Strong composition down. Characterizations of new and classical bankruptcy rules
This paper is devoted to the study of claims problems. We identify the family of rules that satisfy strong composition down (robustness with respect to reevaluations of the estate) and consistency (robustness with respect to changes in the set of agents) together. Such a family is the Þxed path rules, which is a generalization of the weighted constrained equal awards rules. In addition, once strong composition down and consistency are combined with homogeneity only the weighted constrained equal awards rules survive. We also prove that the constrained equal awards rule is the only rule that satisÞes strong composition down, consistency and equal treatment of equals together.
|Date of creation:||Jun 2009|
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- Youngsub Chun, 1999. "Equivalence of Axioms for Bankruptcy Problems," Working Paper Series no1, Institute of Economic Research, Seoul National University.
- Thomson, W., 1998. "Consistency and its Converse: an Introduction," RCER Working Papers 448, University of Rochester - Center for Economic Research (RCER).
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- Herrero, Carmen & Villar, Antonio, 2001. "The three musketeers: four classical solutions to bankruptcy problems," Mathematical Social Sciences, Elsevier, vol. 42(3), pages 307-328, November.
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