Universität zu Köln

Flores-Szwagrzak, Karol, Garcia-Segarra, Jaume ORCID: 0000-0002-3112-9275 and Gines-Vilar, Miguel (2020). Priority and proportionality in bankruptcy. Soc Choice Welf., 54 (4). S. 559 - 580. NEW YORK: SPRINGER. ISSN 1432-217X

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Abstract

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.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Flores-Szwagrzak, Karol UNSPECIFIED UNSPECIFIED UNSPECIFIED Garcia-Segarra, Jaume UNSPECIFIED orcid.org/0000-0002-3112-9275 UNSPECIFIED Gines-Vilar, Miguel UNSPECIFIED UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-339198
DOI:	10.1007/s00355-019-01219-0
Journal or Publication Title:	Soc Choice Welf.
Volume:	54
Number:	4
Page Range:	S. 559 - 580
Date:	2020
Publisher:	SPRINGER
Place of Publication:	NEW YORK
ISSN:	1432-217X
Language:	English
Faculty:	Unspecified
Divisions:	Unspecified
Subjects:	no entry
Uncontrolled Keywords:	Keywords Language GAME-THEORETIC ANALYSIS; TAXATION PROBLEMS; RULES; CLAIMS; DIVISION Multiple languages Economics; Social Sciences, Mathematical Methods Multiple languages
URI:	http://kups.ub.uni-koeln.de/id/eprint/33919