Even if contract enforcers are as opportunistic as ordinary traders, a system of adjudication can increase the degree to which contractual obligations on large anonymous markets are fulfilled. Only if arbitrators receive a fixed income, occasional mistakes will not favour the untrustworthy. It...

Behavioural economics and economic experiments can offer valuable insights to policymakers. Liberal or soft paternalism assumes that governmental nudging through the conscious setting of defaults in order to overcome potential behavioural anomalies can lead to better outcomes without giving up...

Unanimous voting as the fundamental procedural source of political legitimacy grants veto power to each individual. We present an axiomatic characterization of a class of bidding processes to spell out the underlying egalitarian values for collective projects of a "productive state". At heart of...

Relying on the specific example of ultimatum bargaining experiments this paper explores the possible role of empirical knowledge of behavioural "norm(ative) facts" within the search for (W)RE -- (Wide) Reflective Equilibria on normative issues. Assuming that "pro-social" behaviour "reveals"...