International Journal of Game Theory

, Volume 28, Issue 4, pp 511–520 | Cite as

Equivalence of axioms for bankruptcy problems

  • Youngsub Chun


The bankruptcy problem is concerned with how to divide the net worth of the bankrupt firm among its creditors. In this paper, we investigate the logical relations between various axioms in the context of bankruptcy. Those axioms are: population-and-resource monotonicity, consistency, converse consistency, agreement, and separability. In most axiomatic models, they are not directly related. However, we show that they are equivalent on the class of bankruptcy problems under minor additional requirements.

Key words: Bankruptcy problem axioms logical relation 


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Copyright information

© Springer-Verlag Berlin Heidelberg 1999

Authors and Affiliations

  • Youngsub Chun
    • 1
  1. 1.Division of Economics, Seoul National University, Seoul 151-742, Korea (e-mail:

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