Bankruptcy problems with reference-dependent preferences
| Autor: | Andrea Gallice |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2019 |
| Předmět: |
Statistics and Probability
Economics and Econometrics Actuarial science Maxmin welfare media_common.quotation_subject Rank (computer programming) Aggregate (data warehouse) Reference-dependent preferences Statistics Bankruptcy problems Reference points Utilitarian welfare Mathematics (miscellaneous) Social Sciences (miscellaneous) Statistics Probability and Uncertainty Bankruptcy Econometrics Economics Probability and Uncertainty Welfare media_common |
| Popis: | I study bankruptcy problems under the assumption that claimants have reference-dependent preferences. I consider different specifications for claimants’ reference points and show how perceived gains and losses impact on aggregate welfare. I can thus rank the four most prominent rules (Proportional, Constrained Equal Awards, Constrained Equal Losses, and Talmud) on the basis of the level of utilitarian and maxmin welfare that they generate. I also identify the welfare-maximizing rules and discuss their properties. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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