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The Tal-Family Of Rules For Bankruptcy Problems

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Author Info

  • Antonio Villar Notario

    (Instituto Valenciano de Investigaciones Económicas)

  • Juan D. Moreno Ternero

    (Yale University)

Abstract

This paper analyzes a family of solutions to bankruptcy problems that generalizes the Talmud rule (T) and encompasses both the constrained equal-awards rule (A) and the constrained equal-losses rule (L). We study the structural properties of this family of rules and provide a characterization result. That allows us to identify the distinctive features of these three reference rules, T, A, L.

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File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-2001-33.pdf
File Function: Fisrt version / Primera version, 2001
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Bibliographic Info

Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 2001-33.

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Length: 31 pages
Date of creation: Dec 2001
Date of revision:
Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:2001-33

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Related research

Keywords: Bankruptcy problems; TAL-Family; Characterization result;

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References

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  1. Nir Dagan, 1996. "New characterizations of old bankruptcy rules," Social Choice and Welfare, Springer, vol. 13(1), pages 51-59, January.
  2. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
  3. Antonio Villar Notario & Carmen Herrero Blanco, 2000. "The Three Musketeers: Four Classical Solutions To Bankruptcy Problems," Working Papers. Serie AD 2000-23, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  4. Moreno-Ternero, Juan D. & Villar, Antonio, 2004. "The Talmud rule and the securement of agents' awards," Mathematical Social Sciences, Elsevier, vol. 47(2), pages 245-257, March.
  5. Hervé Moulin, 2000. "Priority Rules and Other Asymmetric Rationing Methods," Econometrica, Econometric Society, vol. 68(3), pages 643-684, May.
  6. Diego Dominguez & William Thomson, 2006. "A new solution to the problem of adjudicating conflicting claims," Economic Theory, Springer, vol. 28(2), pages 283-307, 06.
  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.
  8. Moulin, Herve, 2001. "Axiomatic Cost and Surplis-Sharing," Working Papers 2001-06, Rice University, Department of Economics.
  9. MORENO-TERNERO, Juan D. & VILLAR, Antonio, . "New characterizations of a classical bankruptcy rule," CORE Discussion Papers RP -1926, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  10. O'Neill, Barry, 1982. "A problem of rights arbitration from the Talmud," Mathematical Social Sciences, Elsevier, vol. 2(4), pages 345-371, June.
  11. 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.
  12. Atkinson, Anthony B., 1970. "On the measurement of inequality," Journal of Economic Theory, Elsevier, vol. 2(3), pages 244-263, September.
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