Wirtschaftswissenschaft

Geoffrey Brennan, Werner Güth, Hartmut Kliemt

Trust in the Shadow of the Courts

Jahrgang 159 () / Heft 1, S. 16-36 (21)

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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 can be shown that the presence of the courts may further the prospects of the trustworthy in a large class of situations. But under non-optimal court policies and unfavorable parameter constellations introducing courts may crowd out trustworthiness.

Criminal Law and Conflicts of Honour
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Geoffrey Brennan Keine aktuellen Daten verfügbar.

Werner Güth ist emeritierter Direktor am Max-Planck-Institut für Erforschung von Kollektivgütern in Bonn.

Hartmut Kliemt Professor für praktische Philosophie an der Universität Duisburg-Essen.

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Criminal Law and Conflicts of Honour