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Truth-Bonding and Other Truth-Revealing Mechanisms for Courts [technical version]

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Author Info
Robert Cooter (Boalt Hall, UC Berkeley)
Winand Emons (University of Bern)

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Abstract

In trials witnesses often gain by slanting their testimony. The law tries to elicit the truth from witnesses by cross-examination under threat of criminal prosecution for perjury. As a truth-revealing mechanism, perjury law is crude and ineffective. We develop the mathematical form of a perfect truth-revealing mechanism, which exactly offsets the gain from slanted testimony by the risk of a possible sanction. Implementing an effective truth-revealing mechanism requires a witness to certify accuracy by posting bond. If events subsequently prove that the testimony was inaccurate, the witness forfeits the bond. By providing superior incentives for telling the truth, truth-bonding could combat some distortions by factual witnesses and interested experts, including "junk science".

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Publisher Info
Paper provided by Berkeley Olin Program in Law & Economics in its series Berkeley Olin Program in Law & Economics, Working Paper Series with number 1117.

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Date of creation: 30 Apr 2001
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Handle: RePEc:cdl:oplwec:1117

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  1. Robert Cooter & Winand Emons, 2004. "Truth-Bonding and Other Truth-Revealing Mechanisms for Courts," European Journal of Law and Economics, Springer, vol. 17(3), pages 307-327, May. [Downloadable!] (restricted)
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  2. Antonio Bernardo & Eric L. Talley & Ivo Welch, 1999. "A Theory of Legal Presumptions," Yale School of Management Working Papers ysm118, Yale School of Management. [Downloadable!]
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  3. Richard A. Posner, 1999. "The Law and Economics of the Economic Expert Witness," Journal of Economic Perspectives, American Economic Association, vol. 13(2), pages 91-99, Spring. [Downloadable!] (restricted)
  4. Grossman, Sanford J & Hart, Oliver D, 1983. "An Analysis of the Principal-Agent Problem," Econometrica, Econometric Society, vol. 51(1), pages 7-45, January. [Downloadable!] (restricted)
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  5. Emons, Winand, 1994. "The provision of environmental protection measures under incomplete information: An introduction to the theory of mechanism design," International Review of Law and Economics, Elsevier, vol. 14(4), pages 479-491, December. [Downloadable!] (restricted)
    Other versions:
  6. Holmstrom, Bengt & Myerson, Roger B, 1983. "Efficient and Durable Decision Rules with Incomplete Information," Econometrica, Econometric Society, vol. 51(6), pages 1799-819, November. [Downloadable!] (restricted)
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  7. Michael J. Mandel, 1999. "Going for the Gold: Economists as Expert Witnesses," Journal of Economic Perspectives, American Economic Association, vol. 13(2), pages 113-120, Spring. [Downloadable!] (restricted)
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