This paper studies allocation correspondences in the house allocation problems with collective initial endowments. We examine the implications of two axioms, namely 'consistency' and 'unanimity.' Consistency requires the allocation correspondence be invariant under reductions of population....

Developing normative foundations for optimal play in two-player zero-sum games has turned out to be surprisingly difficult, despite the powerful strategic implications of the Minimax Theorem. We characterize maximin strategies by postulating coherent behavior in varying games. The first axiom,...

SUMMARY Risk measures have been studied for several decades in the actuarial literature, where they appeared under the guise of premium calculation principles. Risk measures and properties that risk measures should satisfy have recently received considerable attention in the financial...

We introduce a concept of status equilibrium for local public good economies. A status equilibrium specifies one status index for each agent in an economy. These indices determine agents' cost shares in any possible jurisdiction to which the agent might belong. We provide an axiomatic...

The increasing serial cost sharing rule of Moulin and Shenker [Econometrica 60 (1992) 1009] and the decreasing serial rule of de Frutos [Journal of Economic Theory 79 (1998) 245] have attracted attention due to their intuitive appeal and striking incentive properties. An axiomatic...

The majority rule and the hierarchically dictatorial rule are both characterized when preferences are defined over two alternatives. The majority rule is characterized in terms of seven axioms. The hierarchically dictatorial rule is characterized in terms of six of these seven axioms and the...

The relative majority rule and the unanimity rule are characterized for the case in which there are only two alternatives. The main axioms are motivated by a principle of binary representativeness: the aggregation of the preferences of n voters is the result of splitting the n voters into two...

The (relative) majority rule is a benchmark collective decision norm. This paper provides a simple characterization of the majority rule, for the two-alternative case, that relies on the following property: the choice prescribed by the rule to a group I of individuals must be the one that would...