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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. Journal of Economic Theory, Volume 154 . pp. 1-24. doi:10.1016/j.jet.2014.08.003 ISSN 0022-0531.
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Official URL: http://dx.doi.org/10.1016/j.jet.2014.08.003
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.
Item Type: | Journal Article | ||||||||
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Subjects: | H Social Sciences > HB Economic Theory | ||||||||
Divisions: | Faculty of Social Sciences > Economics | ||||||||
Library of Congress Subject Headings (LCSH): | Decision making -- Mathematical models, Claims, Resource allocation -- Mathematical models, Economics, Mathematical | ||||||||
Journal or Publication Title: | Journal of Economic Theory | ||||||||
Publisher: | Elsevier | ||||||||
ISSN: | 0022-0531 | ||||||||
Official Date: | November 2014 | ||||||||
Dates: |
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Volume: | Volume 154 | ||||||||
Page Range: | pp. 1-24 | ||||||||
DOI: | 10.1016/j.jet.2014.08.003 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||||
Date of first compliant deposit: | 27 December 2015 | ||||||||
Date of first compliant Open Access: | 27 December 2015 | ||||||||
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