This paper analyzes bankruptcy problems with nontransferable utility as a generalization of bankruptcy problems with monetary estate and claims. Following the classical axiomatic theory of bankruptcy, we formulate some appropriate properties for NTU-bankruptcy rules and study their implications. We explore duality of bankruptcy rules and we derive several characterizations of the generalized proportional rule and the constrained relative equal awards rule.
|Place of Publication||Tilburg|
|Publisher||CentER, Center for Economic Research|
|Number of pages||23|
|Publication status||Published - 21 Jul 2016|
|Name||CentER Discussion Paper|
- NTU-bankruptcy problem
- axiomatic analysis
- proportional rule
- constrained relative equal awards rule
Dietzenbacher, B., Estevez Fernandez, M. A., Borm, P., & Hendrickx, R. (2016). Proportionality, Equality, and Duality in Bankruptcy Problems with Nontransferable Utility. (CentER Discussion Paper; Vol. 2016-026). Tilburg: CentER, Center for Economic Research.