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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.)

Suggested Citation

  • Bruce Benson, 1999. "To Arbitrate or To Litigate: That Is the Question," European Journal of Law and Economics, Springer, vol. 8(2), pages 91-151, September.
  • Handle: RePEc:kap:ejlwec:v:8:y:1999:i:2:p:91-151
    DOI: 10.1023/A:1008762907114
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    References listed on IDEAS

    as
    1. Alessandra Casella., 1992. "Arbitration in International Trade," Center for International and Development Economics Research (CIDER) Working Papers C92-003, University of California at Berkeley.
    2. Benson, B.L., 1997. "Endogenous Morality," Working Papers 1997_09_01, Department of Economics, Florida State University.
    3. William M. Landes & Richard A. Posner, 1978. "Adjudication as a Private Good," NBER Working Papers 0263, National Bureau of Economic Research, Inc.
    4. 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.
    5. Benson, Bruce L, 1999. "An Economic Theory of the Evolution of Governance and the Emergence of the State," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 12(2), pages 131-160, November.
    6. Stigler, George J, 1992. "Law or Economics?," Journal of Law and Economics, University of Chicago Press, vol. 35(2), pages 455-468, October.
    7. 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.
    8. Gordon Tullock, 1985. "Adam Smith and the Prisoners' Dilemma," The Quarterly Journal of Economics, Oxford University Press, vol. 100(Supplemen), pages 1073-1081.
    9. Bloom, David E & Cavanagh, Christopher L, 1986. "An Analysis of the Selection of Arbitrators," American Economic Review, American Economic Association, vol. 76(3), pages 408-422, June.
    10. Benson, B.L., 1996. "The Evolution of Commercial Law," Working Papers 1996_09_04, Department of Economics, Florida State University.
    11. 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.
    12. 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.
    13. Williamson, Oliver E, 1991. "Economic Institutions: Spontaneous and Intentional Governance," Journal of Law, Economics, and Organization, Oxford University Press, vol. 7(0), pages 159-187, Special I.
    14. Bruce Benson, 1992. "Customary law as a social contract: International commercial law," Constitutional Political Economy, Springer, vol. 3(1), pages 1-27, December.
    15. Williamson, Oliver E, 1983. "Credible Commitments: Using Hostages to Support Exchange," American Economic Review, American Economic Association, vol. 73(4), pages 519-540, September.
    16. 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.
    17. Bruce L. Benson, 1998. "Economic Freedom and the Evolution of Law," Cato Journal, Cato Journal, Cato Institute, vol. 18(2), pages 209-232, Fall.
    18. repec:cto:journl:v:18:y:1998:i:2:p: is not listed on IDEAS
    19. 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.
    20. 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 115-157, January.
    21. Bruce L. Benson, 2001. "Law and economics," Chapters,in: The Elgar Companion to Public Choice, chapter 26 Edward Elgar Publishing.
    22. 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 567-599, October.
    23. Gary S. Becker, 1983. "A Theory of Competition Among Pressure Groups for Political Influence," The Quarterly Journal of Economics, Oxford University Press, vol. 98(3), pages 371-400.
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    Citations

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    Cited by:

    1. 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.
    2. 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.
    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. 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.

    More about this item

    Keywords

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

    JEL classification:

    • K41 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Litigation Process
    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law

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