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Constrained Equal Awards
Constrained equal awards (CEA), also called constrained equal gains, is a division rule for solving bankruptcy problems. According to this rule, each claimant should receive an equal amount, except that no claimant should receive more than his/her claim. In the context of taxation, it is known as leveling tax. Formal definition There is a certain amount of money to divide, denoted by ''E'' (=Estate or Endowment). There are ''n'' ''claimants''. Each claimant ''i'' has a ''claim'' denoted by ''c_i''. Usually, \sum_^n c_i > E, that is, the estate is insufficient to satisfy all the claims. The CEA rule says that each claimant ''i'' should receive \min(c_i, r), where ''r'' is a constant chosen such that \sum_^n \min(c_i,r) = E. The rule can also be described algorithmically as follows: * Initially, all agents are active, and all agents get 0. * While there are remaining units of the estate: ** The next estate unit is divided equally among all active agents. ** Each agent whose tot ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy Problem
A bankruptcy problem, also called a claims problem, is a problem of distributing a homogeneous divisible good (such as money) among people with different claims. The focus is on the case where the amount is insufficient to satisfy all the claims. The canonical application is a bankrupt firm that is to be liquidated. The firm owes different amounts of money to different creditors, but the total worth of the company's assets is smaller than its total debt. The problem is how to divide the scarce existing money among the creditors. Another application would be the division of an estate amongst several heirs, particularly when the estate cannot meet all the deceased's commitments. A third application is ''tax assessment''. One can consider the claimants as taxpayers, the claims as the incomes, and the endowment as the total after-tax income. Determining the allocation of total after-tax income is equivalent to determining the allocation of tax payments. Definitions The amount ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Claim In Bankruptcy
A Proof of claim in bankruptcy, in United States bankruptcy law, is a document filed with the Court so as to register a claim against the assets of the bankruptcy estate. The claim sets out the amount that is owed to the creditor as of the date of the bankruptcy filing and, if relevant, any priority status. Although a document called a Claim in Bankruptcy is used in proceedings in both Canada and the United States, in the United States, the document is properly termed a Proof of Claim. The form is different although they share many similar aspects. Upon receipt of a claim, the Trustee in bankruptcy must notify the claimant (or creditor) whether the estate will object to the claim or whether it will, as is the default case, allow the claim. Some of the reasons a creditor's claim may be objected to are that: * the claim is not liquidated, such as a claim for damages for pain and suffering that is not the result of a judgment debt. This assertion is not fatal as the claim may be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Maimonides
Musa ibn Maimon (1138–1204), commonly known as Maimonides (); la, Moses Maimonides and also referred to by the acronym Rambam ( he, רמב״ם), was a Sephardic Jewish philosopher who became one of the most prolific and influential Torah scholars of the Middle Ages. In his time, he was also a preeminent astronomer and physician, serving as the personal physician of Saladin. Born in Córdoba, Almoravid Empire (present-day Spain), on Passover eve, 1138 (or 1135), he worked as a rabbi, physician and philosopher in Morocco and Egypt. He died in Egypt on 12 December 1204, when his body was taken to the lower Galilee and buried in Tiberias. During his lifetime, most Jews greeted Maimonides' writings on Jewish law and ethics with acclaim and gratitude, even as far away as Iraq and Yemen. Yet, while Maimonides rose to become the revered head of the Jewish community in Egypt, his writings also had vociferous critics, particularly in Spain. Nonetheless, he was posthumous ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Characterization (mathematics)
In mathematics, a characterization of an object is a set of conditions that, while different from the definition of the object, is logically equivalent to it. To say that "Property ''P'' characterizes object ''X''" is to say that not only does ''X'' have property ''P'', but that ''X'' is the ''only'' thing that has property ''P'' (i.e., ''P'' is a defining property of ''X''). Similarly, a set of properties ''P'' is said to characterize ''X'', when these properties distinguish ''X'' from all other objects. Even though a characterization identifies an object in a unique way, several characterizations can exist for a single object. Common mathematical expressions for a characterization of ''X'' in terms of ''P'' include "''P'' is necessary and sufficient for ''X''", and "''X'' holds if and only if ''P''". It is also common to find statements such as "Property ''Q'' characterizes ''Y'' up to isomorphism". The first type of statement says in different words that the extension of ''P' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Constrained Equal Losses
Constrained equal losses (CEL) is a division rule for solving bankruptcy problems. According to this rule, each claimant should lose an equal amount from his or her claim, except that no claimant should receive a negative amount. In the context of taxation, it is known as poll tax. Formal definition There is a certain amount of money to divide, denoted by ''E'' (=Estate or Endowment). There are ''n'' ''claimants''. Each claimant ''i'' has a ''claim'' denoted by ''c_i''. Usually, \sum_^n c_i > E, that is, the estate is insufficient to satisfy all the claims. The CEL rule says that each claimant ''i'' should receive \max(0, c_i-r), where ''r'' is a constant chosen such that \sum_^n \max(0, c_i-r) = E. The rule can also be described algorithmically as follows: * Initially, all agents are active, and each agent gets his full claim. * While the total allocation is larger than the estate: ** Remove one unit equally from all active agents. ** Each agent whose total allocation dr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
