What role did the US courts play in the Argentine debt swap of 2005? What are the implications for the future of creditor rights in sovereign bond markets? The judge in the Argentine case has, it appears, deftly exploited creditor heterogeneity – between holdouts seeking capital gains and...

This paper examines one particular aspect of the Greek courts: the time they need to dispose cases. As an indirect measure for the time needed to dispose cases, we use the ratio of cases remaining at the end of the year to total cases introduced. Using this metric, we document a steady increase...

In this article I first describe the basic principles that parents employ in disciplining their children. The description is based on a survey of parents, the major results of which are that parental sanctions are premised on wrongdoing--not on the mere causation of harm; that parental sanctions...

The purpose of this chapter is to survey the academic literature on the economics of litigation and to synthesize its main themes. The chapter begins by introducing the basic economic framework for studying litigation and out-of-court settlement. One set of issues addressed is positive (or...

Behavioral economics has been a growing force in many fields of applied economics, including public economics, labor economics, health economics, and law and economics. This paper describes and assesses the current state of behavioral law and economics. Law and economics had a critical (though...

Exxon Shipping Co. v. Baker acknowledged that empirical studies undercut criticism of punitive damages. Paradoxically, the Court simultaneously expressed concern about jury predictability based on a high and variable punitive-compensatory ratio published in an article by the present authors. The...

We model the settlement of a legal dispute when the trial outcome depends on the behavior of a strategically motivated judge. A defendant, who is uninformed about the level of harm that he has caused, makes a take-it-or-leave-it offer to an informed plaintiff. If the parties cannot agree on a...

In this paper we compare the emerging field of open strategy to the established field of open innovation in order to facilitate their cross-fertilisation both in research and practice. Taking a communication-centred perspective, we argue that in both fields ‘openness' concerns opening-up the...