The task of juries is to dispense ex post justice. While justice requires convicting the guilty and acquitting the innocent, the evidence usually cannot distinguish with certainty. We argue that the jury will be more lenient in acquittals than is optimal for deterring crime whenever its...

Recent changes in real estate law hastened the shift from a seller's agency regime, in which real estate agents serve the interests of sellers, to a buyer's agency regime, in which agents serve the interests of buyers. Using data from the Atlanta real estate market, we show that the shift to...

I analyze the effect of procedural rules that permit judges to limit pretrial discovery. In the presence of asymmetric information, a litigant may forgo settlement before discovery if his opponent interprets a serious offer as a sign that her discovery is likely to uncover useful evidence,...