Toward a Taxonomy of Disputes: New Evidence through the Prism of the Priest/Klein Model
AbstractThe Priest/Klein model predicts both trial rates and plaintiff win rates as functions of three structural parameters: the decision standard, parties' uncertainty in estimating case quality, and the degree of stake asymmetry across parties. Previous tests of the model are unsatisfactory because most have concentrated on its prediction of a 50 percent win rate, which only obtains as a limiting case. We gather independent evidence that describes the model's three parameters and compare it with estimates from a structural model that simultaneously estimates both trial and win rates. The model fits the data for four of our six case types. A four-parameter model, in which plaintiffs face greater uncertainty than defendants, can explain the two anomalous case types. Copyright 1999 by the University of Chicago.
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Bibliographic InfoArticle provided by University of Chicago Press in its journal Journal of Legal Studies.
Volume (Year): 28 (1999)
Issue (Month): 1 (January)
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Web page: http://www.journals.uchicago.edu/JLS/
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- Poitras, Marc & Frasca, Ralph, 2011. "A unified model of settlement and trial expenditures: The PriestâKlein model extended," International Review of Law and Economics, Elsevier, vol. 31(3), pages 188-195, September.
- De Mot, Jef & Depoorter, Ben, 2010. "Tort law and probabilistic litigation: How to apply multipliers to address the problem of negative value suits," International Review of Law and Economics, Elsevier, vol. 30(3), pages 236-243, September.
- Zhou, Jun, 2010. "Jackpot Justice: The Value of Inefficient Litigation," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 346, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
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