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A Noncooperative View of Consistent Bankruptcy Rules

  • Dagan, Nir
  • Serrano, Roberto
  • Volij, Oscar

We introduce a game form that captures a noncooperative dimension of the consistency property of bankruptcy rules. Any consistent and monotone rule is fully characterized by a bilateral principle and consistency. Like the consistency axiom, our game form, together with a 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 and monotone rules, including the Constrained Equal Award, the Propositional Rule, and many other well known rules. Moreover, all of the subgame perfect equilibria are coalition-proof in the associated game in strategic form.

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Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 18 (1997)
Issue (Month): 1 (January)
Pages: 55-72

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Handle: RePEc:eee:gamebe:v:18:y:1997:i:1:p:55-72
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622836

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  1. Bernheim, B. Douglas & Peleg, Bezalel & Whinston, Michael D., 1987. "Coalition-Proof Nash Equilibria I. Concepts," Journal of Economic Theory, Elsevier, vol. 42(1), pages 1-12, June.
  2. Peleg, Bezalel & Tijs, Stef, 1996. "The Consistency Principle for Games in Strategic Forms," International Journal of Game Theory, Springer, vol. 25(1), pages 13-34.
  3. Hart, Sergiu & Mas-Colell, Andreu, 1996. "Bargaining and Value," Econometrica, Econometric Society, vol. 64(2), pages 357-80, March.
  4. Serrano, Roberto, 1995. "Strategic bargaining, surplus sharing problems and the nucleolus," Journal of Mathematical Economics, Elsevier, vol. 24(4), pages 319-329.
  5. Chun, Youngsub & Thomson, William, 1988. "Monotonicity properties of bargaining solutions when applied to economics," Mathematical Social Sciences, Elsevier, vol. 15(1), pages 11-27, February.
  6. Young, H. P., 1988. "Distributive justice in taxation," Journal of Economic Theory, Elsevier, vol. 44(2), pages 321-335, April.
  7. Nir Dagan & Oscar Volij, 1997. "Bilateral Comparisons and Consistent Fair Division Rules in the Context of Bankruptcy Problems," Economic theory and game theory 004, Nir Dagan.
  8. Lensberg, Terje, 1988. "Stability and the Nash solution," Journal of Economic Theory, Elsevier, vol. 45(2), pages 330-341, August.
  9. Peleg, B, 1986. "On the Reduced Game Property and Its Converse," International Journal of Game Theory, Springer, vol. 15(3), pages 187-200.
  10. Krishna, Vijay & Serrano, Roberto, 1996. "Multilateral Bargaining," Review of Economic Studies, Wiley Blackwell, vol. 63(1), pages 61-80, January.
  11. Gul, Faruk, 1989. "Bargaining Foundations of Shapley Value," Econometrica, Econometric Society, vol. 57(1), pages 81-95, January.
  12. 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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