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Contracting in the Shadows of a Corrupt Court

  • Mui, V.L.

This paper presents an incomplete contracting model to show how judicial corruption and judicial favoritism can lead to distortions in agents' incentives to invest in relation-specific assets and cause inefficiency. I also show that while an increase in the judge's income always increases investment, it is possible that a strongly favoritism-reducing increase in the authority's propensity to monitor the judiciary can actually reduce, instead of increase, investment in equilibrium. The implications of these findings for the study of institutional reforms, the relationship between the institutional environment and institutional arrangements, and the political economy of connections are explored.

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Paper provided by Southern California - Department of Economics in its series Papers with number 9507.

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Length: 38 pages
Date of creation: 1995
Date of revision:
Handle: RePEc:fth:socaec:9507
Contact details of provider: Postal: UNIVERSITY OF SOUTHERN CALIFORNIA, DEPARTMENT OF ECONOMICS, UNIVERSITY PARK LOS ANGELES CALIFORNIA 90089-0152 U.S.A.
Phone: (213) 740-8335
Fax: (213) 740-8543
Web page: http://www.usc.edu/dept/LAS/economics/

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