New characterizations of old bankruptcy rules
نویسنده
چکیده
This paper presents axiomatic characterizations of two bankruptcy rules discussed in Jewish legal literature: the Constrained Equal Awards rule and the Contested Garment principle (the latter is defined only for two-creditor problems.) A major property in these characterizations is independence of irrelevant claims, which requires that if an individual claim exceeds the total to be allocated the excess claim should be considered irrelevant.
منابع مشابه
Additive rules in bankruptcy problems and other related problems
In this paper we characterize the set of rules satisfying additivity on the estate along with additivity on the estate and the claims in bankruptcy problems and other related problems. Moreover, new characterizations of the well known rules based on the principles of “equal award”, “equal loss”, and “proportionality” are provided using these additivity properties.
متن کاملProportionality, Equality, and Duality in Bankruptcy Problems with Nontransferable Utility
This paper analyzes bankruptcy problems with nontransferable utility as a generalization of bankruptcy problems with monetary estate and claims. Following the classical axiomatic theory of bankruptcy, we formulate some appropriate properties for NTU-bankruptcy rules and study their implications. We explore duality of bankruptcy rules and we derive several characterizations of the generalized pr...
متن کاملNew characterizations of the constrained equal awards rule in multi-issue allocation situations
Multi-issue allocation situations study problems where we have to divide an estate among a group of agents. The claim of each agent is a vector specifying the amount claimed by each agent on each issue. We present several axiomatic characterizations of the constrained equal awards (or losses) rule generalizing some characterizations of these rules in bankruptcy situations.
متن کاملConstrained allocation problems with single-peaked preferences: An axiomatic analysis
We introduce a new class of problems that contains two existing classes: allocation problems with single-peaked preferences and bankruptcy problems. On this class, we analyze the implications of well-known properties such as Pareto optimality, strategy-proofness, resource-monotonicity, no-envy, equal treatment of equals, and two new properties we introduce, hierarchical no-envy and independence...
متن کاملپیشگیری از ورشکستگی بانکها
Emergence of banking crises in recent decades, has shown the deficiency of bankruptcy regulation to deal with this type of business. So Legislators around the world following certain rules have begun to reduce its adverse effects. Factors such as Systematic risk of the public trust in the banking system, particular role of banks in the financial system, priority of preserving the integrit...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
عنوان ژورنال:
دوره شماره
صفحات -
تاریخ انتشار 1996