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Strong Composition Down. Characterizations Of New And Classical Bankruptcy Rules

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Author Info
Ricardo Martínez () (Brown University)
Abstract

This paper is devoted to the study of claims problems. We identify the family of rules that satisfy strong composition down (robustness with respect to reevaluations of the estate) and consistency (robustness with respect to changes in the set of agents) together. We call to that family the backbone family, which is a generalization of the weighted constrained equal awards rules. In addition, once strong composition down is combined with homogeneity only the weighted constrained equal awards rules survive. We also prove that the constrained equal awards rule is the unique rules satisfying strong composition down and equal treatment of equals together.

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File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-2007-20.pdf
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File Function: Fisrt version / Primera version, 2007
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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 2007-20.

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Length: 15 pages
Date of creation: Oct 2007
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Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:2007-20

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Related research
Keywords: strong composition down; backbone rules; constrained equal awards rule; weighted constrained equal awards rules;

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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. María Dolores Furió & Vicente Meneu, 2009. "Expectations and Forward Risk Premium in the Spanish Power Market," Working Papers. Serie AD 2009-02, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
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This page was last updated on 2009-12-11.

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