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Rationing with Baselines: The Composition Extension Operator

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  • Jens L. Hougaard

    ()
    (Department of Food and Resource Economics, University of Copenhagen)

  • Juan D. Moreno-Ternero

    ()
    (Department of Economics, Universidad Pablo de Olavide; CORE, Université catholique de Louvain)

  • Lars P. Osterdal

    ()
    (Department of Business and Economics, University of Southern Denmark)

Abstract

We introduce a new operator for general rationing problems in which, besides conflicting claims, individual baselines play an important role in the rationing process. The operator builds onto ideas of composition, which are not only frequent in rationing, but also in related problems such as bargaining, choice, and queuing. We characterize the operator and show how it preserves some standard axioms in the literature on rationing. We also relate it to recent contributions in such literature.

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Bibliographic Info

Paper provided by Universidad Pablo de Olavide, Department of Economics in its series Working Papers with number 13.01.

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Length: 18 pages
Date of creation: Jul 2013
Date of revision:
Handle: RePEc:pab:wpaper:13.01

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Keywords: rationing; baselines; claims; operators; composition;

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  1. HOUGAARD, Jens Leth & MORENO-TERNERO, Juan D. & OSTERDAL, Lars Peter, . "A unifying framework for the problem of adjudicating conflicting claims," CORE Discussion Papers RP -2399, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Toru Hokari & William Thomson, 2007. "On properties of division rules lifted by bilateral consistency," RCER Working Papers 536, University of Rochester - Center for Economic Research (RCER).
  3. Juan D Moreno-Ternero & John E Roemer, 2006. "Impartiality, Priority, and Solidarity in the Theory of Justice," Econometrica, Econometric Society, vol. 74(5), pages 1419-1427, 09.
  4. Youngsub Chun, 1999. "Equivalence of Axioms for Bankruptcy Problems," Working Paper Series no1, Institute of Economic Research, Seoul National University.
  5. Kaminski, Marek M., 2006. "Parametric rationing methods," Games and Economic Behavior, Elsevier, vol. 54(1), pages 115-133, January.
  6. Roemer, John E, 1986. "Equality of Resources Implies Equality of Welfare," The Quarterly Journal of Economics, MIT Press, vol. 101(4), pages 751-84, November.
  7. Jens Leth Hougaard & Juan D. Moreno-Ternero & Lars Peter Østerdal, 2010. "Baseline Rationing," Discussion Papers 10-16, University of Copenhagen. Department of Economics.
  8. Juan Moreno-Ternero & Antonio Villar, 2006. "New characterizations of a classical bankruptcy rule," Review of Economic Design, Springer, vol. 10(2), pages 73-84, August.
  9. MORENO-TERNERO, Juan D. & ROEMER, John E., . "A common ground for resource and welfare egalitarianism," CORE Discussion Papers RP -2400, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  10. Pulido, M. & Borm, P.E.M. & Hendrickx, R.L.P. & Llorca, N. & Sánchez-Soriano, J., 2003. "Compromise Solutions for Bankruptcy Situations with References," Discussion Paper 2003-36, Tilburg University, Center for Economic Research.
  11. HOUGAARD, Jean Leth & MORENO-TERNERO, Juan D. & OSTERDAL, Lars Peter, . "Rationing in the presence of baselines," CORE Discussion Papers RP -2470, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  12. Plott, Charles R, 1973. "Path Independence, Rationality, and Social Choice," Econometrica, Econometric Society, vol. 41(6), pages 1075-91, November.
  13. Hervé Moulin, 2000. "Priority Rules and Other Asymmetric Rationing Methods," Econometrica, Econometric Society, vol. 68(3), pages 643-684, May.
  14. Ju, Biung-Ghi & Miyagawa, Eiichi & Sakai, Toyotaka, 2007. "Non-manipulable division rules in claim problems and generalizations," Journal of Economic Theory, Elsevier, vol. 132(1), pages 1-26, January.
  15. Youngsub Chun, 1999. "Equivalence of axioms for bankruptcy problems," International Journal of Game Theory, Springer, vol. 28(4), pages 511-520.
  16. Young, H. P., 1988. "Distributive justice in taxation," Journal of Economic Theory, Elsevier, vol. 44(2), pages 321-335, April.
  17. Thomson, William, 2003. "Axiomatic and game-theoretic analysis of bankruptcy and taxation problems: a survey," Mathematical Social Sciences, Elsevier, vol. 45(3), pages 249-297, July.
  18. Kalai, Ehud, 1977. "Proportional Solutions to Bargaining Situations: Interpersonal Utility Comparisons," Econometrica, Econometric Society, vol. 45(7), pages 1623-30, October.
  19. MORENO-TERNERO, Juan D. & ROEMER, John E., 2008. "Axiomatic resource allocation for heterogeneous agents," CORE Discussion Papers 2008018, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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