In operation, the Law Merchant system would appear to be a low cost way to disseminate information, for two reasons. First, the LM system centralizes the information system so that, for information about any partner, a player need only go to one place.

XREF: Relates to reputation systems and institutional economics literature on how centralized trust infrastructure lowers transaction costs.

PAUL R. MILGRO, PAUL R. MILGRO - THE ROLE O…, loc. 132