Priority and proportionality in bankruptcy
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Scholar |
Otros documentos de la autoría: Szwagrzak, Karol; García-Segarra, Jaume; Ginés-Vilar, Miguel
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https://doi.org/10.1007/s00355-019-01219-0 |
Metadatos
Título
Priority and proportionality in bankruptcyFecha de publicación
2019Editor
Springer VerlagISSN
0176-1714; 1432-217XCita bibliográfica
FLORES-SZWAGRZAK, Karol; GARCÍA-SEGARRA, Jaume; GINÉS-VILAR, Miguel. Priority and proportionality in bankruptcy. Social Choice and Welfare, 2019, p. 1-21Tipo de documento
info:eu-repo/semantics/articleVersión de la editorial
https://link.springer.com/article/10.1007/s00355-019-01219-0Versión
info:eu-repo/semantics/publishedVersionResumen
We study the problem of distributing the liquidation value of a bankrupt firm among its creditors (O’Neill, Math Soc Sci 2(4):345–371, 1982; Aumann and Maschler, J Econ Theory 36(2):195–213, 1985). Real-life distribution ... [+]
We study the problem of distributing the liquidation value of a bankrupt firm among its creditors (O’Neill, Math Soc Sci 2(4):345–371, 1982; Aumann and Maschler, J Econ Theory 36(2):195–213, 1985). Real-life distribution rules prioritize predetermined creditor groups, dividing the amount assigned to each group proportionally to claims. We provide the first axiomatic characterization of such rules. In addition to the classical consistency and continuity axioms, these rules are characterized by the following properties: (1) bankruptcy problems with the same claims and where each claimant’s award is positive in each problem can be solved either jointly or separately without altering the recommended awards, (2) a dual property specifying that bankruptcy problems with the same claims and where each claimant’s loss is positive can be solved either jointly or separately without altering the recommended awards. [-]
Publicado en
Social Choice and Welfare, 2019, p. 1-21Proyecto de investigación
Karol Flores-Szwagrzak gratefully acknowledges financial support from the Independent Research Fund Denmark (Grant ID: DFF-6109-00132). Miguel Ginés-Vilar gratefully acknowledges financial support from the Spanish Ministry of Science, Innovation, and University (RTI2018-096927-B-100) and Generalitat Valenciana (AICO/2018/036)Derechos de acceso
© Springer-Verlag GmbH Germany, part of Springer Nature 2019
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