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Addendum on Payment Into Court
THE AGENCY PROBLEM IN PRETRIAL
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accept American Rule analysis Ap's assume assumption attorney attorney's backwards induction bp.fp British Rule Chapter commitment power contingent fee structure continuous COROLLARY cost counteroffer D's expected D's offers default judgment defendant disengagement fee effort level exceeds expected payoff extensive form games fee arrangement fee function Figure file suit gross settlement amount Harold Kuhn Hence his/her immediate settlement incentives infimum infinite-horizon Kenneth Arrow Kenneth Binmore last offeror lawyer lawyer's recommendations manipulate maximise Nash equilibrium nondecreasing nuisance suits optimal option P's payoff Partha DasGupta parties plaintiff players pp.pd pre-trial negotiation game pre-trial negotiation process private information PROOF Proposition 3.1 recommendations of litigation recommending litigation Reinhard Selten representation in pre-trial reservation wage risk neutral Rubinstein's model Rule for allocating sequential bargaining settle settlement game settlement offer settlement surplus Shavell SPE payoffs SPE shares strategic subgame commencing subgame perfect equilibrium supremum trial outcome unique SPE outcome