Societies provide institutions that are costly to use, but able to enforce long-run relationships. We study the optimal decision problem of using self-governance for risk sharing or governance through enforcement provided by these institutions. Third-party enforcement is modelled as a costly...

Final-offer arbitration (FOA) is a widely used binding dispute resolution mechanism, where an impartial arbitrator is constrained to choose one of the two final offers pro- posed by two disputing parties. We build an equilibrium model of FOA with agents averse to arbitral uncertainty to study...

This article considers the extent to which flexibility in the drafting of arbitration agreements will be recognized and enforced at the arbitration proceedings by arbitral tribunals or by state courts. This article focuses on the issues raised by the interpretation and the enforcement of...

Court delays are a frequent concern, yet what explains court case duration remains incompletely understood. We study the time to court case resolution by drawing on a detailed case-level dataset of civil suits filed at a major Belgian court. We utilize the competing risks regression framework to...