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.
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| Length: | 18 pages |
| Date of creation: | Jun 2009 |
| Date of revision: | |
| Handle: | RePEc:mal:wpaper:2009-4 |
| Contact details of provider: | Postal: Plaza del Ejido s/n 29071, Málaga Phone: 952131196 Fax: 952131199 Web page: http://webdeptos.uma.es/THEconomica/malagawpseries/METC.html Email: More information through EDIRC
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References listed on IDEAS
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- Young, H. P., 1988. "Distributive justice in taxation," Journal of Economic Theory, Elsevier, vol. 44(2), pages 321-335, April.
- Thomson, W., 1998.
"Consistency and its Converse: an Introduction,"
RCER Working Papers
448, University of Rochester - Center for Economic Research (RCER).
- William Thomson, 2011. "Consistency and its converse: an introduction," Review of Economic Design, Springer;Society for Economic Design, vol. 15(4), pages 257-291, December.
- Antonio Villar Notario & Carmen Herrero Blanco, 2000.
"The Three Musketeers: Four Classical Solutions To Bankruptcy Problems,"
Working Papers. Serie AD
2000-23, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
- 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.
- Youngsub Chun, 1999. "Equivalence of axioms for bankruptcy problems," International Journal of Game Theory, Springer;Game Theory Society, vol. 28(4), pages 511-520.
- Youngsub Chun, 1999. "Equivalence of Axioms for Bankruptcy Problems," Working Paper Series no1, Institute of Economic Research, Seoul National University.
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