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Compromise Solutions for Bankruptcy Situations: A Note

Author

Listed:
  • José Manuel, Giménez-Gómez

    (Universitat Rovira i Virgili)

  • Antonio, Osorio

    (Universitat Rovira i Virgili)

  • Josep Enric, Peris

    (Universidad de Alicante, Departamento de Métodos Cuantitativos y Teoría Económica)

Abstract

Although classic bankruptcy problems take into account a single claims vector, Pulido et al. (2008) show that there are real bankruptcy situations where agents face more than one reference vector. In particular, they consider the claims and an additional reference vector. To analyze these situations, they propose the extreme and the diagonal approaches. Nonetheless, the former approach depends on the order of the vectors: if we interchange the claims and the reference vectors, the result changes. Moreover their study is limited to the case in which the reference vector is lower than the claims vector. In the present note, we propose an extension that solves these shortcomings by introducing the idea of impartiality.

Suggested Citation

  • José Manuel, Giménez-Gómez & Antonio, Osorio & Josep Enric, Peris, 2014. "Compromise Solutions for Bankruptcy Situations: A Note," QM&ET Working Papers 14-2, University of Alicante, D. Quantitative Methods and Economic Theory.
    • Handle: RePEc:ris:qmetal:2014_002
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    References listed on IDEAS

    as
    1. M. Pulido & P. Borm & R. Hendrickx & N. Llorca & J. Sánchez-Soriano, 2008. "Compromise solutions for bankruptcy situations with references," Annals of Operations Research, Springer, vol. 158(1), pages 133-141, February.
    2. José M. Jiménez Gómez & María del Carmen Marco Gil & Pedro Gadea Blanco, 2010. "Some game-theoretic grounds for meeting people half-way," Working Papers. Serie AD 2010-04, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    3. Josep Enric Peris Ferrando & Begoña Subiza & María del Carmen Marco, 1995. "A Mechanism For Meta-Bargaining Problems," Working Papers. Serie AD 1995-20, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    4. Driessen, T.S.H. & Tijs, S.H., 1985. "The t-value, the core and semiconvex games," Other publications TiSEM 016b6b5d-a476-44ca-bd05-7, Tilburg University, School of Economics and Management.
    5. Manuel Pulido & Joaquín Sánchez-Soriano & Natividad Llorca, 2002. "Game Theory Techniques for University Management: An Extended Bankruptcy Model," Annals of Operations Research, Springer, vol. 109(1), pages 129-142, January.
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    More about this item

    Keywords

    bankruptcy problems; reference point; compromise solution; impartiality;
    All these keywords.

    JEL classification:

    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games

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    This paper has been announced in the following NEP Reports:

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