NTU-bankruptcy problems: consistency and the relative adjustment principle

Bas Dietzenbacher, Peter Borm and Arantza Estévez-Fernández
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Arantza Estévez-Fernández: VU University

Review of Economic Design, 2020, vol. 24, issue 1, No 5, 122 pages

Abstract: Abstract This paper axiomatically studies bankruptcy problems with nontransferable utility by focusing on generalizations of consistency and the contested garment principle. On the one hand, we discuss several consistency notions and introduce the class of parametric bankruptcy rules which contains the proportional rule, the constrained relative equal awards rule, and the constrained relative equal losses rule. On the other hand, we introduce the class of adjusted bankruptcy rules and characterize the relative adjustment principle by truncation invariance, minimal rights first, and a weak form of relative symmetry.

Keywords: NTU-bankruptcy problems; Consistency; Relative adjustment principle; Parametric bankruptcy rules; Adjusted bankruptcy rules (search for similar items in EconPapers)
JEL-codes: C79 D63 D74 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (9)

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DOI: 10.1007/s10058-019-00227-x

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