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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.
|Title of host publication
|Game Theory and Networks: New perspectives and directions
|Surajit Borkotokey, Rajnish Kumar, Diganta Mukherjee, K. S. Mallikarjuna Rao, Sudipta Sarangi
|Published - 01 Jan 2022
|Indian Statistical Institute Series