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Equivalence of axioms for bankruptcy problems

Author

Listed:
  • Youngsub Chun

    (Division of Economics, Seoul National University, Seoul 151-742, Korea)

Abstract

The bankruptcy problem is concerned with how to divide the net worth of the bankrupt firm among its creditors. In this paper, we investigate the logical relations between various axioms in the context of bankruptcy. Those axioms are: population-and-resource monotonicity, consistency, converse consistency, agreement, and separability. In most axiomatic models, they are not directly related. However, we show that they are equivalent on the class of bankruptcy problems under minor additional requirements.

Suggested Citation

  • Youngsub Chun, 1999. "Equivalence of axioms for bankruptcy problems," International Journal of Game Theory, Springer;Game Theory Society, vol. 28(4), pages 511-520.
    • Handle: RePEc:spr:jogath:v:28:y:1999:i:4:p:511-520
    Note: Received: April 1998/Revised version: January 1999
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