There is extensive literature on whether courts or legislators produce efficient rules, but which of them produces rules efficiently? The law is subject to uncertainty ex ante; uncertainty makes the outcomes of trials difficult to predict and deters parties from settling disputes out of court. In...

A behaviour of economic agents in many respects depends on taking into account those conditions that have appeared around them. Traditionally, to such conditions, researchers have referred the uncertainty and factors of the institutional control, often projected on a value of the transaction...