If traders do not query the LM, then they will have insufficient information to administer punishments, so once again Cheating will go unpunished. 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.

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