A Sequential Allocation Problem: The Asymptotic Distribution of Resources

Wesley Hurt and Osório, António (António Miguel)

Working Papers from Universitat Rovira i Virgili, Department of Economics

Abstract: In this paper we consider a sequential allocation problem with n individuals. The first individual can consume any amount of some endowment leaving the remaining for the second individual, and so on. Motivated by the limitations associated with the cooperative or non-cooperative solutions we propose a new approach. We establish some axioms that should be satisfied, representativeness, impartiality, etc. The result is a unique asymptotic allocation rule. It is shown for n = 2; 3; 4; and a claim is made for general n. We show that it satisfies a set of desirable properties. Key words: Sequential allocation rule, River sharing problem, Cooperative and non-cooperative games, Dictator and ultimatum games. JEL classification: C79, D63, D74.

Keywords: Teoria de jocs; Economia del benestar; Decisió de grup; 33 - Economia (search for similar items in EconPapers)
Date: 2014
New Economics Papers: this item is included in nep-gth
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