A game-theoretic analysis of professional rights and responsibilities

Professions are granted autonomy by society, to regulate their own affairs. In return for the economic benefits autonomy grants to professions, society expects professions to act in a socially responsible manner. This paper presents a game-theoretic analysis of the relationship between society and professions, which shows that the relationship is unstable in the face of opportunities for professions to renege on the social contract. It also shows how periodic controversies regarding the degree to which professionals act in the public interest are expected to occur periodically, and how they are resolved.James C. Gaa is a member of the Accounting Area and an associate member of the Philosophy Department at McMaster University. He holds Ph.D. degrees from Washington University (Philosophy) and the University of Illinois (Accountancy). His recent research has focused on public policy and ethical issues in financial accounting and auditing. He also has publications in philosophy of science and ethics.