Updating claims in bankruptcy problems
We re-examine the consistency axiom in bankruptcy problems and propose arguments in favor of an alternative definition of a reduced problem. The classical definition updates the size of the estate while keeping agents' claims unaffected. Instead, we suggest updating agents' claims along with the estate. The resulting consistency axiom characterizes the well-known Random Arrival rule as the unique bilateral consistent extension of the Contested Garment rule to many agents.
Year of publication: |
2010
|
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Authors: | Albizuri, M.J. ; Leroux, J. ; Zarzuelo, J.M. |
Published in: |
Mathematical Social Sciences. - Elsevier, ISSN 0165-4896. - Vol. 60.2010, 2, p. 144-148
|
Publisher: |
Elsevier |
Subject: | Bankruptcy problems Consistency Cooperative games |
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