کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5071804 1477079 2013 15 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
On the investment implications of bankruptcy laws
ترجمه فارسی عنوان
در دلایل سرمایه گذاری قوانین ورشکستگی
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
Axiomatic analysis of bankruptcy problems reveals three major principles: (i) proportionality (PRO), (ii) equal awards (EA), and (iii) equal losses (EL). However, most real life bankruptcy procedures implement only the proportionality principle. We construct a noncooperative investment game to explore whether the explanation lies in the alternative implications of these principles on investment behavior. Our results are as follows (i) EL always induces higher total investment than PRO which in turn induces higher total investment than EA; (ii) PRO always induces higher egalitarian social welfare than both EA and EL in interior equilibria; (iii) PRO induces higher utilitarian social welfare than EL in interior equilibria but its relation to EA depends on the parameter values (however, a numerical analysis shows that on a large part of the parameter space, PRO induces higher utilitarian social welfare than EA).
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Games and Economic Behavior - Volume 80, July 2013, Pages 85-99
نویسندگان
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