There is evidence that asymmetric information does exist between litigants: not in a way supporting Bebchuk (1984)’s assumption that defendants’ degree of fault is private information, but more likely as a result of parties’ predictive capacity about the outcome at trial (Osborne, 1999)....

For contemporary legal theory, law is essentially an interpretative and hermeneutic practice (Ackerman (1991), Horwitz (1992)). A straightforward consequence is that legal disputes between parties are motivated by their divergent interpretations regarding what law says on their case. This point...

For psychologists, bounded rationality reflects the presence of cognitive dissonance and/or inconsistency, revealing that people use heuristics (Tversky, and Kahneman 1974) rather than sophisticated processes for the assessment of their beliefs. Recent research analyzing litigations and pretrial...

This research inspects the general implications of considering duration of confinement as a deduction to the convicted consumer-worker time endowment. Even if analytically simple, the model is able to shed some light on the expected wage profile of criminals, and the pattern of their...

This research inspects the general implications of considering duration of confinement as a deduction to the convicted consumer-worker time endowment. Even if analytically simple, the model is able to shed some light on the expected wage profile of criminals, and the pattern of their...

Intellectual property's road to hell is paved with good intentions. Because liability is difficult to predict and the consequences of infringement are dire, risk-averse intellectual property users often seek a license when none is needed. Yet because the existence (vel non) of licensing markets...

We show that whatever the representation of criminals' preferences under risk, the assumption according to which they are strongly risk averse individuals is not consistent with the available observations establishing that criminals are more sensitive to shifts in the probability of sanction...