Document Type

Article

Publication Date

2005

Abstract

A simple auction-theoretic framework is used to examine symmetric litigation environments where the legal ownership of a disputed asset is unknown to the court. The court observes only the quality of the case presented by each party, and awards the asset to the party presenting the best case. Rational litigants influence the quality of their cases by hiring skilful attorneys. This framework permits us to compare the equilibrium legal expenditures that arise under a continuum of legal systems. The British rule, Continental rule, American rule, and some recently proposed legal reforms are special cases of our model.

Comments

This is the accepted version of the following article:

Baye, Michael R., Dan Kovenock, and Casper G. Vries. "Comparative Analysis of Litigation Systems: An Auction‐Theoretic Approach." The Economic Journal 115.505 (2005): 583-601.

which has been published in final form at DOI: 10.1111/j.1468-0297.2005.01010.x.

Peer Reviewed

1

Copyright

Wiley

Share

COinS
 
 

To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.