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Strong Composition Down. Characterizations Of New And Classical Bankruptcy Rules

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  • 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 Function: Fisrt version / Primera version, 2007
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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
Date of revision:
Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:2007-20

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

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  1. 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).
  2. William Thomson, 2011. "Consistency and its converse: an introduction," Review of Economic Design, Springer, vol. 15(4), pages 257-291, December.
  3. Youngsub Chun, 1999. "Equivalence of Axioms for Bankruptcy Problems," Working Paper Series no1, Institute of Economic Research, Seoul National University.
  4. Young, H. P., 1988. "Distributive justice in taxation," Journal of Economic Theory, Elsevier, vol. 44(2), pages 321-335, April.
  5. Youngsub Chun, 1999. "Equivalence of axioms for bankruptcy problems," International Journal of Game Theory, Springer, vol. 28(4), pages 511-520.
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