Rationing Rules Under Uncertain Claims: A Survey

Sinan Ertemel; Rajnish Kumar

doi:10.1007/978-981-16-4737-6_10

Rationing Rules Under Uncertain Claims: A Survey

Sinan Ertemel^*, Rajnish Kumar

^*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceeding › Chapter › peer-review

1 Citation (Scopus)

Abstract

We survey a recent line of literature that studies rationing rules when individuals have uncertain claims which can be represented as state-contingent claims or probability distributions. A rule must distribute shares before uncertainty resolves. We introduce proportional rules, parametric rules, equal-quantile rules, and expected waste-constrained uniform gains rules in this framework. We provide an axiomatic characterization of these rules using adaptations of standard axioms in the literature and some new axioms pertaining to uncertainty.

Original language	English
Title of host publication	Indian Statistical Institute Series
Publisher	Springer Science and Business Media B.V.
Pages	177-199
Number of pages	23
DOIs	https://doi.org/10.1007/978-981-16-4737-6_10
Publication status	Published - 2021
Externally published	Yes

Publication series

Name	Indian Statistical Institute Series
ISSN (Print)	2523-3114
ISSN (Electronic)	2523-3122

Bibliographical note

Publisher Copyright:
© 2021, The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.

Funding

We are grateful to Jingyi Xue for her many valuable comments and suggestions. We also would like to thank the two referees whose suggestions have helped improve this chapter. Rajnish Kumar acknowledges the financial support provided by British Council, UK, Grant UGC-UKIERI 2016-17-059.

Funders	Funder number
British Council	UGC-UKIERI 2016-17-059

Keywords

equal-quantile rules
expected waste-constrained uniform gains rules
parametric rules
proportional rules
Rationing
risk
state-contingent claims
uncertainty

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10.1007/978-981-16-4737-6_10

Cite this

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Rationing Rules Under Uncertain Claims: A Survey

Abstract

Publication series

Bibliographical note

Funding

Keywords

Access to Document

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