Part VIII Arbitrators’ Decision-Making Power and Arbitral Tribunals’ Cessation of Functions, 23 The Law is what the Arbitrator had for Breakfast: How Income, Reputation, Justice, and Reprimand Act as Determinants of Arbitrator Behaviour »
Thomas Schultz, Robert KovacsFrom: Defining Issues in International Arbitration: Celebrating 100 Years of the Chartered Institute of Arbitrators
Edited By: Julio César Betancourt
This chapter examines the factors that influence and motivate the behaviour of arbitrators, specifically income, reputation, fame, prestige, doing justice, and the objective of avoiding the reprimand elicited by an annulment of the award or its unenforceability. It suggests that a better understanding of these factors contributes to a better understanding of arbitration, the law that applies and should apply to it, and the law created by it. The analysis follows a simple path, mirroring the main steps taken by classical law and economics studies on judicial behaviour. It takes the main types of incentives and constraints identified in these studies and applies them to the behaviour of arbitrators.