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

J.R. van den Brink, Y. Funaki, G. van der Laan

    Research output: Contribution to JournalArticleAcademicpeer-review

    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. © 2013 Elsevier B.V. All rights reserved.
    Original languageEnglish
    Pages (from-to)413-417
    JournalEuropean Journal of Operational Research
    Volume228
    DOIs
    Publication statusPublished - 2013

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