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Secured lower bound, composition up, and minimal rights first for bankruptcy problems

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  • Yeh, Chun-Hsien

Abstract

We study the implications of secured lower bound when imposed together with minimal rights first or composition up for the resolution of conflicting claims. We show that the Talmud rule is the only rule satisfying secured lower bound, minimal rights first, and consistency. In addition, we show that if minimal rights first and consistency in the above characterization were replaced with composition up and null claims consistency, respectively, the constrained equal awards rule stands out as the only acceptable rule.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 44 (2008)
Issue (Month): 9-10 (September)
Pages: 925-932

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Handle: RePEc:eee:mateco:v:44:y:2008:i:9-10:p:925-932

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Web page: http://www.elsevier.com/locate/jmateco

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  1. MORENO-TERNERO, Juan D. & VILLAR, Antonio, . "New characterizations of a classical bankruptcy rule," CORE Discussion Papers RP, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) -1926, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Hervé Moulin, 2000. "Priority Rules and Other Asymmetric Rationing Methods," Econometrica, Econometric Society, Econometric Society, vol. 68(3), pages 643-684, May.
  3. Youngsub Chun, 1999. "Equivalence of axioms for bankruptcy problems," International Journal of Game Theory, Springer, Springer, vol. 28(4), pages 511-520.
  4. Aumann, Robert J. & Maschler, Michael, 1985. "Game theoretic analysis of a bankruptcy problem from the Talmud," Journal of Economic Theory, Elsevier, Elsevier, vol. 36(2), pages 195-213, August.
  5. Diego Dominguez & William Thomson, 2006. "A new solution to the problem of adjudicating conflicting claims," Economic Theory, Springer, Springer, vol. 28(2), pages 283-307, 06.
  6. Young, H. P., 1988. "Distributive justice in taxation," Journal of Economic Theory, Elsevier, Elsevier, vol. 44(2), pages 321-335, April.
  7. Juan Moreno-Ternero, 2006. "Composition, Securement, and Concede-and-divide," Spanish Economic Review, Springer, Springer, vol. 8(3), pages 227-237, September.
  8. Antonio Villar Notario & Carmen Herrero Blanco, 2000. "The Three Musketeers: Four Classical Solutions To Bankruptcy Problems," Working Papers. Serie AD, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) 2000-23, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  9. Youngsub Chun, 1999. "Equivalence of Axioms for Bankruptcy Problems," Working Paper Series, Institute of Economic Research, Seoul National University no1, Institute of Economic Research, Seoul National University.
  10. Thomson, William, 2003. "Axiomatic and game-theoretic analysis of bankruptcy and taxation problems: a survey," Mathematical Social Sciences, Elsevier, Elsevier, vol. 45(3), pages 249-297, July.
  11. Nir Dagan, 1996. "New characterizations of old bankruptcy rules," Social Choice and Welfare, Springer, Springer, vol. 13(1), pages 51-59, January.
  12. Chun-Hsien Yeh, 2006. "Protective Properties and the Constrained Equal Awards Rule for Claims Problems: A Note," Social Choice and Welfare, Springer, Springer, vol. 27(2), pages 221-230, October.
  13. Yeh, Chun-Hsien, 2004. "Sustainability, exemption, and the constrained equal awards rule: a note," Mathematical Social Sciences, Elsevier, Elsevier, vol. 47(1), pages 103-110, January.
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Cited by:
  1. Diego Dominguez, 2013. "Lower bounds and recursive methods for the problem of adjudicating conflicting claims," Social Choice and Welfare, Springer, Springer, vol. 40(3), pages 663-678, March.
  2. Rodica Branzei & Marco Dall'aglio, 2009. "Allocation rules incorporating interval uncertainty," Operations Research and Decisions, Wroclaw University of Technology, Institute of Organization and Management, Wroclaw University of Technology, Institute of Organization and Management, vol. 2, pages 19-28.

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