Proportional concessions and the leximin solution

► We introduce a new axiom named Proportional Concession Monotonicity (PCM). ► A concession is the foregoing of outcomes with payoffs exceeding some utility level. ► PCM imposes no player gains when all collectively make proportional concessions. ► PCM and 'Pareto Optimality' together characterize the leximin solution (Imai, 1983).