I. Introduction and theoretical framework – II. Origins of efficiency and its establishment as a value of international arbitration – 1. Origins and justification of efficiency mandate – 2. Efficiency as a value of international arbitration – I. Role of arbitrators – 1. Power and duties of arbitrators – 2. Balancing due process, fairness and efficiency: the due process paranoia – 3. Effective and efficient management of the arbitration process – IV. Concluding remarks: the efficiency paradigm