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In this paper we consider the effects of legal-expenses insurance on settlement. Using a one-shot asymmetric … information model of litigation, we scrutinize the litigants' interactions under the situations that the plaintiff is before …-the-event insured, after-the-event insured or self-funded. We investigate the effects of insurance on settlement probabilities …
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While it is typically taken for granted that settlement of lawsuits increases social welfare, this paper shows that … settlement can lower welfare. If the defendant has private information about the harm from his action both at the time of the … action and the time of settlement bargaining, then defendants who cause different levels of harm can pay the same settlement …
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While it is typically taken for granted that settlement of lawsuits increases social welfare, this paper shows that … settlement can lower welfare. If the defendant has private information about the harm from his action both at the time of the … action and the time of settlement bargaining, then defendants who cause different levels of harm can pay the same settlement …
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