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A New Approach for Bounding Awards in Bankruptcy Problems

  • José M. Jiménez Gómez

    ()

    (Universidad Politécnica de Cartagena)

  • María del Carmen Marco

    (Universidad Politécnica de Cartagena)

The solution for the "Contested Garment Problem" proposed in the BabylonicTalmud, one of the most important sources of inspiration for solving situations where demand overcomes supply of some resources, suggests that each agent should receive at least some part of the available amount when facing these situations. Thisidea has been underlied the theoretical analysis of bankruptcy problems from its beginning (O'Neill, 1982) to present day (Dominguez and Thomsom, 2006). In this context, starting from the fact that a society establishes its own set of "Commonly Accepted Equity Principles", we propose a new award bound by providing each agent her minimum amount according to all the admissible bankruptcy rules for such a society. Moreover, we analyze the recursive application of this new bound, since it will not exhaust the resources, in general.

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Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 2008-07.

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Length: 48 pages
Date of creation: Mar 2008
Date of revision:
Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:2008-07
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