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Equivalence of Axioms for Bankruptcy Problems

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Author Info
Youngsub Chun
Abstract

The bankruptcy problem is concerned with how to divide the net worth of the bankrupt firm among its creditors. In this paper, we investigate the logical relations between various axioms in the context of bankruptcy. Those axioms are: population-and-resource monotonicity, consistency, converse consistency, agreement, and separability. In most axiomatic models, they are not directly related. However, we show that they are equivalent on the class of bankruptcy problems under minor additional requiremnets.

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Paper provided by Institute of Economic Research, Seoul National University in its series Working Paper Series with number no1.

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Date of creation: Jan 1999
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Handle: RePEc:snu:ioerwp:no1

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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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  1. Moulin, Herve, 2001. "Axiomatic Cost and Surplis-Sharing," Working Papers 2001-06, Rice University, Department of Economics. [Downloadable!]
    Other versions:
  2. William Thomson, 2006. "On the Existence of Consistent Rules to Adjudicate Conflicting Claims: A Constructive Geometric Approach," RCER Working Papers 528, University of Rochester - Center for Economic Research (RCER). [Downloadable!]
    Other versions:
  3. William Thomson & Chun-Hsien Yeh, 2006. "Operators for the adjudication of conflicting claims," RCER Working Papers 531, University of Rochester - Center for Economic Research (RCER). [Downloadable!]
    Other versions:
  4. MORENO-TERNERO, Juan D. & ROEMER, John E., 2005. "Impartiality, priority, and solidarity in the theory of justice," CORE Discussion Papers 2005077, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
    Other versions:
  5. Juan Moreno-Ternero & John E. Roemer, 2004. "Impartiality and Priority. Part 2: A Characterization with Solidarity," Cowles Foundation Discussion Papers 1477B, Cowles Foundation, Yale University, revised May 2005. [Downloadable!]
  6. Rene van den Brink & Yukihiko Funaki & Gerard van der Laan, 2008. "The Reverse Talmud Rule for Bankruptcy Problems," Tinbergen Institute Discussion Papers 08-026/1, Tinbergen Institute, revised 27 Mar 2008. [Downloadable!]
  7. Youngsub Chun, 2006. "The Separability Principle in Economies with Single-Peaked Preferences," Social Choice and Welfare, Springer, vol. 26(2), pages 239-253, April. [Downloadable!] (restricted)
  8. Carmen Herrero Blanco & Ricardo Martínez, 2006. "Allocation Problems With Indivisibilities When Preferences Are Single-Peaked," Working Papers. Serie AD 2006-14, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
    Other versions:
  9. Youngsub Chun & Junghoon Lee, 2007. "On the convergence of the random arrival rule in large claims problems," International Journal of Game Theory, Springer, vol. 36(2), pages 259-273, October. [Downloadable!] (restricted)
  10. Bettina Klaus, 2004. "A Note on the Separability Principle in Economies with Single-Peaked," UFAE and IAE Working Papers 601.04, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC), revised 14 Nov 2005. [Downloadable!]
  11. William Thomson, 2008. "Two families of rules for the adjudication of conflicting claims," Social Choice and Welfare, Springer, vol. 31(4), pages 667-692, December. [Downloadable!] (restricted)
    Other versions:
  12. Youngsub Chun, 2001. "The Separability Principle in Bargaining," Working Paper Series no43, Institute of Economic Research, Seoul National University. [Downloadable!]
  13. Carmen Herrero & Ricardo Martinez, 2006. "Up methods in the allocation of indivisibilities when preferences are single-peaked," Working Papers 06.30, Universidad Pablo de Olavide, Department of Economics. [Downloadable!]
    Other versions:
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