Good Faith and Game Theory

Caspar Rose

doi:10.1007/978-1-4614-7883-6_52-1

Good Faith and Game Theory

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Abstract

This article shows how game theory can be applied to model good faith mathematically using an example of a classic legal dispute related to rei vindicato. The issue is whether an owner has a legal right to his good if a person has bought it in good faith by using updated probabilities. The article illustrates that a rule of where good faith is irrelevant Pareto dominates a rule where good faith may protect an innocent buyer.

Original language	English
Title of host publication	Encyclopedia of Law and Economics
Editors	Alain Marciano, Giovanni Battista Ramello
Number of pages	5
Place of Publication	New York
Publisher	Springer Science+Business Media
Publication date	7 Apr 2016
ISBN (Print)	9781461478836 , 9781461477525
ISBN (Electronic)	9781461477549
DOIs	https://doi.org/10.1007/978-1-4614-7883-6_52-1
Publication status	Published - 7 Apr 2016

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AB - This article shows how game theory can be applied to model good faith mathematically using an example of a classic legal dispute related to rei vindicato. The issue is whether an owner has a legal right to his good if a person has bought it in good faith by using updated probabilities. The article illustrates that a rule of where good faith is irrelevant Pareto dominates a rule where good faith may protect an innocent buyer.

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