Rationing Rules Under Uncertain Claims: A Survey

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.