New Characterizations of Old Bankruptcy Rules

Nir Dagan ()

Economic theory and game theory from Nir Dagan

Abstract: This paper presents axiomatic characterizations of two bankruptcy rules disscused 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.

Date: 1996
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Published in Social Choice and Welfare 13:51-59 (1996)

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Journal Article: New characterizations of old bankruptcy rules (1996)
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Persistent link: http://EconPapers.repec.org/RePEc:nid:ndagan:002

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Address: Nir Dagan, Dept. of Economics and Management, Tel-Hai Academic College, Upper Galilee, Israel.
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