Foundations of Law and Economics
Opting Out of the Legal System: Extralegal Contractual Relations in the Diamond Industry
Lisa Bernstein
- Year
- 1992
- Venue
- Journal of Legal Studies
- Level
- Advanced
Summary
Examines the diamond industry's private rules, arbitration institutions, and reputational sanctions. The article asks why sophisticated traders may prefer extralegal agreements and specialized enforcement when secrecy, speed, repeat dealing, and industry membership alter the relative costs of public adjudication.
Citation
Lisa Bernstein. "Opting Out of the Legal System: Extralegal Contractual Relations in the Diamond Industry." Journal of Legal Studies, 1992.
DOI: 10.1086/467902
BibTeX
@article{Bernstein1992Opting,
title = {Opting Out of the Legal System: Extralegal Contractual Relations in the Diamond Industry},
author = {Lisa Bernstein},
year = {1992},
journal = {Journal of Legal Studies},
doi = {10.1086/467902},
url = {https://doi.org/10.1086/467902}
}