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Collective rationality and monotone path division rules
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Stovall, John E. (2014) Collective rationality and monotone path division rules. Working Paper. Coventry, UK: Department of Economics, University of Warwick. Warwick economics research papers series (TWERPS), Volume 2014 (Number 1035).
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Text (Working paper)
WRAP_twerp_1035_stovall.pdf - Published Version Download (1101Kb) | Preview |
Official URL: http://www2.warwick.ac.uk/fac/soc/economics/resear...
Abstract
We impose the axiom Independence of Irrelevant Alternatives on division rules for the conflicting claims problem. With the addition of Consistency and
Resource Monotonicity, this characterizes a family of rules which can be described in three different but intuitive ways. First, a rule is identified with a fixed monotone path in the space of awards, and for a given claims vector, the
path of awards for that claims vector is simply the monotone path truncated by the claims vector. Second, a rule is identified with a set of parametric functions
indexed by the claimants, and for a given claims problem, each claimant receives the value of his parametric function at a common parameter value, but
truncated by his claim. Third, a rule is identified with an additively separable, strictly concave social welfare function, and for a given claims problem, the
amount awarded is the maximizer of the social welfare function subject to the constraint of choosing a feasible award. This third way of describing the family
of rules is similar to Lensberg's (1987) solution for bargaining problems applied to conflicting claims problems.
| Item Type: | Working or Discussion Paper (Working Paper) | ||||
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| Subjects: | H Social Sciences > HB Economic Theory | ||||
| Divisions: | Faculty of Social Sciences > Economics | ||||
| Library of Congress Subject Headings (LCSH): | Economics -- Mathematical models , Claims | ||||
| Series Name: | Warwick economics research papers series (TWERPS) | ||||
| Publisher: | Department of Economics, University of Warwick | ||||
| Place of Publication: | Coventry, UK | ||||
| Official Date: | January 2014 | ||||
| Dates: |
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| Volume: | Volume 2014 | ||||
| Number: | Number 1035 | ||||
| Number of Pages: | 26 | ||||
| Institution: | University of Warwick | ||||
| Status: | Not Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Related URLs: |
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