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The objectives of private and public judges

โœ Scribed by Chester S. Spatt

Publisher
Springer US
Year
1983
Tongue
English
Weight
139 KB
Volume
41
Category
Article
ISSN
0048-5829

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โœฆ Synopsis

The objectives of private and public judges A comment* CHESTER S. SPATT** Cooter analyzes settlements and judicial decisions in an environment in which the parties have private information about their preferences. Consideration of asymmetric information has yielded powerful insights into a variety of market settings so it seems natural to apply the analysis to the law.

In analyzing problems with private information all economic agents are assumed to optimize, given their information. The appropriate welfare criterion to apply to such models is one of constrained optimality (for example, see Harris and Townsend [ 1981 ] ). Loosely, this notion refers to optimality relative to both the usual feasibility restrictions and informational constraints generated from the information structure. In many situations the standard full information optimal does not satisfy the informational constraints and, therefore, cannot be constrained optimal. Several of Cooter's observations ignore the role of * Stimulating conversations with Vinee Crawford and Tom Paltrey and the support of the National Science Foundation are gratefully acknowledged.

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