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A Noncooperative Support for Equal Division in Estate Division Problems

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Author Info

  • Itai Ashlagi

    () (Harvard Business School, Negotiation, Organizations & Markets Unit)

  • Emin Karagozoglu

    () (Department of Economics, Maastricht University)

  • Bettina Klaus

    () (Harvard Business School, Negotiation, Organizations & Markets Unit)

Abstract

We consider estate division problems, a generalization of bankruptcy problems. We show that in a direct revelation claim game, if the underlying division rule satisfies efficiency, equal treatment of equals, and weak order preservation, then all (pure strategy) Nash equilibria induce equal division. Next, we consider division rules satisfying efficiency, equal treatment of equals, and claims monotonicity. For claim games with at most three agents, again all Nash equilibria induce equal division. Surprisingly, this result does not extend to claim games with more than three agents. However, if nonbossiness is added, then equal division is restored.

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Bibliographic Info

Paper provided by Harvard Business School in its series Harvard Business School Working Papers with number 09-069.

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Length: 15 pages
Date of creation: Nov 2008
Date of revision:
Handle: RePEc:hbs:wpaper:09-069

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Keywords: Bankruptcy/estate division problems; claims monotonicity; direct revelation claim game; equal division; equal treatment of equals; Nash equilibria; nonbossiness; (weak) order preservation.;

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  1. Gachter, Simon & Riedl, Arno, 2005. "Moral property rights in bargaining with infeasible claims," Open Access publications from Maastricht University urn:nbn:nl:ui:27-16453, Maastricht University.
  2. Moulin, Herve, 2001. "Axiomatic Cost and Surplis-Sharing," Working Papers 2001-06, Rice University, Department of Economics.
  3. William Thomson, 2010. "Implementation of solutions to the problem of fair division when preferences are single-peaked," Review of Economic Design, Springer, vol. 14(1), pages 1-15, March.
  4. Chun, Youngsub, 1989. "A noncooperative justification for egalitarian surplus sharing," Mathematical Social Sciences, Elsevier, vol. 17(3), pages 245-261, June.
  5. Simon Gächter & Arno Riedl, . "Moral Property Rights in Bargaining," IEW - Working Papers 113, Institute for Empirical Research in Economics - University of Zurich.
  6. 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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Cited by:
  1. Karagozoglu, Emin, 2008. "A Noncooperative Approach to Bankruptcy Problems with an Endogenous Estate," Research Memoranda 031, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization.

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