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Guilty Pleas and Submarkets

Professor Wright believes that, instead of viewing “defendants” and “prosecutors” as parts of one global market, it would do better to “to evaluate and regulate the submarkets of criminal justice separately.” Wright suggests that the solution to the problems that Bowers’ article highlights lies in targeted regulation that is sensitive to these submarkets, as “the simple microeconomic model of buyers and sellers in the market for guilty pleas has taken us about as far as it can go”