Equivalence of Axioms for Bankruptcy Problems
AbstractThe 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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Bibliographic InfoPaper provided by Institute of Economic Research, Seoul National University in its series Working Paper Series with number no1.
Date of creation: Jan 1999
Date of revision:
Find related papers by JEL classification:
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
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This paper has been announced in the following NEP Reports:
- NEP-ALL-1999-07-28 (All new papers)
- NEP-FIN-1999-07-28 (Finance)
- NEP-MIC-1999-07-28 (Microeconomics)
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