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A Characterization of a Family of Rules for the Adjudication of Conflicting Claims

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Abstract

We consider the problem of adjudicating conflicting claims, and characterize the family of rules satisfying four standard invariance requirements, homogeneity, two composition properties, and consistency. It takes as point of departure the characterization of the family of two-claimant rules satisfying the first three requirements, and describes the restrictions imposed by consistency on this family and the further implications of this requirement for problems with three or more claimants. The proof, which is an alternative to Moulin's original proof (Econometrica, 2000), is based on a general method of constructing consistent extensions of two-claimant rules (Thomson, 2001), which exploits geometric properties of paths of awards, seen in their entirety.

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File URL: http://rcer.econ.rochester.edu/RCERPAPERS/rcer_530.pdf
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Bibliographic Info

Paper provided by University of Rochester - Center for Economic Research (RCER) in its series RCER Working Papers with number 530.

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Length: 34 pages
Date of creation: Apr 2006
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Handle: RePEc:roc:rocher:530

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Postal: University of Rochester, Center for Economic Research, Department of Economics, Harkness 231 Rochester, New York 14627 U.S.A.

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Keywords: claims problems; consistent extensions; proportional rule; constrained equal awards rule; constrained equal losses rule.;

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  1. Nir Dagan, 1996. "New characterizations of old bankruptcy rules," Social Choice and Welfare, Springer, vol. 13(1), pages 51-59, January.
  2. Hervé Moulin, 2000. "Priority Rules and Other Asymmetric Rationing Methods," Econometrica, Econometric Society, vol. 68(3), pages 643-684, May.
  3. 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.
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