Parametric rationing methods |
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Institution: | 1. Southampton Business School, University of Southampton, United Kingdom;2. Electronics and Computer Science, University of Southampton, United Kingdom |
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Abstract: | In a rationing problem, a single homogeneous good is allocated among agents with possibly complex characteristics, or types. When types are single positive numbers (agents' claims), Young's theorem says that in the presence of continuity, a method of rationing is consistent and symmetric if and only if it can be represented by a continuous parametric function. This theorem is generalized to all separable type spaces. Related results include a characterization of non-continuous parametric methods and a simple criterion for deciding when a two-agent method can be consistently extended to a multi-agent method. An application to the multi-category bankruptcy problem is described. |
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