Ökonomische Analyse neoklassischer Verträge: Funktion und Wirkweise von Schiedsrichtern und Schlichtern in komplexen Transaktionsbeziehungen

Summary

This study examines the determinants of a neutral third party’s intervention in complex transaction relations. At its basis there rules the idea that the way through courts in order to get control of opportunism risks is often inefficient and that it would be better to let a third party intervene in functions of supervision and arbitration. The analyses of a third party’s intervention are based on a data sample which gives detailed information about 880 market contracts and co-operation projects. There is a tendency to often let a third party intervene if transaction parties intend to carry out especially high specific investments. Furthermore, third parties play a special role in respect of enforcing different contractual regulations or institutional arrangements. A third party intervenes, for example, in the following cases: if several (equal) partners are involved in a transaction, if hostages have to be exchanged or if sanctions have to be decided.