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New characterizations of old bankruptcy rules

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Abstract

This paper presents axiomatic characterizations of two bankruptcy rules discussed in Jewish legal literature: the Constrained Equal Awards rule and the Contested Garment principle (the latter is defined only for two-creditor problems.) A major property in these characterizations is independence of irrelevant claims, which requires that if an individual claim exceeds the total to be allocated the excess claim should be considered irrelevant.

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Authors and Affiliations

  1. Department of Economics, the Hebrew University of Jerusalem, Mount Scopus, 91905, Jerusalem, Israel

    Nir Dagan

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  1. Nir Dagan
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The author gratefully acknowledges helpful conversations with Oscar Volij.

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Dagan, N. New characterizations of old bankruptcy rules. Soc Choice Welfare 13, 51–59 (1996). https://doi.org/10.1007/BF00179098

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  • DOI: https://doi.org/10.1007/BF00179098

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