Empirical analysis of dispute resolution terms in commercial contracts provides information about theoretical issues in contract law. These clauses are adopted at a time when the parties share an interest in maximizing the value of the contract. The analyst can examine the pattern of contracting behavior and infer that the choices made by sophisticated parties will tend to represent efficient arrangements.
Date of Authorship for this Version
Miller, Geoffrey P., "Empirical Analysis of Legal Theory" (2014). New York University Law and Economics Working Papers. 392.