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A Talmudic Approach to Bankruptcy Problems

Author

Listed:
  • Juan D. Moreno-Ternero

    (U. Pablo de Olavide y CORE, Université catholique de Louvain)

Abstract
Bankruptcy problems arise when agents hold claims against a certain (perfectly divisible) good, and the available amount is not enough to satisfy them all. A great source of inspiration to solve these problems emanates from the Talmud. We survey classical and recent contributions to the literature that constitute this Talmudic approach to bankruptcy problems.

Suggested Citation

  • Juan D. Moreno-Ternero, 2017. "A Talmudic Approach to Bankruptcy Problems," Working Papers 17.01, Universidad Pablo de Olavide, Department of Economics.
    • Handle: RePEc:pab:wpaper:17.01
    as

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    File URL: http://www.upo.es/serv/bib/wps/econ1701.pdf
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    References listed on IDEAS

    as
    1. Moreno-Ternero, Juan D. & Villar, Antonio, 2004. "The Talmud rule and the securement of agents' awards," Mathematical Social Sciences, Elsevier, vol. 47(2), pages 245-257, March.
    2. Hougaard, Jens Leth & Moreno-Ternero, Juan D. & Østerdal, Lars Peter, 2012. "A unifying framework for the problem of adjudicating conflicting claims," Journal of Mathematical Economics, Elsevier, vol. 48(2), pages 107-114.
    3. Dagan, Nir & Volij, Oscar, 1993. "The bankruptcy problem: a cooperative bargaining approach," Mathematical Social Sciences, Elsevier, vol. 26(3), pages 287-297, November.
    4. Jens Hougaard & Juan Moreno-Ternero & Lars Østerdal, 2013. "Rationing with baselines: the composition extension operator," Annals of Operations Research, Springer, vol. 211(1), pages 179-191, December.
    5. Nir Dagan, 1996. "New characterizations of old bankruptcy rules," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 13(1), pages 51-59, January.
    6. Jens Hougaard & Juan Moreno-Ternero & Lars Østerdal, 2013. "Rationing in the presence of baselines," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 40(4), pages 1047-1066, April.
    7. René Brink & Juan D. Moreno-Ternero, 2017. "The reverse TAL-family of rules for bankruptcy problems," Annals of Operations Research, Springer, vol. 254(1), pages 449-465, July.
    8. Huijink, S. & Borm, P.E.M. & Kleppe, J. & Reijnierse, J.H., 2015. "Bankruptcy and the per capita nucleolus: The claim-and-right rules family," Mathematical Social Sciences, Elsevier, vol. 77(C), pages 15-31.
    9. Thomson, William, 2015. "Axiomatic and game-theoretic analysis of bankruptcy and taxation problems: An update," Mathematical Social Sciences, Elsevier, vol. 74(C), pages 41-59.
    10. Juan Moreno-Ternero & Antonio Villar, 2006. "New characterizations of a classical bankruptcy rule," Review of Economic Design, Springer;Society for Economic Design, vol. 10(2), pages 73-84, August.
    11. William Thomson, 2008. "Two families of rules for the adjudication of conflicting claims," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 31(4), pages 667-692, December.
    12. Juan Moreno-Ternero & Antonio Villar, 2006. "The TAL-Family of Rules for Bankruptcy Problems," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 27(2), pages 231-249, October.
    13. Marieke Quant & Peter Borm, 2011. "Random conjugates of bankruptcy rules," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 36(2), pages 249-266, February.
    14. Thomson, William & Yeh, Chun-Hsien, 2008. "Operators for the adjudication of conflicting claims," Journal of Economic Theory, Elsevier, vol. 143(1), pages 177-198, November.
    15. Thomson, William, 2003. "Axiomatic and game-theoretic analysis of bankruptcy and taxation problems: a survey," Mathematical Social Sciences, Elsevier, vol. 45(3), pages 249-297, July.
    16. Huijink, S. & Borm, P.E.M. & Reijnierse, J.H. & Kleppe, J., 2013. "Bankruptcy and the Per Capita Nucleolus," Discussion Paper 2013-059, Tilburg University, Center for Economic Research.
    17. Timoner, Pere & Izquierdo, Josep M., 2016. "Rationing problems with ex-ante conditions," Mathematical Social Sciences, Elsevier, vol. 79(C), pages 46-52.
    18. Juan D. Moreno‐Ternero & Antonio Villar, 2006. "On the Relative Equitability of a Family of Taxation Rules," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 8(2), pages 283-291, May.
    19. Aumann, Robert J. & Maschler, Michael, 1985. "Game theoretic analysis of a bankruptcy problem from the Talmud," Journal of Economic Theory, Elsevier, vol. 36(2), pages 195-213, August.
    20. Juan Moreno-Ternero, 2006. "Composition, Securement, and Concede-and-divide," Spanish Economic Review, Springer;Spanish Economic Association, vol. 8(3), pages 227-237, September.
    21. Thomson, William, 2012. "On The Axiomatics Of Resource Allocation: Interpreting The Consistency Principle," Economics and Philosophy, Cambridge University Press, vol. 28(3), pages 385-421, November.
    22. Juan D. Moreno-Ternero, 2007. "Bankruptcy Rules And Coalitional Manipulation," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 9(01), pages 105-118.
    23. Toru Hokari & William Thomson, 2003. "Claims problems and weighted generalizations of the Talmud rule," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 21(2), pages 241-261, March.
    24. van den Brink, René & Funaki, Yukihiko & van der Laan, Gerard, 2013. "Characterization of the Reverse Talmud bankruptcy rule by Exemption and Exclusion properties," European Journal of Operational Research, Elsevier, vol. 228(2), pages 413-417.
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    Cited by:

    1. Juan D. Moreno-Ternero & Min-Hung Tsay & Chun-Hsien Yeh, 2020. "A strategic justification of the Talmud rule based on lower and upper bounds," International Journal of Game Theory, Springer;Game Theory Society, vol. 49(4), pages 1045-1057, December.

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    More about this item

    Keywords

    Bankruptcy problems; Talmud rule; TAL-family; Equal awards; Equal losses.;
    All these keywords.

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

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