Nontransferable utility bankruptcy games

Arantza Estévez-Fernández (), Peter Borm and M. Gloria Fiestras-Janeiro
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Arantza Estévez-Fernández: Vrije Universiteit Amsterdam
M. Gloria Fiestras-Janeiro: Universidade de Vigo

TOP: An Official Journal of the Spanish Society of Statistics and Operations Research, 2020, vol. 28, issue 1, No 9, 154-177

Abstract: Abstract In this paper, we analyze bankruptcy problems with nontransferable utility (NTU) from a game theoretical perspective by redefining corresponding NTU-bankruptcy games in a tailor-made way. It is shown that NTU-bankruptcy games are both coalition-merge convex and ordinally convex. Generalizing the notions of core cover and compromise stability for transferable utility (TU) games to NTU-games, we also show that each NTU-bankruptcy game is compromise stable. Thus, NTU-bankruptcy games are shown to retain the two characterizing properties of TU-bankruptcy games: convexity and compromise stability. As a first example of a game theoretical NTU-bankruptcy rule, we analyze the adjusted proportional rule and show that this rule corresponds to the compromise value of NTU-bankruptcy games.

Keywords: NTU-bankruptcy problem; NTU-bankruptcy game; Coalition-merge convexity; Ordinal convexity; Compromise stability; Adjusted proportional rule; 91A12; 91A40 (search for similar items in EconPapers)
Date: 2020
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DOI: 10.1007/s11750-019-00527-z

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