Benito Arruñada - Universitat Pompeu Fabra
+ RESUMEN DE PÁGINA    |    Eng · Esp · Cat
La Economía es útil para desempeñar puestos de analista empresarial, pero es contraproducente para el directivo si interfiere con sus habilidades sociales innatas.
Ver más

La fragilidad de los mercados: Un experimento sobre independencia judicial

 
Arruñada, Benito, and Marco Casari (2016), “La fragilidad de los mercados: Un experimento sobre independencia judicial”, Journal of Economic Behavior and Organization, 129, 142-56.
 
Descripción
 
Descargar archivo
 
 
  Contract enforcement does not only affect single transactions but the market as a whole. We compare alternative institutions that allocate enforcement rights to the different parties to a credit transaction: either lenders, borrowers, or judges. Despite all parties having incentives to enforce and transact, the market flourishes or disappears depending on the treatment: paying judges according to lenders’ votes maximizes total surplus and equity; and a similar result appears when judges are paid according to average earnings in society. In contrast, paying judges according to borrowers’ votes generates the poorest and most unequal society. These results suggest that parties playing the role of borrowers understand poorly the systemic consequences of their decisions, triggering under-enforcement, and hence wasting profitable trade opportunities.  
 
 
@BenitoArrunada