Litigation, Settlement and the Market for Lawyers

Alex Robson ()

Chapter 11 in Law and Markets, 2012, pp 321-358 from Palgrave Macmillan

Abstract: Abstract Chapter 3 examined situations in which parties to a dispute could potentially (if transaction costs were sufficiently low) negotiate over an economic outcome and, by doing so, exhaust all gains from trade. Moreover, under certain assumptions (for example, quasi-linearity of utility functions), the final outcome and the size of the aggregate gains from trade were independent of the initial allocation of property rights or legal rule than was in place. This is the essence of the Coase Theorem.

Keywords: Nash Equilibrium; Demand Curve; Disagreement Point; Legal Rule; Bargaining Solution (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-35494-4_11

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DOI: 10.1057/9780230354944_11

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