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Gauthier argues that it is the outcome that minimizes the maximum relative concessions of each party to the bargain.
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Instead, bargains are reached when each person provides the minimum relative concession of rents needed to get a bargain off the ground.
Maximum relative deviations were 2.13%, 2.91%, and 2.13%, respectively.
The maximum relative standard deviation (RSD) of 4.8% was obtained.
Such nudges are the best kinds of policy interventions: minimum intrusion, maximum freedom of choice, maximum relative impact.
Maximum relative energy difference was 10 Kcal/mol.
The maximum relative flexibility is set as 50%.
The idea of minimax relative concession is that each bargainer will be most concerned with the concessions that she makes from her ideal outcome relative to the concessions that others make.
It is very similar to Gauthier's (1986) "minimax relative concession" solution.
"This is the sweet spot — the time North Korea can get maximum concessions from the United States at a time of maximum need," Kim Jung, a director at Kyungnam University's Institute for Far Eastern Studies, told me.
As a reluctant peacemaker, he will attempt to extract maximum concessions from Obama in exchange for peace.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com