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...

The study examines the liability for breach of duty committed in the field of financial management of public assets. It is an increasing challenge for law enforcers to establish liability, which is attributable to two main reasons. One of them is the increasing complexity of economic processes,...

I have made the presentation of the present legislative framework regarding the medical malpractice, starting from the first enactment of the Law regarding the reform within the healthcare in 2006 with further amendments and addenda (the latest amendment was adopted in 2010). It has herein...

This paper looks at the limitations of quantitative models for evaluating risks in the liability insurance business, and suggests that insurance risks very often are not reliably calculable except in hindsight, at which point the risk has already been transformed into an all-too-measurable loss....

The literature on frivolous lawsuits has focused on litigation costs and the optimal settlement-trial decision of defendants, but has not examined how they affect the decisions of potential injurers. This paper asks whether there are circumstances under which frivolous suits might actually...

This paper compares the all-or-nothing and proportionate damage rules for allocating damages in tort cases under evidentiary uncertainty. The focus is on how the two rules affect litigation expenditures by plaintiffs and defendants. The results of simulation experiments show that the expected...

This paper assesses the widely held belief that damages for pain and suffering are random or arbitrary. We empirically analyze the differential impact of a plaintiff's personal characteristics, pain-specific circumstances and a lawsuit's procedural features on such payments. Relying on a dataset...