THE THEORY OF GAMES APPLIED TO EXTRAJUDICIAL RECOVERY

Abstract

Game theory is a set of analytical tools that have been developed to understand the phenomena that occur when decision-makers interact rationally with each other. On the other hand, extrajudicial recovery, derived from the Judicial Recovery and Bankruptcy Law (LRJF), is presented as an instrument of a low level of complexity compared to judicial recovery or the old concordat. However, statistically, the extrajudicial recovery plan is little used. Thus, the objective of this article is to formulate a hypothesis that provides an answer to the following fundamental question: what are the elements contributing to the relatively low importance of extrajudicial recovery? In this sense, the article will use game theory to make the most logical assumptions about the rational interaction between debtors and creditors in extrajudicial recovery. It is therefore explanatory research, built from the hypothetical-deductive method, the qualitative approach, and documentary and bibliographic research techniques. It is divided into three sections that address game theory, extrajudicial recovery, and the application of the first in the second. Ultimately, we did not rule out the conjecture formed from the hypothesis that the extrajudicial recovery plan has relatively low importance due to the ordinary plan approaching more of Nash’s Equilibrium.