We study the behavior of rules for the adjudication of con°icting claims when there are a large number of claimants with small claims. We model such situations by replicating some basic problem. We show that under replication, the random arrival rule (O'Neill, 1982) behaves like the...

We consider the problem of adjudicating conflicting claims, and characterize the family of rules satisfying four standard invariance requirements, homogeneity, two composition properties, and consistency. It takes as point of departure the characterization of the family of two-claimant rules...

This paper reports an experimental study on three well-known solutions for problems of adjudicating conflicting claims: the constrained equal awards, the proportional, and the constrained equal losses rules. We first let subjects play three games designed such that the unique equilibrium...

This paper reports an experimental study on three well known solutions for claims problems, that is, the constrained equal-awards, the proportional, and the constrained equal-losses rules. To do this, we first let subjects play three games designed such that the unique equilibrium allocation...

Large devaluations are generally associated with large declines in real exchange rates. Burstein, Eichenbaum, and Rebelo (2005) argue that the primary force causing these declines is often the slow adjustment in the price of nontradable goods and services. We develop a model which embodies two...

In this paper we argue that the primary force behind the large drop in real exchange rates that occurs after large devaluations is the slow adjustment in the price of nontradable goods and services. Our empirical analysis uses data from five large devaluation episodes: Argentina (2001), Brazil...

This paper reports an experimental study on three well-known solutions for problems of adjudicating conflicting claims: the constrained equal awards, the proportional, and the constrained equal losses rules. We first let subjects play three games designed such that the unique equilibrium...