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A generalization of the bankruptcy game: financial cooperative games


  • Josep Maria Izquierdo Aznar
  • Carlos Rafels Pallarola

    (Universitat de Barcelona)


A new class of games called Financial games is defined. These games are market games and it is showed that they are a generalization of Bankruptcy games. The algebraic structure of this class of games is studied and necessary conditions for a game to be financial are stated. The proportional solution is analyzed and an axiomatic characterization of this solution is given.

Suggested Citation

  • Josep Maria Izquierdo Aznar & Carlos Rafels Pallarola, 1996. "A generalization of the bankruptcy game: financial cooperative games," Working Papers in Economics 9, Universitat de Barcelona. Espai de Recerca en Economia.
  • Handle: RePEc:bar:bedcje:19969

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    References listed on IDEAS

    1. Taylor, Alan M. & Williamson, Jeffrey G., 1997. "Convergence in the age of mass migration," European Review of Economic History, Cambridge University Press, vol. 1(01), pages 27-63, April.
    2. Engle, Robert & Granger, Clive, 2015. "Co-integration and error correction: Representation, estimation, and testing," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 39(3), pages 106-135.
    3. Kevin H. O'Rourke & Jeffrey G. Williamson, 1995. "Open economy forces and late 19th century Scandinavian catch-up," Working Papers 199506, School of Economics, University College Dublin.
    4. Abramovitz, Moses, 1986. "Catching Up, Forging Ahead, and Falling Behind," The Journal of Economic History, Cambridge University Press, vol. 46(02), pages 385-406, June.
    5. Houthakker, Hendrik S & Magee, Stephen P, 1969. "Income and Price Elasticities in World Trade," The Review of Economics and Statistics, MIT Press, vol. 51(2), pages 111-125, May.
    6. Stern, Robert M & Baum, Christopher F & Greene, Mark N, 1979. "Evidence on Structural Change in the Demand for Aggregate U.S. Imports and Exports," Journal of Political Economy, University of Chicago Press, vol. 87(1), pages 179-192, February.
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    Cited by:

    1. Paula Corcho & José Ferreira, 2003. "Generalized externality games," Theory and Decision, Springer, vol. 54(2), pages 163-184, March.

    More about this item

    JEL classification:

    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games


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