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- Preeminence And Sustainability In Bankruptcy Problems

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Author Info
Antonio Villar Notario (Instituto Valenciano de Investigaciones Económicas)
Carmen Herrero Blanco (Instituto Valenciano de Investigaciones Económicas)

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Abstract

This paper focuses on two new properties for bankruptcy rules: preeminence and sustainability. Theypertain to situations when the claims of some agents are much larger than the claims of otheragents. They differ in the way the recommend agents with small claims to be treated. Preeminencerequires that the agents with very small claims should no be allotted anything. Sustainability takesthe opposite side: claims small enough should be fully honored. Our main results are that the equaltreatment of equals, composition and preeminence, and that the constrained equal-award rule is theonly rule that satisfies equal treatment of equals, path independence and sustainability.

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File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-1998-17.pdf
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Publisher Info
Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 1998-17.

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Length: 16 pages
Date of creation: Jul 1998
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Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:1998-17

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Keywords: bankruptcy problems; constrained equal loss;

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References listed on IDEAS
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  1. Chun, Youngsub, 1988. "The proportional solution for rights problems," Mathematical Social Sciences, Elsevier, vol. 15(3), pages 231-246, June. [Downloadable!] (restricted)
  2. Chun, Youngsub, 1988. "The equal-loss principle for bargaining problems," Economics Letters, Elsevier, vol. 26(2), pages 103-106. [Downloadable!] (restricted)
  3. O'Neill, Barry, 1982. "A problem of rights arbitration from the Talmud," Mathematical Social Sciences, Elsevier, vol. 2(4), pages 345-371, June. [Downloadable!] (restricted)
  4. Thomson, W., 1996. "Consistent Allocation Rules," RCER Working Papers 418, University of Rochester - Center for Economic Research (RCER).
  5. Herrero, Carmen & Marco, Maria Carmen, 1993. "Rational equal-loss solutions for bargaining problems," Mathematical Social Sciences, Elsevier, vol. 26(3), pages 273-286, November. [Downloadable!] (restricted)
  6. Dagan, Nir & Volij, Oscar, 1993. "The bankruptcy problem: a cooperative bargaining approach," Mathematical Social Sciences, Elsevier, vol. 26(3), pages 287-297, November. [Downloadable!] (restricted)
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  7. 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. [Downloadable!] (restricted)
  8. Nir Dagan, 1996. "New Characterizations of Old Bankruptcy Rules," Economic theory and game theory 002, Nir Dagan. [Downloadable!]
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  9. Herrero, Carmen & Maschler, Michael & Villar, Antonio, 1999. "Individual rights and collective responsibility: the rights-egalitarian solution," Mathematical Social Sciences, Elsevier, vol. 37(1), pages 59-77, January. [Downloadable!] (restricted)
  10. Young, H. P., 1988. "Distributive justice in taxation," Journal of Economic Theory, Elsevier, vol. 44(2), pages 321-335, April. [Downloadable!] (restricted)
  11. Moulin, Hervé, 1998. "Priority Rules and Other Inequitable Rationing Methods," Working Papers 98-03, Duke University, Department of Economics.
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