Accidents, Money, and the Law: A Study of the Economics of Personal Injury Litigation

Franklin, Marc A.; Chanin, Robert H.; Mark, Irving

doi:10.2307/1120210

Cited by 15 publications

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“…15. A detailed account of the origins of this data set is provided in Rosenberg and Sovern (1959) (see also Franklin, Chanin & Mark (1961)).…”

Section: Discussionmentioning

confidence: 99%

The Duration of Litigation

Spurr

1997

Law & Policy

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This paper analyzes the duration of litigation. The analysis of court congestion by Posner (1972) and Priest (1989) suggests that the effects of delay reduction programs may be only transitory, because initial improvements may be swamped by an offsetting increase in demand for litigation. However, we find some evidence that time to settlement was reduced in a Michigan court by a program that provided for early intervention in each case by a judge who imposed a time schedule on major events of the litigation.Using two new data sets on personal injury claims, we find that the time to settlement increases with the amount at stake but is sharply reduced when the case is referred to a specialist in personal injury litigation. Estimates of a duration model indicate that the likelihood of settlement is increased by the completion of discovery and especially by the settlement conference. We find that the hazard of settlement increases as the case gets closer to trial. This finding is in accord with the``deadline effect'' derived from certain bargaining models.

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“…15. A detailed account of the origins of this data set is provided in Rosenberg and Sovern (1959) (see also Franklin, Chanin & Mark (1961)).…”

Section: Discussionmentioning

confidence: 99%

The Duration of Litigation

Spurr

1997

Law & Policy

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“…The debates and discussions broadened and came to bear on liability rules at a more general level. Economic arguments were frequently used, even though all the debates and discussions mainly involved legal scholars (Calabresi, 1961; Conard, 1964; Ehrenzweig, 1954; Franklin, Chanin et Mark, 1961, for instance). Now, and this is where it becomes interesting, in those debates, harms were frequently modeled as externalities and accidents were analyzed in terms of ‘social cost’—in the Pigovian terms to which Coase had given a new life.…”

Section: Coase Law and Economics And Accidentsmentioning

confidence: 99%

UnderstandingThe Problem of Social Cost

Frischmann

Marciano

2014

Journal of Institutional Economics

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Abstract. Coase always expressed dissatisfaction with neo-classical economics and advocated for a new approach. Rather than using toy mathematical models built from unrealistic, idealized assumptions, Coase preferred to study real-world contexts, including actual legal cases. He demonstrated the utility of his approach in 'The Problem of Social Cost'. Yet almost all of Coase's contemporaries completely ignored, Coase's call for a new approach and his sustained use of legal cases to illustrate his arguments and to situate his analysis in reality. In this paper, we show that the profession interpreted Coase's seminal article exactly the opposite of what he had intended, and reduced his analytical contributions to a toy model of the exact sort he was criticizing. This ironic history of the most cited article both in law and in economics helps us understand the development of ideas within both fields and how disciplinary blinders shape intellectual progress.

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The Distribution of Advantages in the Litigation Process

Galanter¹

1976

Zur Soziologie Des Gerichtsverfahrens (Sociology of the Judicial Process)

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Accidents, Money, and the Law: A Study of the Economics of Personal Injury Litigation

Cited by 15 publications

References 0 publications

The Duration of Litigation

The Duration of Litigation

UnderstandingThe Problem of Social Cost

The Distribution of Advantages in the Litigation Process

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