Economic Analysis of the Arbitrator's Function
By: Bruno Guandalini
About This Book
Economic Analysis of the Arbitrator's Function Bruno Guandalini Arbitration has become an important market, where arbitrators are rational economic agents maximizing their utility. Although this is self-evident, it is rarely discussed. This penetrating book is the first to comprehensively analyze the market for arbitrators and arbitrators' economic role within it. In great depth, the author tackles such salient issues as the following: effect of perceived inefficiencies and high costs on arbitration legitimacy; alleged commercialization of the arbitrator's function; possible ethical problem raised by financial remuneration for rendering justice; what motivates a person to arbitrate; market for arbitrators' functioning and failures, providing a better understanding of how actors could behave in such a specific market; structural and artificial entry barriers; effect of an arbitrator's strategic behavior on the arbitrator's function; limitations on an arbitrator's rationality; and preventing and correcting these limitations. Numerous references to customs and procedures in major arbitral jurisdictions and to international laws and conventions affecting the efficiency of the arbitrator's function are included. Pursuing a non-prescriptive analysis, the author draws on the discipline of law and economics, rational choice theory, behavioral economics, and psychological work on bounded rationality. Understanding the arbitrator's function as a legal institution that is influenced by the market, this pioneer in developing and systematizing the study of the market for arbitrators and how it works will prove of inestimable value to all stakeholders in the arbitration market. Arbitrators, policymakers, regulators, and academics will be enabled to open the way to a more efficient market for arbitrators and betterment in arbitration worldwide.
AI Overview
The book "Economic Analysis of the Arbitrator's Function" by Bruno Guandalini is a comprehensive treatise on the strategic behavior, motivations, and psychological aspects of arbitrators in international arbitration. Here is a detailed overview of the book:
Key Themes
- Strategic Behavior: The book delves into the strategic behavior of arbitrators, examining how they make decisions and manage the arbitration process.
- Motivations: It explores the motivations behind an arbitrator's actions, including their role in shaping the outcome of disputes.
- Psychological Aspects: The work discusses the psychological factors that influence arbitrators, such as bounded rationality, which refers to the limitations in the cognitive processes that affect decision-making.
- Economic Analysis: The book applies economic principles to understand the arbitrator's function, providing a nuanced analysis of the economic incentives and constraints that arbitrators face.
Plot Summary
The book does not have a traditional plot in the sense of a narrative story. Instead, it is a scholarly work that systematically examines the various aspects of an arbitrator's role. It is structured around these key themes, providing a detailed analysis of each.
- Introduction: The book begins with an introduction to the concept of arbitration and the role of the arbitrator.
- Strategic Behavior: It then delves into the strategic behavior of arbitrators, discussing how they navigate complex disputes.
- Motivations and Incentives: The author explores the motivations and incentives that drive arbitrators, including their potential biases and conflicts of interest.
- Psychological Factors: The book examines the psychological factors that influence arbitrators, such as cognitive biases and bounded rationality.
- Economic Analysis: It applies economic principles to understand the arbitrator's function, analyzing the economic incentives and constraints that shape their decisions.
Critical Reception
While specific reviews are not provided in the search results, the book is part of the International Arbitration Law Library series, which is highly regarded in the field of international arbitration. The publication by Wolters Kluwer indicates a high level of academic and professional credibility.
- Academic Recognition: The book is cited in academic journals, such as the ICSID Review, which suggests that it is a significant contribution to the field of international arbitration.
- Professional Endorsement: The inclusion in the International Arbitration Law Library series by Wolters Kluwer indicates that the book is a valuable resource for professionals and scholars in the field.
In summary, "Economic Analysis of the Arbitrator's Function" by Bruno Guandalini is a comprehensive and scholarly work that provides a detailed economic analysis of the arbitrator's role in international arbitration. It explores strategic behavior, motivations, psychological factors, and economic incentives, making it a valuable resource for both academics and professionals in the field.