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Can a court system conceivably control opportunistic behavior if judges are selected from the same population as ordinary citizens and thus are no better than the rest of us? This paper provides a new and, as we claim, quite profound rational choice answer to that unsolved riddle. Adopting an...
Persistent link: https://www.econbiz.de/10010310773
Can a court system conceivably control opportunistic behavior if judges are selected from the same population as ordinary citizens and thus are no better than the rest of us? This paper provides a new and, as we claim, quite profound rational choice answer to that unsolved riddle. Adopting an...
Persistent link: https://www.econbiz.de/10010983846
Even if contract enforcers are as opportunistic as ordinary traders, a system of adjudication can increase the degree to which contractual obligations on large anonymous markets are fulfilled. Only if arbitrators receive a fixed income, occasional mistakes will not favour the untrustworthy. It...
Persistent link: https://www.econbiz.de/10005823388
theory ; Intrinsic motivation ; Court system ; Legal litigation ; Hobbesian problem of social order …
Persistent link: https://www.econbiz.de/10009657895
Bilateral joint ventures, such as marriage, are economically inspired by their prospects of labor division and specialization. However, specialization makes the partnerwho investsmore in relation-specificqualificationsmore exploitable (holdup problem). In a two-person experiment we study...
Persistent link: https://www.econbiz.de/10005241801
Endogenous timing can help to derive the time structure of decision making instead of assuming it as exogenously given. In our study we consider a homogeneous market where, like in the model of Kreps and Scheinkman (1983), sellers determine "sales capacities" before prices. Sellers must serve...
Persistent link: https://www.econbiz.de/10001512855
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