Abstract
This paper takes an axiomatic bargaining approach to bankruptcy problems with
nontransferable utility by characterizing bankruptcy rules in terms of properties from bargaining theory. In particular, we derive new axiomatic characterizations of the proportional rule, the truncated proportional rule, and the constrained relative equal awards rule using properties which concern changes in the estate or the claims.
nontransferable utility by characterizing bankruptcy rules in terms of properties from bargaining theory. In particular, we derive new axiomatic characterizations of the proportional rule, the truncated proportional rule, and the constrained relative equal awards rule using properties which concern changes in the estate or the claims.
Original language | English |
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Place of Publication | Tilburg |
Publisher | CentER, Center for Economic Research |
Number of pages | 20 |
Volume | 2018-005 |
Publication status | Published - 6 Feb 2018 |
Publication series
Name | CentER Discussion Paper |
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Volume | 2018-005 |
Keywords
- NTU-bankruptcy problem
- axiomatic analysis
- bargaining theory