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New Characterizations of Old Bankruptcy Rules

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Author Info
Nir Dagan

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Abstract

This paper presents axiomatic characterizations of two bankruptcy rules disscused in Jewish legal literature: the Constrained Equal Awards rule and the Contested Garment principle (the latter is defined only for two-creditor problems.) A major property in these characterizations is independence of irrelevant claims, which requires that if an individual claim exceeds the total to be allocated the excess claim should be considered irrelevant.

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Publisher Info
Paper provided by Nir Dagan in its series Economic theory and game theory with number 002.

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Length: 9 pages
Date of creation: 1996
Date of revision:
Publication status: Published in Social Choice and Welfare 13:51-59 (1996)
Handle: RePEc:nid:ndagan:002

Contact details of provider:
Postal: Nir Dagan, Dept. of Economics and Management, Tel-Hai Academic College, Upper Galilee, Israel.
Web page: http://www.nirdagan.com/research/

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  1. Nir Dagan & Oscar Volij, 1993. "The Bankruptcy Problem: a Cooperative Bargaining Approach," Economic theory and game theory 001, Nir Dagan. [Downloadable!]
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  2. 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)
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This page was last updated on 2009-11-1.

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