A Theory of Trustees, and Other Thoughts

Eric Rasmusen ()

Working Papers from Indiana - Center for Econometric Model Research

Abstract: Independent central bankers and judges can both be more usefully viewed as examples of trustees than as agents. A trust is alegal insitution with rules set up by a settlor, administered by a trustee on behlaf of beneficiaries. Public trustees often are motivated more by Pride, Policy, Place and Power than by money, and economists should take this into account.

Keywords: CENTRAL BANKS; TRUSTS (search for similar items in EconPapers)
JEL-codes: D73 D72 E58 (search for similar items in EconPapers)
Date: 1998
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Persistent link: http://EconPapers.repec.org/RePEc:fth:indian:98-007

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