Expertise, Contingent Fees, and Excessive Litigation
AbstractPlaintiffs have either strong 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 needs 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 C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1487.
Date of creation: Oct 1996
Date of revision:
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Other versions of this item:
- Winand Emons, 1996. "Expertise, Contingent Fees, and Excessive Litigation," Diskussionsschriften dp9608, Universitaet Bern, Departement Volkswirtschaft.
- Emons, W, 1996. "Expertise, Contingent Fees, and Excessive Litigation," UFAE and IAE Working Papers 356.96, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
- 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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