The practice and evolution of the Law Merchant in medieval Europe was so rich and varied that no single model can hope to capture all the relevant variations and details. Our simple model is intended to represent certain universal incentive problems that any successful system would have to solve.

XREF: Connects to institutional economics and game-theoretic analysis of how customary law systems like the Law Merchant function as self-enforcing governance.

PAUL R. MILGRO, PAUL R. MILGRO - THE ROLE O…, loc. 11