Bilateral comparisons and consistent fair division rules in the context of bankruptcy problems |
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Authors: | Nir Dagan Oscar Volij |
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Affiliation: | 1. Department of Economics, The Hebrew University of Jerusalem, Mount Scopus, 91905, Jerusalem, Israel 2. Department of Economics, Brown University, Box B, 02912, Providence, Rhode Island, USA
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Abstract: | We analyze the problem of extending a given bilateral principle of justice to a consistentn-creditor bankruptcy rule. Based on the bilateral principle, we build a family of binary relations on the set of creditors in order to make bilateral comparisons between them. We find that the possibility of extending a specific bilateral principle of justice in a consistent way is closely related to the quasi-transitivity of the binary relations mentioned above. |
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