Pareto optimal joint strategies offering each player at least his/her security level is called the negotiation set or contract curve. The Pareto optimal solutions satisfy the criterion of allocative efficiency, which states that resources should be allocated in such a way that no one can be made better off without making someone else worse off. Therefore, the negotiation set represents the optimal choices for the players in terms of both efficiency and fairness.

The Subset of _______ Optimal Joint Strategies Offering Each Player