We consider the problem of distributing the liquidation value of a bankrupt firm among its creditors. Herrero and Villar [TOP 10 (2002) 261; Mathematical Social Sciences 42 (2001) 307] show that (i) the constrained equal awards rule is the only rule satisfying sustainability and composition down, and that (ii) it is the only rule satisfying exemption, composition down, and bilateral consistency...

We consider a mean field game (MFG) of optimal portfolio liquidation under asymmetric information. prove that the solution to MFG can be characterized in terms forward-backward stochastic differential equation (FBSDE) with possibly singular terminal condition on backward component or, equivalently, an FBSDE finite value yet driver. Extending method continuation linear-quadratic FBSDEs driver, w...