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.
|Name||CentER Discussion Paper|
- NTU-bankruptcy problem
- axiomatic analysis
- proportional rule
- constrained relative equal awards rule