This paper studies the problem of allocating utility losses among n agents with cardinal non-comparable utility functions. This problem is referred to as the Nash rationing problem, as it can be regarded as the translation of the Nash bargaining problem to a rationing scenario. We show that there is no single-valued solution satisfying the obvious reformulation of Nash’s axioms, nor a multivalu...

Several economic models have described the theoretical causes and consequences of ‘credit rationing’ and ‘under-investment. This literature shows the long-run effects of initial wealth distribution and entrepreneurial ability on the process of occupational choice and performance, and its consequences on inequality. Surprisingly, there is very little micro-level evidence on the existence and eff...

Due to the rapid progress in medical technology social insurance systems will soon no longer be able to grant health services without limits but must employ non-price rationing devices. This raises the question how these limits will be determined. Here we consider a direct democracy where the size of the social health insurance plan is determined in a popular referendum using simple majority ru...

A conceptual framework for analyzing the credit rationing and the link between credit access and profitability is developed. The empirical analysis using data from manufacturing firms in Bulgaria, provides direct estimates of credit rationing and its impact on profitability in transition economies. The results from the switching regression suggest that the presence of credit market constraints ...