Baldursson, Fridrik M. (2004): Réttlæti og sérhagsmunir. Published in: Fjármálatíðindi , Vol. 51, No. 2 (2004): pp. 78-86.
This is the latest version of this item.
Download (114kB) | Preview
This paper briefly summarizes recent research on justice, in particular Konow’s (2003) positive theory of justice. This research is then applied to recent events in Iceland: the attempt by Iceland’s largest bank to take over a savings bank. Shortly after the deal was announced the Icelandic Parliament quickly and unanimously passed a law which blocked it by creating a hold-up situation for the savings bank board: if it converts the bank to a corporation – as is necessary prior to takeover – an outside board will replace the present board. It is argued that the strong support for the law is puzzling when seen from the perspective of theories of pressure groups, regulatory threat and privatization. However, the paper claims that this may be explained by positive analysis of justice: the board played an ultimatum game against the general public and made what was perceived as an unfair proposal. The proposal was soundly rejected by the public, as usually happens when unfair offers are made in ultimatum games.
|Item Type:||MPRA Paper|
|Original Title:||Réttlæti og sérhagsmunir|
|English Title:||Justice and pressure groups|
|Keywords:||Positive Justice, Equity, Pressure groups, Regulatory threat, Ultimatum games|
|Subjects:||D - Microeconomics > D6 - Welfare Economics > D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
D - Microeconomics > D7 - Analysis of Collective Decision-Making > D72 - Political Processes: Rent-Seeking, Lobbying, Elections, Legislatures, and Voting Behavior
D - Microeconomics > D7 - Analysis of Collective Decision-Making > D78 - Positive Analysis of Policy Formulation and Implementation
K - Law and Economics > K1 - Basic Areas of Law > K10 - General
|Depositing User:||Fridrik Baldursson|
|Date Deposited:||20. Apr 2009 14:59|
|Last Modified:||27. Sep 2015 13:17|
Aristóteles (1995). Siðfræði Níkómakkosar, þýðandi Svavar Hrafn Svavarsson, Reykjavík: Hið íslenska bókmenntafélag.
Becker, G. (1983). A theory of competition among pressure groups for political influence, Quarterly Journal of Economics, 98, 371-400.
Boycko, M., Shleifer A. og Vishny, R. W. (1996). A theory of privatisation, Economic Journal, 106, 309-19. Buchanan, J.M. (1974). Liberty, Market and State: Political Economy in the 1980’s. NY: NYU Press, Columbia University Press.
Camerer, C. (2003). Behavioral game theory: experiments in strategic interaction, New York NY: Russel Sage Foundation, Princeton NJ: Princeton University Press.
Glazer, A. og McMillan, H. (1992). Pricing by the firm under regulatory threat, Quarterly Journal of Economics 107, 1089-99.
Hoffman, E. og Spitzer, M. L. (1985). Entitlements, rights, and fairness: An experimental examination of subjects’ concepts of distributive justice, Journal of Legal Studies, 14, 259–97.
Kahneman, D., Knetsch, J. L. og Thaler, R. (1986). Fairness as a constraint on profit seeking: entitlements in the market, American Economic Review, 76, 728–41.
Konow, J. (2003). Which is the fairest one of all? A positive analysis of justice theories, Journal of Economic Literature, 41, 1188-1239.
Kristján Kristjánsson (2003). Réttlæti á eftir Rawls: um réttindi, verðskuldun og tilfinningar, Skírnir, 178, 83-118.
Nozick, R. (1974). Anarchy, State and Utopia, NY: Basic Books.
Rawls, J. (1971). A Theory of Justice, Cambridge: Belknap Press of Harvard University Press.
Sen, A. (1987). On Ethics and Economics, Oxford UK and Cambridge USA: Blackwell.
Sigurður Líndal og Þorgeir Örlygsson (1999). Um nýtingu fiskstofna og töku gjalds fyrir nýtingu þeirra, í áfangaskýrslu Auðlindanefndar, Reykjavík: Alþingi.
Þorsteinn Gylfason (1984). Hvað er réttlæti?, Skírnir, 158, 159-222.
Available Versions of this Item
Réttlæti og sérhagsmunir. (deposited 20. Apr 2009 14:48)
- Réttlæti og sérhagsmunir. (deposited 20. Apr 2009 14:59) [Currently Displayed]