EVEN ALLOCATIONS FOR GENERALISED RATIONING PROBLEMS

Marco Mariotti

Working Papers. Serie AD from Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie)

Abstract: We study an extension of the standard rationing problem, consisting of the allocation of utility losses. We assume neither linearly transferable utilities nor risk averse agents. As a consequence, the utility possibility sets need not be convex or smooth. This problem is referred to as the generalised rationing problem. We introduce the notion of even allocations as a solution concept that extends the random arrival rule to this general scenario. Moreover, we show that, when the feasible set is convex, this solution can be characterised by a suitable reformulation of the axioms that define the Nash bargaining solution.

Keywords: Rationing Problems; Non-Transferable Utilities; Nash Bargaining Solution; Clarke Cones. (search for similar items in EconPapers)
Pages: 19 pages
Date: 2003-03
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Persistent link: https://EconPapers.repec.org/RePEc:ivi:wpasad:2003-10

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