Construct a system of containers that implements solution

Assignment Help Basic Statistics

Reference no: EM131333548

Repeat given Exercise, using the following solution concept: divide the estate in a continuous manner equally between the creditors, until one (or more) of the creditors has received his or her entire claim. Continue to divide the remaining amount of money between the remaining creditors, until one (or more) of the creditors has received his or her entire claim, and so on, until all the money in the estate runs out.

Exercise:-
Define the following solution concept ? to bankruptcy problems by

φ_i(E; d₁, d₂,.....d_n):=(d₁/(d₁ + d₂ + ... + d_n)) × E.

This is the proportional division between the creditors.

(a) Construct a system of containers that implements this solution.

(b) Prove that this is a consistent solution concept.

Reference no: EM131333548

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