The LM institution encourages queries by making them a condition for appealing to the LM. and, as we have seen, querying deters Cheating. At equilibrium, traders who fail to query are constantly Cheated by their trading partners.

Builds on: "Querying with an outstanding judgment yields negative expected payoff."

PAUL R. MILGRO, PAUL R. MILGRO - THE ROLE O…, loc. 120