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Private Versus Socially Optimal Provision of Ex Ante Legal Advice

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Louis Kaplow
Steven Shavell

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Abstract

This article considers whether the demand for legal advice about potential liability for future acts is socially excessive. using the standard model of accidents, we find that the answer depends on the type of advice and the form of liability. When advice provides information about properly determined liability, the demand for advice is socially optimal under strict liability but is socially excessive under the negligence rule. When advice identifies errors the legal system is expected to make, the demand for advice is socially excessive under both liability rules.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3868.

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Date of creation: Oct 1992
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Handle: RePEc:nbr:nberwo:3868

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Kahan, Marcel, 1989. "Causation and Incentives to Take Care under the Negligence Rule," Journal of Legal Studies, University of Chicago Press, vol. 18(2), pages 427-47, June.
  2. Shavell, Steven, 1988. "Legal Advice about Contemplated Acts: The Decision to Obtain Advice, Its Social Desirability, and Protection of Confidentiality," Journal of Legal Studies, University of Chicago Press, vol. 17(1), pages 123-50, January.
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  1. Ram Singh, 2001. "Effects of Courts' Errors on Efficiency of Liability Rules: When Individuals are Imperfectly Informed," Working papers 97, Centre for Development Economics, Delhi School of Economics. [Downloadable!]
  2. Ram Singh, 2003. "Efficiency of 'Simple' Liability Rules When Courts Make Erroneous Estimation of the Damage," European Journal of Law and Economics, Springer, vol. 16(1), pages 39-58, July. [Downloadable!] (restricted)
  3. Giuseppe Dari-Mattiacci & Bruno Deffains, 2006. "Uncertainty of Law and the Legal Process," Working Papers of BETA 2006-11, Bureau d'Economie Théorique et Appliquée, ULP, Strasbourg. [Downloadable!]
    Other versions:
  4. Ram Singh, 2008. "Efficient Liability Rules When Courts Make Errors in Estimation of the Harm: Complet Characterization," Working Papers id:1612, esocialsciences.com. [Downloadable!]
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  5. Louis Kaplow & Steven Shavell, 1996. "Accuracy in the Assessment of Damages," NBER Working Papers 4287, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Louis Kaplow, 1999. "Accuracy, Complexity, and the Income Tax," NBER Working Papers 4631, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Harald Hau & Marcel Thum, 2000. "Lawyers, Legislation and Social Welfare," European Journal of Law and Economics, Springer, vol. 9(3), pages 231-254, May. [Downloadable!] (restricted)
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