What does the law presume when it is proven simply that one person has made a payment of money to another? Surprisingly, there are three candidate answers to this question. First, a number of nineteenth-century authorities hold that ‘when money is paid by one man to another the legal...

China's rapid growth in the absence of autonomous legal institutions of the kind found in the west appears to pose a problem for theories which stress the importance of law for economic development. In this article we draw on interviews with lawyers, entrepreneurs and financial market actors to...

E-commerce is overshadowing face-to-face (F2F) transactions in business-to-consumer (B2C) commerce. This benefits consumers in providing more buying options, but may leave them with no remedies when purchases go awry. This chapter therefore discusses how online dispute resolution (ODR) systems...

Private-order market institutions founded on trust-based relational contracts suffer adverse selection and moral hazard problems, while public-order market institutions have a limited capacity to enforce contracts. I model agent selection between contract enforcement institutions and demonstrate...