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We study bankruptcy rules in a setting where individuals have state contingent claims. A rule must distribute shares before uncertainty resolves. Within a wide class of parametric rules, we first characterize rules of ex–ante form in terms of the way that the rule processes inherent...
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The clustering problem has been addressed in many contexts and by researchers in many disciplines; this reflects its broad appeal and usefulness as one of the steps in exploratory data analysis. Clustering is the unsupervised classification of patterns into groups. However, clustering...
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In chapter 1, we consider the possibility of Secure Implementation in Production Economies beyond the result provided in the Saijo et al. (2007) paper. We find a large class of SCFs to be securely implementable. The serial SCF and the widely studied Fixed Path SCFs which contains serial SCF as a...
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In cooperative games with transferable utilities, the Shapley value is an extreme case of marginalism while the Equal Division rule is an extreme case of egalitarianism. The Shapley value does not assign anything to the non-productive players and the Equal Division rule does not concern itself...
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