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The three musketeers: four classical solutions to bankruptcy problems

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  • Herrero, Carmen
  • Villar, Antonio

Abstract

This paper provides a comparative analysis of some classical solutions to bankruptcy problems from an axiomatic viewpoint. These rules are the constrained equal-awards rule, the constrained equal-losses rule, the proportional rule and the Talmud rule. The purpose of this study is to facilitate the understanding of their differences and to clarify the type of situations in which each of these rules is better.

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Bibliographic Info

Article provided by Elsevier in its journal Mathematical Social Sciences.

Volume (Year): 42 (2001)
Issue (Month): 3 (November)
Pages: 307-328

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Handle: RePEc:eee:matsoc:v:42:y:2001:i:3:p:307-328

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Web page: http://www.elsevier.com/locate/inca/505565

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  1. Herrero, Carmen & Marco, Maria Carmen, 1993. "Rational equal-loss solutions for bargaining problems," Mathematical Social Sciences, Elsevier, Elsevier, vol. 26(3), pages 273-286, November.
  2. Volij, Oscar & Dagan, Nir & Serrano, Roberto, 1997. "A Non-Cooperative View of Consistent Bankruptcy Rules," Staff General Research Papers 5130, Iowa State University, Department of Economics.
  3. Chun, Youngsub, 1988. "The proportional solution for rights problems," Mathematical Social Sciences, Elsevier, Elsevier, vol. 15(3), pages 231-246, June.
  4. Young, H. P., 1988. "Distributive justice in taxation," Journal of Economic Theory, Elsevier, vol. 44(2), pages 321-335, April.
  5. Chun, Youngsub, 1988. "The equal-loss principle for bargaining problems," Economics Letters, Elsevier, vol. 26(2), pages 103-106.
  6. Dagan, Nir & Volij, Oscar, 1993. "The bankruptcy problem: a cooperative bargaining approach," Mathematical Social Sciences, Elsevier, Elsevier, vol. 26(3), pages 287-297, November.
  7. Hervé Moulin, 2000. "Priority Rules and Other Asymmetric Rationing Methods," Econometrica, Econometric Society, Econometric Society, vol. 68(3), pages 643-684, May.
  8. Nir Dagan, 1996. "New characterizations of old bankruptcy rules," Social Choice and Welfare, Springer, Springer, vol. 13(1), pages 51-59, January.
  9. Herrero, Carmen & Maschler, Michael & Villar, Antonio, 1999. "Individual rights and collective responsibility: the rights-egalitarian solution," Mathematical Social Sciences, Elsevier, Elsevier, vol. 37(1), pages 59-77, January.
  10. Youngsub Chun, 1999. "Equivalence of axioms for bankruptcy problems," International Journal of Game Theory, Springer, Springer, vol. 28(4), pages 511-520.
  11. Carmen Herrero & Antonio Villar, 2002. "Sustainability in bankruptcy problems," TOP: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer, vol. 10(2), pages 261-273, December.
  12. O'Neill, Barry, 1982. "A problem of rights arbitration from the Talmud," Mathematical Social Sciences, Elsevier, Elsevier, vol. 2(4), pages 345-371, June.
  13. Youngsub Chun, 1999. "Equivalence of Axioms for Bankruptcy Problems," Working Paper Series no1, Institute of Economic Research, Seoul National University.
  14. Mill, John Stuart, 1859. "On Liberty," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, McMaster University Archive for the History of Economic Thought, number mill1859.
  15. Aumann, Robert J. & Maschler, Michael, 1985. "Game theoretic analysis of a bankruptcy problem from the Talmud," Journal of Economic Theory, Elsevier, vol. 36(2), pages 195-213, August.
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