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The Future of Cross-Border InsolvencyOvercoming Biases and Closing Gaps$
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Irit Mevorach

Print publication date: 2018

Print ISBN-13: 9780198782896

Published to Oxford Scholarship Online: April 2018

DOI: 10.1093/oso/9780198782896.001.0001

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The Debiasing Role of the Cross-Border Insolvency System

The Debiasing Role of the Cross-Border Insolvency System

Chapter:
(p.49) 2 The Debiasing Role of the Cross-Border Insolvency System
Source:
The Future of Cross-Border Insolvency
Author(s):

Irit Mevorach

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198782896.003.0002

This chapter explores what the reasons for deviating from modified universalism in practice may be. To do so, it draws on behavioural international law and economics. The chapter argues that certain decision-making biases may play a role in cross-border insolvency and can explain both negative inclinations and instances of lack of cooperation, as well as the relative success of modified universalism. The key argument here is that instead of yielding to territorial inclinations, cross-border insolvency law has a debiasing role to play. It should attempt to align choices with optimal solutions, overcoming biases, and should also close gaps in the cross-border insolvency system in line with modified universalism.

Keywords:   debiasing role, decision-making biases, cross-border insolvency system, behavioural international law, economics, status quo bias, loss aversion, framing, endowment effect, short-termism, peer effect

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