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Rationing with Baselines: The Composition Extension Operator

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  • Jens Leth Hougaard

    ()
    (Department of Food and Resource Economics, University of Copenhagen)

  • Juan D. Moreno-Ternero

    (Department of Economics, Universidad Pablo de Olavide)

  • Lars Peter Østerdal

    ()
    (Department of Business and Economics, University of Southern Denmark)

Abstract

We introduce a new operator for general rationing problems in which, besides conflicting claims, individual baselines play an important role in the rationing process. The operator builds onto ideas of composition, which are not only frequent in rationing, but also in related problems such as bargaining, choice, and queuing. We characterize the operator and show how it preserves some standard axioms in the literature on rationing. We also relate it to recent contributions in such literature.

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Bibliographic Info

Paper provided by University of Copenhagen, Department of Food and Resource Economics in its series MSAP Working Paper Series with number 08_2012.

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Length: 14 pages
Date of creation: Jul 2012
Date of revision:
Handle: RePEc:foi:msapwp:08_2012

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Web page: http://www.msap.life.ku.dk/
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Keywords: rationing; baselines; claims; operator; composition;

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References

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  1. Youngsub Chun, 1999. "Equivalence of axioms for bankruptcy problems," International Journal of Game Theory, Springer, vol. 28(4), pages 511-520.
  2. Jens Hougaard & Juan Moreno-Ternero & Lars Østerdal, 2013. "Rationing in the presence of baselines," Social Choice and Welfare, Springer, vol. 40(4), pages 1047-1066, April.
  3. Jens L. Hougaard & Juan D. Moreno-Ternero & Lars P. Osterdal, 2012. "A unifying framework for the problem of adjudicating conflicting claims," Working Papers 12.01, Universidad Pablo de Olavide, Department of Economics.
  4. Juan Moreno-Ternero & Antonio Villar, 2006. "New characterizations of a classical bankruptcy rule," Review of Economic Design, Springer, vol. 10(2), pages 73-84, August.
  5. Roemer, John E, 1986. "Equality of Resources Implies Equality of Welfare," The Quarterly Journal of Economics, MIT Press, vol. 101(4), pages 751-84, November.
  6. Jens Leth Hougaard & Juan D. Moreno-Ternero & Lars Peter Østerdal, 2010. "Baseline Rationing," Discussion Papers 10-16, University of Copenhagen. Department of Economics.
  7. Toru Hokari & William Thomson, 2007. "On properties of division rules lifted by bilateral consistency," RCER Working Papers 536, University of Rochester - Center for Economic Research (RCER).
  8. Pulido, M. & Borm, P.E.M. & Hendrickx, R.L.P. & Llorca, N. & Sánchez-Soriano, J., 2008. "Compromise solutions for bankruptcy situations with references," Open Access publications from Tilburg University urn:nbn:nl:ui:12-194180, Tilburg University.
  9. Kaminski, Marek M., 2006. "Parametric rationing methods," Games and Economic Behavior, Elsevier, vol. 54(1), pages 115-133, January.
  10. Ehud Kalai, 1977. "Proportional Solutions to Bargaining Situations: Interpersonal Utility Comparisons," Discussion Papers 179, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  11. Juan D. Moreno-Ternero & John E. Roemer, 2011. "A common ground for resource and welfare egalitarianism," Working Papers 11.12, Universidad Pablo de Olavide, Department of Economics.
  12. Juan D Moreno-Ternero & John E Roemer, 2006. "Impartiality, Priority, and Solidarity in the Theory of Justice," Econometrica, Econometric Society, vol. 74(5), pages 1419-1427, 09.
  13. Thomson, William, 2003. "Axiomatic and game-theoretic analysis of bankruptcy and taxation problems: a survey," Mathematical Social Sciences, Elsevier, vol. 45(3), pages 249-297, July.
  14. Youngsub Chun, 1999. "Equivalence of Axioms for Bankruptcy Problems," Working Paper Series no1, Institute of Economic Research, Seoul National University.
  15. Hervé Moulin, 2000. "Priority Rules and Other Asymmetric Rationing Methods," Econometrica, Econometric Society, vol. 68(3), pages 643-684, May.
  16. Plott, Charles R, 1973. "Path Independence, Rationality, and Social Choice," Econometrica, Econometric Society, vol. 41(6), pages 1075-91, November.
  17. Young, H. P., 1988. "Distributive justice in taxation," Journal of Economic Theory, Elsevier, vol. 44(2), pages 321-335, April.
  18. Ju, Biung-Ghi & Miyagawa, Eiichi & Sakai, Toyotaka, 2007. "Non-manipulable division rules in claim problems and generalizations," Journal of Economic Theory, Elsevier, vol. 132(1), pages 1-26, January.
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