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A Noncooperative View of Consistent Bankruptcy Rules

We introduce a game form that captures a noncooperative dimention of the consistency property of bankruptcy rules. Any consistent and monotonic rule is fully characterized by a bilateral principle and consistency. Like the consistency axiom, our game form, together with the bilateral principle, yields the corresponding consistent bankruptcy rule as a result of a unique outcome of Nash equilibria. The result holds for a large class of consistent monotone rules, including the Constrained Equal Award, the Proportional Rule, and many other well known rules. Moreover, all the subgame perfect equilibria are coalition-proof in the associated game in strategic form.

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File URL: http://www.nirdagan.com/research/199702/full.pdf
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Paper provided by Nir Dagan in its series Economic theory and game theory with number 005.

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Length: 18 pages
Date of creation: 1997
Date of revision:
Publication status: Published in Games and Economic Behavior 18:55-72 (1997)
Handle: RePEc:nid:ndagan:005
Contact details of provider: Postal: Nir Dagan, Dept. of Economics and Management, Tel-Hai Academic College, Upper Galilee, Israel.
Web page: http://www.nirdagan.com/research/

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  1. Bernheim, B. Douglas & Peleg, Bezalel & Whinston, Michael D., 1987. "Coalition-Proof Nash Equilibria I. Concepts," Journal of Economic Theory, Elsevier, vol. 42(1), pages 1-12, June.
  2. Peleg, Bezalel & Tijs, Stef, 1996. "The Consistency Principle for Games in Strategic Forms," International Journal of Game Theory, Springer, vol. 25(1), pages 13-34.
  3. Krishna, Vijay & Serrano, Roberto, 1996. "Multilateral Bargaining," Review of Economic Studies, Wiley Blackwell, vol. 63(1), pages 61-80, January.
  4. Gul, Faruk, 1989. "Bargaining Foundations of Shapley Value," Econometrica, Econometric Society, vol. 57(1), pages 81-95, January.
  5. Hart, Sergiu & Mas-Colell, Andreu, 1996. "Bargaining and Value," Econometrica, Econometric Society, vol. 64(2), pages 357-80, March.
  6. Lensberg, Terje, 1988. "Stability and the Nash solution," Journal of Economic Theory, Elsevier, vol. 45(2), pages 330-341, August.
  7. Chun, Youngsub & Thomson, William, 1988. "Monotonicity properties of bargaining solutions when applied to economics," Mathematical Social Sciences, Elsevier, vol. 15(1), pages 11-27, February.
  8. Young, H. P., 1988. "Distributive justice in taxation," Journal of Economic Theory, Elsevier, vol. 44(2), pages 321-335, April.
  9. Nir Dagan & Oscar Volij, 1997. "Bilateral Comparisons and Consistent Fair Division Rules in the Context of Bankruptcy Problems," Economic theory and game theory 004, Nir Dagan.
  10. Serrano, Roberto, 1995. "Strategic bargaining, surplus sharing problems and the nucleolus," Journal of Mathematical Economics, Elsevier, vol. 24(4), pages 319-329.
  11. Peleg, B, 1986. "On the Reduced Game Property and Its Converse," International Journal of Game Theory, Springer, vol. 15(3), pages 187-200.
  12. repec:ner:tilbur:urn:nbn:nl:ui:12-72911 is not listed on IDEAS
  13. Aumann, Robert J. & Maschler, Michael, 1985. "Game theoretic analysis of a bankruptcy problem from the Talmud," Journal of Economic Theory, Elsevier, vol. 36(2), pages 195-213, August.
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