Stochastic Bankruptcy Games
AbstractWe study bankruptcy games where the estate and the claims have stochastic values. We use the Weak Sequential Core as the solution concept for such games.We test the stability of a number of well known division rules in this stochastic setting and find that most of them are unstable, except for the Constrained Equal Awards rule, which is the only one belonging to the Weak Sequential Core.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences in its series IEHAS Discussion Papers with number 1205.
Length: 21 pages
Date of creation: Feb 2012
Date of revision:
transferable utility games; uncertainty; weak sequential core; bankruptcy games;
Other versions of this item:
- C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
- C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-06-13 (All new papers)
- NEP-GTH-2012-06-13 (Game Theory)
- NEP-UPT-2012-06-13 (Utility Models & Prospect Theory)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Nir Dagan, 1996.
"New characterizations of old bankruptcy rules,"
Social Choice and Welfare,
Springer, vol. 13(1), pages 51-59, January.
- Granot, D, et al, 1996. "The Kernel/Nucleolus of a Standard Tree Game," International Journal of Game Theory, Springer, vol. 25(2), pages 219-44.
- Dutta, Bhaskar & Ray, Debraj, 1989. "A Concept of Egalitarianism under Participation Constraints," Econometrica, Econometric Society, vol. 57(3), pages 615-35, May.
- Laurence Kranich & Andrés Perea & Hans Peters, 2005.
"Core Concepts For Dynamic Tu Games,"
International Game Theory Review (IGTR),
World Scientific Publishing Co. Pte. Ltd., vol. 7(01), pages 43-61.
- Dinko Dimitrov & Stef Tijs & Rodica Branzei, 2003.
"Shapley-like values for interval bankruptcy games,"
AccessEcon, vol. 3(9), pages 1-8.
- Habis, Helga & Herings, P. Jean-Jacques, 2011.
"Transferable utility games with uncertainty,"
Journal of Economic Theory,
Elsevier, vol. 146(5), pages 2126-2139, September.
- Habis Helga & Herings P. Jean-Jacques, 2010. "Transferable Utility Games with Uncertainty," Research Memorandum 038, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
- Helga Habis & P. Jean-Jacques Herings, 2011. "Transferable Utility Games with Uncertainty," IEHAS Discussion Papers 1120, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
- Judit Karsai, 2012. "Development of the Hungarian Venture Capital and Private Equity Industry over the Past Two Decades," IEHAS Discussion Papers 1201, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
- 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.
- repec:ebl:ecbull:v:3:y:2003:i:9:p:1-8 is not listed on IDEAS
- P. Herings & A. Predtetchinski & A. Perea, 2006.
"The Weak Sequential Core for Two-Period Economies,"
International Journal of Game Theory,
Springer, vol. 34(1), pages 55-65, April.
- Zsolt Darvas, 2011.
"A tale of three countries: recovery after banking crises,"
- Zsolt Darvas, 2012. "A Tale of Three Countries: Recovery after Banking Crises," IEHAS Discussion Papers 1202, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
- Zsolt Darvas, 2011. "A Tale of Three Countries: Recovery after Banking Crises," Working Papers 1106, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest.
- Ray, Debraj, 1989. "Credible Coalitions and the Core," International Journal of Game Theory, Springer, vol. 18(2), pages 185-87.
- S. C. Littlechild & G. Owen, 1973. "A Simple Expression for the Shapley Value in a Special Case," Management Science, INFORMS, vol. 20(3), pages 370-372, November.
- 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.
- Groote Schaarsberg, M. & Reijnierse, J.H. & Borm, P.E.M., 2013. "On Solving Liability Problems," Discussion Paper 2013-033, Tilburg University, Center for Economic Research.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Adrienn Foldi).
If references are entirely missing, you can add them using this form.