Part III Arbitral Proceedings: Establishing the Facts and Applying the Law, B Substantive Norms, 2 Neutrality, Predictability and Economic Cooperation

International business lawyers generally seek to minimize the uncertainty and potential bias inherent in the cross-border legal environment. These lawyers draft arbitration and jurisdiction clauses, sometimes linked to choice-of-law agreements and treaty enforcement mechanisms, in order to foster a more neutral and predictable mode of dispute resolution than otherwise available to their clients. To some, the merit of these commitments to a relatively neutral forum and determinate substantive law would seem self-evident. No econometric model should be required for...