Economic Analysis of the Arbitrator’s Function (eBook)

International Arbitration Law Library Series Volume 55 About this book: Economic Analysis of the Arbitrator’s Function is a pioneering book that provides a systematized in-depth study of the functioning of the market for arbitrators, comprising a comprehensive analysis of its elements, elasticity, efficiency, imperfections and competition matters. The growing demand for arbitration in the market solicits a proportional supply of efficient and rational functioning by the arbitrators. This perceptive book sheds light on the arbitrators’ strategic behavior, motivations and psychological work on bounded rationality, with respective economic analysis. What’s in this book: Several references to customs and procedures in major arbitral jurisdictions and to international laws and conventions that influence arbitration are highlighted in this book. The author tackles in detail 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 How this will help you: The originality of the economic analysis of the arbitrator’s function will enable the interested parties, counsels and institutions worldwide to better understand and predict arbitrators’ behavior. Arbitrators, policymakers, regulators and academics will be empowered to pave the way for improved efficiency and betterment in arbitration globally.