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An axiomatic justification of mediation in bankruptcy problems

  • Giménez-Gómez, José Manuel

This paper provides a natural way of reaching an agreement between two prominent proposals in a bankruptcy problem. Particularly, using the fact that such problems can be faced from two different points of views, awards and losses, we justify the average of any pair of dual bankruptcy rules through the definition a double recursive process. Finally, by considering three posible sets of equity principles that a particular society may agree on, we retrieve the average of old and well known bankruptcy rules, the Constrained Equal Awards and the Constrained Equal Losses rules, Piniles’ rule and its dual rule, and the Constrained Egalitarian rule and its dual rule. Keywords: Bankruptcy problems, Midpoint, Bounds, Duality, Recursivity. JEL classification: C71, D63, D71.

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File URL: http://hdl.handle.net/2072/169779
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Paper provided by Universitat Rovira i Virgili, Department of Economics in its series Working Papers with number 2072/169779.

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Date of creation: 2011
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Handle: RePEc:urv:wpaper:2072/169779
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