A simple auction-theoretic framework is used to examine symmetric litigation environments where the legal ownership of …

and deters parties from settling disputes out of court. In contrast, the law is certain ex post: litigation fosters the … of a legal system (kept under control by litigation) and its litigation rate (sustained by uncertainty). We describe such … equilibrium rates in a model of tort litigation, study how they are affected by different policies, and compare the costs and …

to form cartels in Cournot markets. As in previous experiments, markets become very competitive when individualized …

noise in the performance measure. In contrast, expectancy theory as developed by psychologists predicts lower effort levels … for noisier performance measures. We conduct a real effort laboratory experiment and find that effort levels are invariant …