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Comparative Analysis Of Litigation Systems: An Auction-Theoretic Approach

In: 40 Years of Research on Rent Seeking 2

Author

Listed:
  • Michael R. Baye

    (Indiana University)

  • Dan Kovenock

    (Purdue University)

  • Casper G. Vries

    (Erasmus University Rotterdam and Tinbergen Institute)

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.

Suggested Citation

  • Michael R. Baye & Dan Kovenock & Casper G. Vries, 2005. "Comparative Analysis Of Litigation Systems: An Auction-Theoretic Approach," Springer Books, in: Roger D. Congleton & Kai A. Konrad & Arye L. Hillman (ed.), 40 Years of Research on Rent Seeking 2, pages 421-439, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-79247-5_24
    DOI: 10.1007/978-3-540-79247-5_24
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    JEL classification:

    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • K4 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior

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