This article discusses proposed governance reforms of legal services markets. The model distinguishes between a status quo position supported by a system of professionally enforced collective reputation and forms of governance based more squarely on market mechanisms. We identify a number of...

An economic experiment involving 24 small, tightly knit communities allows us to distinguish between trusting or trust-like behaviour based on expectational and non-expectational motivations. A model linking trusting behaviour to expectations of trustworthiness explains over half of the...