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 Universitaet Bern, Departement Volkswirtschaft in its series Diskussionsschriften with number dp9608.
Date of creation: Aug 1996
Date of revision:
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Other versions of this item:
- 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).
- Emons, Winand, 1996. "Expertise, Contingent Fees, and Excessive Litigation," CEPR Discussion Papers 1487, C.E.P.R. Discussion Papers.
- 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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