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We propose an individual guarantees approach for comparing resource allocation strategies at the physical layer in wireless systems. For this purpose we utilize the collective choice function to represent resource allocation strategies. We utilize an axiomatic framework to emulate certain desirable and undesirable properties of resource allocation strategies. We utilize basic bargaining sets as a tool to investigate the individual guarantees of certain commonly encountered resource allocation strategies - max-min balancing, maximization of the sum of utilities and proportional fairness. We also provide certain interesting consequences to continuity related properties of resource allocation strategies. The basic bargaining sets along with the individual guarantee structures provide certain intuition as to what could be means for implementing a fairer pricing strategy based on the losses incurred by users currently in the system, when new users arrive in the system.