Civil procedure: the economics of civil procedure
Civil Procedure: Economics of Civil Procedure describes one way to make these policy tradeoffs: the approach of law-and-economics. The law-andeconomics literature has devoted a good deal of attention to procedural issues and over time developed a powerful set of analytical tools. Indeed, economics is useful for analyzing virtually every feature of the procedural system, including burdens of pleading and proof, summary judgment, frivolous litigation, party and claim joinder rules, discovery, the class action, settlement, and alternative dispute resolution.
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THE TOOLS OF POSITIVE
The Puzzle of Settlement
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adverse selection agency problems American Rule analysis backward induction benefits British Rule chance Chapter claim preclusion class action class attorney class members court defendant defendant's deter Diane discussion dismissed effect endowment effect equilibrium estimate example expected trial value expected value false negative false positive formal discovery frivolous filings frivolous litigation frivolous plaintiffs frivolous suits game theory going to trial hard bargaining incentives increases individual suits investment issue preclusion lawsuit lawyers likelihood of success litigation costs loses loss mass tort ment meritorious suits negotiating nonmutual nonparty normative economics notice pleading outcome P-l's suit Pablo and Doris Pareto efficiency parties Paul potential suit preclusion rule predict Prob probability rational choice reason reduces relitigation result risk risk-averse self-serving bias settle settlement range settlement surplus social costs social welfare function stage stakes suit is frivolous sunk costs Suppose supra note theory tion tive welfare welfare economics winning