The Simple Economics of Class Action: Private Provision of Club and Public Goods
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.
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.:
- repec:kap:ejlwec:v:32:y:2011:i:2:p:225-228 is not listed on IDEAS
- 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.
- Ramello, Giovanni B. & Porrini, Donatella, 2010. "Class action and financial markets: Insights from law and economics," POLIS Working Papers 143, Institute of Public Policy and Public Choice - POLIS.
- Cornes,Richard & Sandler,Todd, 1996. "The Theory of Externalities, Public Goods, and Club Goods," Cambridge Books, Cambridge University Press, number 9780521477185, june. pag.
- repec:kap:ejlwec:v:31:y:2011:i:1:p:123-141 is not listed on IDEAS
- Giovanni B. Ramello, 2011.
"Property Rights and Externalities: The Uneasy Case of Knowledge,"
ICER Working Papers
02-2011, ICER - International Centre for Economic Research.
- Ramello, Giovanni B., 2010. "Property rights and externalities: The uneasy case of knowledge," POLIS Working Papers 149, Institute of Public Policy and Public Choice - POLIS.
- 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.
- Dana, James D, Jr & Spier, Kathryn E, 1993. "Expertise and Contingent Fees: The Role of Asymmetric Information in Attorney Compensation," Journal of Law, Economics and Organization, Oxford University Press, vol. 9(2), pages 349-67, October.
- 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.
- Nicita, Antonio & Ramello, Giovanni B., 2006. "Property, liability and market power: The antitrust side of copyright," POLIS Working Papers 75, Institute of Public Policy and Public Choice - POLIS.
- 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.
- Nancy Gallini, 2011. "Private agreements for coordinating patent rights: the case of patent pools," ECONOMIA E POLITICA INDUSTRIALE, FrancoAngeli Editore, vol. 2011(3), pages 5-30.
- Gallini, Nancy, 2011. "Private Agreements for Coordinating Patent Rights: The Case of Patent Pools," IEL Working Papers 5, Institute of Public Policy and Public Choice - POLIS.
- repec:kap:ejlwec:v:32:y:2011:i:2:p:185-203 is not listed on IDEAS
- 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.
- repec:kap:ejlwec:v:32:y:2011:i:2:p:229-240 is not listed on IDEAS
- 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.
- repec:kap:ejlwec:v:32:y:2011:i:2:p:293-304 is not listed on IDEAS
- repec:kap:ejlwec:v:32:y:2011:i:2:p:263-292 is not listed on IDEAS
When requesting a correction, please mention this item's handle: RePEc:uca:ucaiel:3. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Lucia Padovani)
If references are entirely missing, you can add them using this form.