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To Arbitrate or To Litigate: That Is the Question

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  • Bruce Benson

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Abstract

To the degree that arbitration might be considered in the law and economics literature it is typically treated as a procedural choice for resolution of a contract disputes, and it clearly is true that arbitration may be chosen for any of a number of procedural advantages. For instance, arbitrators can be selected on the basis of their expertise in matters pertinent to specific disputes and reputation for impartiality, thus reducing the uncertainty associated with judicial error and or bias.

(This abstract was borrowed from another version of this item.)

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File URL: http://hdl.handle.net/10.1023/A:1008762907114
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Bibliographic Info

Article provided by Springer in its journal European Journal of Law and Economics.

Volume (Year): 8 (1999)
Issue (Month): 2 (September)
Pages: 91-151

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Handle: RePEc:kap:ejlwec:v:8:y:1999:i:2:p:91-151

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Web page: http://www.springerlink.com/link.asp?id=100264

Related research

Keywords: arbitration; interjurisdictional competition; customary law; commercial law; lex mercatoria; private sanctions;

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References

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  1. Cooter, Robert D., 1994. "Structural adjudication and the new law merchant: A model of decentralized law," International Review of Law and Economics, Elsevier, vol. 14(2), pages 215-231, June.
  2. Benson, B.L., 1997. "Endogenous Morality," Working Papers 1997_09_01, Department of Economics, Florida State University.
  3. Benson, Bruce L, 1999. " An Economic Theory of the Evolution of Governance and the Emergence of the State," The Review of Austrian Economics, Springer, vol. 12(2), pages 131-60, November.
  4. Alessandra Casella, 1992. "Arbitration in International Trade," NBER Working Papers 4136, National Bureau of Economic Research, Inc.
  5. Williamson, Oliver E, 1991. "Economic Institutions: Spontaneous and Intentional Governance," Journal of Law, Economics and Organization, Oxford University Press, vol. 7(0), pages 159-87, Special I.
  6. Benson, Bruce L, 1995. "An Exploration of the Impact of Modern Arbitration Statutes on the Development of Arbitration in the United States," Journal of Law, Economics and Organization, Oxford University Press, vol. 11(2), pages 479-501, October.
  7. Crew, Michael A & Twight, Charlotte, 1990. " On the Efficiency of Law: A Public Choice Perspective," Public Choice, Springer, vol. 66(1), pages 15-36, July.
  8. Benson, B.L., 1991. "Customary law as a Social Contract Internatioanl Commercial Law," Working Papers 1991_04_10, Department of Economics, Florida State University.
  9. Becker, Gary S, 1983. "A Theory of Competition among Pressure Groups for Political Influence," The Quarterly Journal of Economics, MIT Press, vol. 98(3), pages 371-400, August.
  10. Stigler, George J, 1992. "Law or Economics?," Journal of Law and Economics, University of Chicago Press, vol. 35(2), pages 455-68, October.
  11. Bloom, David E & Cavanagh, Christopher L, 1986. "An Analysis of the Selection of Arbitrators," American Economic Review, American Economic Association, vol. 76(3), pages 408-22, June.
  12. Shavell, Steven, 1995. "Alternative Dispute Resolution: An Economic Analysis," The Journal of Legal Studies, University of Chicago Press, vol. 24(1), pages 1-28, January.
  13. William M. Landes & Richard A. Posner, 1978. "Adjudication as a Private Good," NBER Working Papers 0263, National Bureau of Economic Research, Inc.
  14. Haggard, Stephan & McMillan, John & Woodruff, Christopher, 1996. "Trust and Search in Vietnam's Emerging Private Sector," CEPR Discussion Papers 1506, C.E.P.R. Discussion Papers.
  15. Benson, B.L., 1996. "The Evolution of Commercial Law," Working Papers 1996_09_04, Department of Economics, Florida State University.
  16. Tullock, Gordon, 1985. "Adam Smith and the Prisoners' Dilemma," The Quarterly Journal of Economics, MIT Press, vol. 100(5), pages 1073-81, Supp..
  17. Benson, Bruce L., 1988. "Corruption in law enforcement: one consequence of "The tragedy of the commons" arising with public allocation processes," International Review of Law and Economics, Elsevier, vol. 8(1), pages 73-84, June.
  18. Ekelund, Robert B, Jr & Tollison, Robert D, 1980. "Economic Regulation in Mercantile England: Heckscher Revisited," Economic Inquiry, Western Economic Association International, vol. 18(4), pages 567-99, October.
  19. Bernstein, Lisa, 1992. "Opting Out of the Legal System: Extralegal Contractual Relations in the Diamond Industry," The Journal of Legal Studies, University of Chicago Press, vol. 21(1), pages 115-57, January.
  20. Williamson, Oliver E, 1983. "Credible Commitments: Using Hostages to Support Exchange," American Economic Review, American Economic Association, vol. 73(4), pages 519-40, September.
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Citations

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Cited by:
  1. George Halkos & Nickolas Kyriazis, 2006. "Is tax competition harmful and is the EU an optimal tax area?," European Journal of Law and Economics, Springer, vol. 21(2), pages 163-177, April.
  2. Bruce Benson, 2006. "Contractual nullification of economically-detrimental state-made laws," The Review of Austrian Economics, Springer, vol. 19(2), pages 149-187, June.
  3. Justin Zhang & Tian Zhu, 2000. "Verifiability, Incomplete Contracts and Dispute Resolution," European Journal of Law and Economics, Springer, vol. 9(3), pages 281-290, May.
  4. Boris Marinov & Bruce Heiman, 1998. "Company Law and Corporate Governance Renewal in Transition Economies: The Bulgarian Dilemma," European Journal of Law and Economics, Springer, vol. 6(3), pages 231-261, November.
  5. Friedman, David, 2000. "Contracts in Cyberspace," Berkeley Olin Program in Law & Economics, Working Paper Series qt3jq4m7tj, Berkeley Olin Program in Law & Economics.
  6. George Halkos & Nicholas Kyriazis, 2003. "Property Rights and Game-Theory Implications of Satellite Communications: The Bilateral Case of Greece and Russia," European Journal of Law and Economics, Springer, vol. 15(3), pages 233-250, May.
  7. Peter Leeson, 2007. "Efficient anarchy," Public Choice, Springer, vol. 130(1), pages 41-53, January.

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