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The Three Musketeers: Four Classical Solutions To 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 provides a comparative analysis of some classical solutions to bankruptcy problems from an axiomatic viewpoint. These rules are the constrained equal-awards rule, the constrained equal-losses rule, the proportional rule and the Talmud rule. The purpose of this study is to facilitate the understanding of their differences and to clarify the type of situations in which each of these rules is better.

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File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-2000-23.pdf
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File Function: Fisrt version / Primera version, 2000
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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 2000-23.

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Length: 29 pages
Date of creation: Nov 2000
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Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:2000-23

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Related research
Keywords: Bankruptcy problems; proportional solution; equal-awards solution;

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Find related papers by JEL classification:
D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

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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. 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)
  3. 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)
  4. 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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  5. 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)
  6. Nir Dagan, 1996. "New Characterizations of Old Bankruptcy Rules," Economic theory and game theory 002, Nir Dagan. [Downloadable!]
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  7. Dagan, Nir & Serrano, Roberto & Volij, Oscar, 1997. "A Noncooperative View of Consistent Bankruptcy Rules," Games and Economic Behavior, Elsevier, vol. 18(1), pages 55-72, January. [Downloadable!] (restricted)
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  8. 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)
  9. Carmen Herrero & Antonio Villar, 2002. "Sustainability in bankruptcy problems," TOP: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer, vol. 10(2), pages 261-273, December. [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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