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A Noncooperative View of Consistent Bankruptcy Rules

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Author Info
Nir Dagan
Roberto Serrano
Oscar Volij

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Abstract

We introduce a game form that captures a noncooperative dimention of the consistency property of bankruptcy rules. Any consistent and monotonic rule is fully characterized by a bilateral principle and consistency. Like the consistency axiom, our game form, together with the bilateral principle, yields the corresponding consistent bankruptcy rule as a result of a unique outcome of Nash equilibria. The result holds for a large class of consistent monotone rules, including the Constrained Equal Award, the Proportional Rule, and many other well known rules. Moreover, all the subgame perfect equilibria are coalition-proof in the associated game in strategic form.

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File URL: http://www.nirdagan.com/research/199702/full.pdf
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Publisher Info
Paper provided by Nir Dagan in its series Economic theory and game theory with number 005.

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Length: 18 pages
Date of creation: 1997
Date of revision:
Publication status: Published in Games and Economic Behavior 18:55-72 (1997)
Handle: RePEc:nid:ndagan:005

Contact details of provider:
Postal: Nir Dagan, Dept. of Economics and Business, the College of Judea and Samaria, Ariel, Israel.
Web page: http://www.nirdagan.com/research/

For technical questions regarding this item, or to correct its listing, contact: (Nir Dagan).

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Find related papers by JEL classification:
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

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  1. Ignacio García-Jurado & Julio González-Díaz & Antonio Villar, 2006. "A Non-cooperative Approach to Bankruptcy Problems," Spanish Economic Review, Springer, vol. 8(3), pages 189-197, September. [Downloadable!] (restricted)
  2. Herrero & C., 2004. "On the Adjudication of Conflicting Claims: An Experimental Study," Econometric Society 2004 North American Summer Meetings 166, Econometric Society. [Downloadable!]
  3. Luis Corchon & Matthias Dahm, 2007. "Foundations For Contest Success Functions," Economics Working Papers we070401, Universidad Carlos III, Departamento de Economía. [Downloadable!]
  4. 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). [Downloadable!]
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  5. Veronika Grimm & Giovanni Ponti & Jaromir Kovarik, 2006. "Fixed Price Plus Rationing: An Experiment," Working Papers. Serie AD 2006-26, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  6. Juan de Dios Moreno Ternero & Carmen Herrero Blanco & Giovanni Ponti, 2003. "An Experiment On Bankruptcy," Working Papers. Serie AD 2003-03, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  7. Carmen Herrero, 2000. "The Three Musketeers. Old Solutions to Bankruptcy Problems," Econometric Society World Congress 2000 Contributed Papers 0609, Econometric Society. [Downloadable!]
  8. Juan de Dios Moreno Ternero & Antonio Villar Notario, 2002. "Bankruptcy Rules And Progressive Taxation," Working Papers. Serie AD 2002-15, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  9. Chun-Hsien Yeh, 2004. "Protective properties and the constrained equal awards rule for claims problems," Econometric Society 2004 Far Eastern Meetings 463, Econometric Society. [Downloadable!]
  10. Nir Dagan & Roberto Serrano & Oscar Volij, 1999. "Feasible Implementation of Taxation Methods," Economic theory and game theory 009, Nir Dagan. [Downloadable!]
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