We study bankruptcy rules in a setting where individuals have state contingent claims. A rule must distribute shares before uncertainty resolves. Within a wide class of parametric rules, we first characterize rules of ex–ante form in terms of the way that the rule processes inherent...

In cooperative games with transferable utilities, the Shapley value is an extreme case of marginalism while the Equal Division rule is an extreme case of egalitarianism. The Shapley value does not assign anything to the non-productive players and the Equal Division rule does not concern itself...

Norm-based accounts of social behavior are increasingly common in economics. In such accounts, behavior is seen as reflecting tradeoffs between maximization of own consumption utility and conformity to social norms. Theories of norm-following tend to assume that a) there exists a single, stable,...