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The Journal of Law, Economics, and Organization V18 I2
© 2002 Oxford University Press

Original Article

Contractual Intermediaries

Garey Ramey and Joel Watson

University of California, San Diego

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.


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