Arbitration is often characterized exclusively as a procedural option for resolution of contract disputes. Procedural benefits include the facts that: (1) arbitrators can be selected for their expertise in matters pertinent to a dispute, thus reducing the potential for judicial error as well as...

The law and economics literature on contracts and contract enforcement has focused almost exclusively on judicial adjudication, despite the fact that the vast majority of contracts are never adjudicated. Indeed, most contracts disputes are sttled through negotiation, sometimes with the...

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,...