Characterization of the Reverse Talmud bankruptcy rule by Exemption and Exclusion properties

René Van Den Brink; Yukihiko Funaki; Gerard Van Der Laan

doi:10.1016/j.ejor.2013.01.052

Characterization of the Reverse Talmud bankruptcy rule by Exemption and Exclusion properties

René Van Den Brink, Yukihiko Funaki, Gerard Van Der Laan

School of Political Science and Economics

Research output: Contribution to journal › Article › peer-review

7 Citations (Scopus)

Abstract

The Reverse Talmud rule for bankruptcy problems applies the Constrained Equal Awards rule (CEA rule) for 'large' amounts of the estate, while it applies the Constrained Equal Losses rule (CEL rule) for 'small' amounts of the estate. The CEA rule, respectively CEL rule, can be axiomatized using the Exemption and Exclusion properties respectively. There is no rule that satisfies both these two properties. In this paper we axiomatize the Reverse Talmud rule by using compatible weaker versions of the Exemption and Exclusion properties.

Original language	English
Pages (from-to)	413-417
Number of pages	5
Journal	European Journal of Operational Research
Volume	228
Issue number	2
DOIs	https://doi.org/10.1016/j.ejor.2013.01.052
Publication status	Published - 2013 Jul 16

Keywords

Bankruptcy rules
Decision support systems
Economics
Exclusion
Exemption
Game theory

ASJC Scopus subject areas

Computer Science(all)
Modelling and Simulation
Management Science and Operations Research
Information Systems and Management

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AB - The Reverse Talmud rule for bankruptcy problems applies the Constrained Equal Awards rule (CEA rule) for 'large' amounts of the estate, while it applies the Constrained Equal Losses rule (CEL rule) for 'small' amounts of the estate. The CEA rule, respectively CEL rule, can be axiomatized using the Exemption and Exclusion properties respectively. There is no rule that satisfies both these two properties. In this paper we axiomatize the Reverse Talmud rule by using compatible weaker versions of the Exemption and Exclusion properties.

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KW - Exemption

KW - Game theory

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Characterization of the Reverse Talmud bankruptcy rule by Exemption and Exclusion properties

Abstract

Keywords

ASJC Scopus subject areas

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