Contractual Intermediaries

Garey Ramey and Joel Watson

The Journal of Law, Economics, and Organization, 2002, vol. 18, issue 2, 362-384

Abstract: This article analyzes the role of third-party intermediaries in contract enforcement. In our model, intermediaries record information about past actions and resolve disputes when requested to do so by the contracting agents. When the verifiability of information is limited, successful enforcement requires that dispute resolution costs be sufficiently great. Optimal enforcement systems economize on dispute resolution and information costs, and may involve establishment of specific systems tailored to particular groups. Copyright 2002, Oxford University Press.

Date: 2002
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Working Paper: Contractual Intermediaries (1999)
Working Paper: Contractual Intermediaries (1999)
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