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Maybe there Is No Bias in the Selection of Disputes for Litigation

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New York closing-statement data provide unique insight into settlement and selection. The distributions of settlements and adjudicated damages are remarkably similar, and the average settlement is very close to the average judgment. One interpretation is that selection effects may be small or nonexistent. Because existing litigation models all predict selection bias, we develop a simple, no-selection-bias model that is consistent with the data. Nevertheless, we show that the data can also be explained by generalized versions of screening, signaling, and Priest–Klein models.
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Keywords: ASYMMETRIC INFORMATION; DIVERGENT EXPECTATIONS; INCONSISTENT PRIORS; KLEIN; LITIGATION; PRIEST; SCREENING; SELECTION; SETTLEMENT; SIGNALING

Document Type: Research Article

Publication date: 01 March 2018

This article was made available online on 18 December 2017 as a Fast Track article with title: "Maybe there Is No Bias in the Selection of Disputes for Litigation".

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  • Founded as Zeitschrift für die gesamte Staatswissenschaft in 1844.

    As one of the oldest journals in the field of political economy, the Journal of Institutional and Theoretical Economics (JITE) deals traditionally with the problems of economics, social policy, and their legal framework. JITE is listed in the Journal of Economic Literature, the Social Science Citation Index, the International Bibliography of the Social Sciences, and COREJ.

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    From 2013 on all accepted articles are published in an Online First version (in their final layout) to make them searchable and citable by their DOI immediately after peer review and acceptance. Once the article is published in an issue of the journal, the Online First version will be removed.

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