Strong composition down. Characterizations of new and classical bankruptcy rules
AbstractThis 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. Such a family is the Þxed path rules, which is a generalization of the weighted constrained equal awards rules. In addition, once strong composition down and consistency are combined with homogeneity only the weighted constrained equal awards rules survive. We also prove that the constrained equal awards rule is the only rule that satisÞes strong composition down, consistency and equal treatment of equals together.
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Bibliographic InfoPaper provided by Universidad de Málaga, Department of Economic Theory, Málaga Economic Theory Research Center in its series Working Papers with number 2009-4.
Length: 18 pages
Date of creation: Jun 2009
Date of revision:
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strong composition down; Þxed path rules; constrained equal awards rule; weighted constrained equal awards rules;
Find related papers by JEL classification:
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
- D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
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