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The Simple Economics of Class Action: Private Provision of Club and Public Goods

  • Cassone, Alberto

    ()

  • Ramello, Giovanni B.

    ()

This article uses economic categories to show how the reorganisation of civil procedure in the case of class action is not merely aimed at providing a more efficient litigation technology, as hierarchies (and company law) might do for other productive activities, but that it also serves to create a well defined economic organization ultimately aimed at producing a set of goods, first and foremost among which are justice and efficiency. Class action has the potential to recreate, in the judicial domain, the same effects that individual interests and motivations, governed by the perfect competition paradigm, bring to the market. Moreover, through economic analysis it is possible to rediscover not only the productive function of this legal machinery, but also that partial compensation of victims and large profits for the class counsel, far from being a side-effect, are actually a necessary condition for reallocation of the costs and risks associated with the legal action.

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File URL: http://polis.unipmn.it/pubbl/RePEc/uca/ucaiel/iel003.pdf
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Paper provided by Institute of Public Policy and Public Choice - POLIS in its series IEL Working Papers with number 3.

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Length: 20 pages
Date of creation: Apr 2011
Date of revision:
Handle: RePEc:uca:ucaiel:3
Contact details of provider: Web page: http://polis.unipmn.it

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  1. repec:kap:ejlwec:v:32:y:2011:i:2:p:225-228 is not listed on IDEAS
  2. Donatella Porrini & Giovanni B. Ramello, 2011. "Class action and financial markets: insights from law and economics," Journal of Financial Economic Policy, Emerald Group Publishing, vol. 3(2), pages 140-160, July.
  3. Cornes,Richard & Sandler,Todd, 1996. "The Theory of Externalities, Public Goods, and Club Goods," Cambridge Books, Cambridge University Press, number 9780521477185, june. pag.
  4. repec:kap:ejlwec:v:31:y:2011:i:1:p:123-141 is not listed on IDEAS
  5. Giovanni B. Ramello, 2011. "Property Rights and Externalities: The Uneasy Case of Knowledge," ICER Working Papers 02-2011, ICER - International Centre for Economic Research.
  6. Boyd, James, 2001. "Financial Responsibility for Environmental Obligations: Are Bonding and Assurance Rules Fulfilling Their Promise?," Discussion Papers dp-01-42, Resources For the Future.
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  8. Nicita Antonio & Ramello Giovanni B., 2007. "Property, Liability and Market Power: The Antitrust Side of Copyright," Review of Law & Economics, De Gruyter, vol. 3(3), pages 767-791, December.
  9. Gallini, Nancy, 2010. "Private Agreements for Coordinating Patent Rights: The Case of Patent Pools," Economics working papers nancy_gallini-2010-34, Vancouver School of Economics, revised 17 Nov 2010.
  10. repec:kap:ejlwec:v:32:y:2011:i:2:p:185-203 is not listed on IDEAS
  11. Edward L. Glaeser & Andrei Shleifer, 2001. "The Rise of the Regulatory State," Harvard Institute of Economic Research Working Papers 1934, Harvard - Institute of Economic Research.
  12. repec:kap:ejlwec:v:32:y:2011:i:2:p:229-240 is not listed on IDEAS
  13. Alon Klement, 2004. "Incentive Structures for Class Action Lawyers," Journal of Law, Economics and Organization, Oxford University Press, vol. 20(1), pages 102-124, April.
  14. repec:kap:ejlwec:v:32:y:2011:i:2:p:293-304 is not listed on IDEAS
  15. repec:kap:ejlwec:v:32:y:2011:i:2:p:263-292 is not listed on IDEAS
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