Expertise, Contingent Fees, and Excessive Litigation
AbstractPlaintiffs have either stong or weak cases. Both cases should be taken to court, yet weak cases need more work by the attorney than strong cases. Only the attorney knows whether a case needds additional work or not; the plaintiff is forced to rely on the attorney's recommendation. We show that under contingent fees there will generally be excessive litigation. In contrast, an hourly fee implements the efficient amount of litigation.
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Bibliographic InfoPaper provided by Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC) in its series UFAE and IAE Working Papers with number 356.96.
Length: 15 pages
Date of creation: 1996
Date of revision:
INCENTIVES; LITIGATION; INFORMATION;
Other versions of this item:
- Emons, Winand, 1996. "Expertise, Contingent Fees, and Excessive Litigation," CEPR Discussion Papers 1487, C.E.P.R. Discussion Papers.
- Winand Emons, 1996. "Expertise, Contingent Fees, and Excessive Litigation," Diskussionsschriften dp9608, Universitaet Bern, Departement Volkswirtschaft.
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- K41 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Litigation Process
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