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

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

doi:10.1016/j.ejor.2013.01.052

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 Journal › Article › Academic › peer-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 language	English
Pages (from-to)	413-417
Journal	European Journal of Operational Research
Volume	228
DOIs	https://doi.org/10.1016/j.ejor.2013.01.052
Publication status	Published - 2013

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10.1016/j.ejor.2013.01.052

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title = "Characterization of the Reverse Talmud bankruptcy rule by Exemption and Exclusion properties",

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. {\textcopyright} 2013 Elsevier B.V. All rights reserved.",

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