Legal expenditures at a civil trial constitute an interesting type of rent-seeking contest. In civil litigation there is a natural interaction between the objective merits of the case and the outcome of the contest. Institutions such as fee shifting do not generally have a counterpart in other...

Final-offer arbitration in Major League Baseball provides an ideal setting for examining the empirical regularities that are associated with bargaining failure, since final offers, salaries, and player statistics, which provide the fundamental facts for the case, are all readily available. Using...

When society is divided into two groups with different actual or perceived crime rates, maintaining a low crime rate, minimizing the total number of innocent individuals convicted of a crime, and keeping the probability of wrongly convicting an innocent individual equal across groups are...

Final-offer arbitration is analyzed when parties are permitted to renegotiate after bids are submitted to the arbiter. If the failure to settle without arbitration arises owing to informational asymmetries, then the final-offer bids may communicate some of this private information. The...