Journal ArticleDOI
An Economic Approach to Legal Procedure and Judicial Administration
TLDR
In this paper, a positive economic theory of the legal system is presented, and the authors attempt to explain the procedural rules and practices that give the system its distinctive structure and to predict the effects of changes in one part of the system on the other parts.Abstract:
requires an understanding of the operating principles of the system for resolving legal disputes. This article seeks to advance that understanding by means of the powerful tools of economic theory. Although it builds on recent articles by William M. Landes and by the present writer,' it is more than an extension of the previous work. That work took for granted the rules of procedure that provide the framework of the legal dispute-resolution system; the emphasis was on how plaintiffs (mainly prosecutors) and defendants maximize utility within its constraints. The present article attempts to explain the procedural rules and practices that give the system its distinctive structure and to predict the effects of changes in one part of the system on the other parts. It thus adds to the literature (as yet small) that is developing a positive economic theory of the institutions of the legal system.2 Part I explains the basic analytical framework of the article. The purpose ofread more
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Economic behavior and institutions
TL;DR: In economics, an important research program has developed in economics that extends neo-classical economic theory in order to examine the effects of institutions on economic behavior as discussed by the authors, which is referred to as "neo-institutional economics".
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Litigation and Settlement under Imperfect Information
TL;DR: In this paper, a model of parties' litigation and settlement decisions under imperfect information is studied, and the model shows how informational asymmetry influences parties' decisions, and how it might lead to parties' failure to settle.
Posted Content
Economic Analysis of Legal Disputes and Their Resolution
TL;DR: In the early 1970s, economics was relegated by lawyers to the technical role of providing expert advice on a relatively narrow set of laws in such fields as antitrust and labor as mentioned in this paper.
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Control and Feedback in Economic Regulation: The Case of the NLRB
TL;DR: In this paper, the authors present an empirical analysis of the National Labor Relations Board, focusing on the balance the agency strikes between the interests of business and labor, and show that the core regulatory actors engage in mutually adaptive adjustment: each is responsive to the decisions of each of the others.
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Settlement, Litigation, and the Allocation of Litigation Costs
TL;DR: In this paper, the authors examine a model of settlement and litigation in which the plaintiff makes a settlement demand based upon his true level of damages; the defendant infers the plaintiff's true damage level and decides whether to go to trial.
References
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Journal ArticleDOI
Toward an Economic Theory of Liability
TL;DR: In this article, the authors formalized the analysis of the economic effects of liability rules and analyzed the effects of decentralizing the problem and using only liability rules to solve it in terms of a two-person non-cooperative game.
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Trial by Jury: Criteria for Convictions, Jury Size and Type I and Type II Errors
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The Economics of Jury Conscription
TL;DR: The Juror's Creed as discussed by the authors states that the success of the jury system depends upon the willingness of men of integrity and intelligence to accept jury service, and that a summons to serve as a juror is a test of my patriotism, just as I would consider a call to armed service.