We introduce a new solution for bankruptcy problems that satisfies weaker versions of the Exemption en Exclusion properties from the literature. Although the principles of Exclusion and Exemption are appealing, the specific conditions under which an agent receives its claim, respectively...

We investigate the implications of imposing balanced consistency and balanced cost reduction in the context of sequencing problems. Balanced consistency requires that the effect on the payoff from the departure of one agent to another agent should be equal between any two agents. On the other...

In a river claims problem, agents are ordered linearly, and they have both an initial water endowment as well as a claim to the total water resource. We provide characterizations of two solutions to this problem, using Composition properties which have particularly relevant interpretations for...

For joint liability problems concerning tort law, a legal compensation scheme may be based on lower and upper bounds of compensation for injury and on case-system consistency. Introducing several properties inspired from this observation, we analyze compensation schemes axiomatically under the...

We survey the economics of transboundary river water allocation, which emerged in the 1960s and has matured over the last decade due to increasing concerns over water scarcity and pollution. We outline the major approaches and pay specific attention to the strategic aspects of transboundary...

This paper analyzes a family of rules for bankruptcy problems that generalizes the socalled reverse Talmud rule and encompasses both the constrained equal-awards rule and the constrained equal-losses rule. The family, introduced by van den Brink et al., [Characterization of the reverse Talmud...

Cost-Benefit Analysis (CBA) is a widely applied economic appraisal t ool to support the planning and decision- making process for transport projects . However, in the planning literature CBA has been criticized for at least three reasons: 1) CBA focuses on traditional transport system related...

This paper develops a novel approach to the economic evaluation of public policies: participatory value evaluation (PVE). PVE involves citizens directly in decisions of the government, taking into account governmental and individual budget constraints. Citizens receive reliable information on...

Public benefit-cost analysis of market policies often relies on a particular definition of market surplus that adds up consumer and producer surplus and external costs. This paper provides an overview of conceptual strategies to deal with moral considerations and then develops an adjusted market...