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Bankruptcy Problems

Author

Listed:
  • Harrie de Swart

    (Tilburg University)

  • Stefan Wintein

    (Erasmus University Rotterdam)

Abstract

In a bankruptcy problemBankruptcy problem, a continuous estate has to be divided amongst individuals who have claims of varying amounts. There is a vast literature on bankruptcy problems, starting with O’Neill (Math. Soc. Sci. 2:345–371, 1982) and comprehensively reviewed in Thomson (How to Divide When There Isn’t Enough: From Aristotle, the Talmud, and Maimonides to the Axiomatics of Resource Allocation. Cambridge University Press, Cambridge, 2019). In this literature, a multitude of allocation rules have been proposed and studied. In this chapter, we review the most salient bankruptcy rules and their properties. Special attention will be devoted to the proportional rule and to the consistency axiom.

Suggested Citation

  • Harrie de Swart & Stefan Wintein, 2025. "Bankruptcy Problems," Studies in Choice and Welfare,, Springer.
    • Handle: RePEc:spr:stcchp:978-3-032-06010-5_8
    DOI: 10.1007/978-3-032-06010-5_8
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