The decision making of judges is prone to error and misapprehension. Consequently, the prevailing literature ties the economic function of courts to dispute resolution and minimization of rule making costs. In contrast to previous research, this analysis applies a contract theoretic perspective...

Historically, people have often expressed negative feelings toward speculators, a sentiment that might have even been reinforced since the latest financial crisis, during which taxpayer money was warranted or spent to bail out reckless investors. In this paper, we conjecture that judges may also...