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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] |
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] |
Poll Tax
A poll tax, also known as head tax or capitation, is a tax levied as a fixed sum on every liable individual (typically every adult), without reference to income or resources. Head taxes were important sources of revenue for many governments from ancient times until the 19th century. In the United Kingdom, poll taxes were levied by the governments of John of Gaunt in the 14th century, Charles II in the 17th and Margaret Thatcher in the 20th century. In the United States, voting poll taxes (whose payment was a precondition to voting in an election) have been used to disenfranchise impoverished and minority voters (especially under Reconstruction). By their very nature, poll taxes are considered regressive. Many other economists brand them as highly harmful taxes for low incomes (100 monetary units of a fortune of 10,000 represent 1% of said wealth, while 100 monetary units of a fortune of 500 represents 20%). Its acceptance or "neutrality" (there is no truly neutral tax on the p ... [...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] |
Auction
An auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition exist and are described in the section about different types. The branch of economic theory dealing with auction types and participants' behavior in auctions is called auction theory. The open ascending price auction is arguably the most common form of auction and has been used throughout history. Participants bid openly against one another, with each subsequent bid being higher than the previous bid. An auctioneer may announce prices, while bidders submit bids vocally or electronically. Auctions are applied for trade in diverse contexts. These contexts include antiques, paintings, rare collectibles, expensive wines, commodities, livestock, radio spectrum, used cars, real estate, online advertising, vacation packages, emission trading, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revocation
Revocation is the act of recall or annulment. It is the cancelling of an act, the recalling of a grant or privilege, or the making void of some deed previously existing. A temporary revocation of a grant or privilege is called a suspension. Contract law In the law of contracts, revocation is a type of remedy for buyers when the buyer accepts a nonconforming good from the seller. Upon receiving the nonconforming good, the buyer may choose to accept it despite the nonconformity, reject it (although this may not be allowed under the perfect tender rule and whether the Seller still has time to cure), or revoke their acceptance. Under Article 2 of the Uniform Commercial Code, for a buyer to revoke, he must show (1) the goods failed to conform to the contract ''and'' (2) it substantially impaired the value of the goods (this is a question of fact). A Proposal/Offer May be revoked at any time, before the communication of its acceptance is complete as against the proposer, but not afte ... [...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 posthumously ackno ... [...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'' is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
