Rationing : dynamic considerations, equivalent sacrifice and links between the two approaches
Suppose a quantity t of a given resource is divided among two agents. If an additional quantity becomes available, how shall we share it among the agents ? By looking at the way we can share this increment (or decrement), it is possible to derive some existing rationing methods but also some new ones. Three new methods seem particularly interesting. They can also be derived following an Equivalent Sacrifice approach.
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"Prospect Theory: An Analysis of Decision under Risk,"
Econometric Society, vol. 47(2), pages 263-91, March.
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"Axiomatic Cost and Surplis-Sharing,"
2001-06, Rice University, Department of Economics.
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