ECONOMIC THEORIES OF SETTLEMENT BARGAINING

Economic Theories of Settlement Bargaining

We brie‡y review two basic models of settlement bargaining based on concepts from information economics and game theory. We then discuss how these models have been generalized to address issues that arise when there are more than two litigants with related cases. Linkages between cases can arise due to exogenous factors such as correlated culpability or damages, or they can be generated by disc...

Settlement and Trial : Selected Analyses of the Bargaining Environment

The economic impacts of the tobacco settlement.

Recent litigation against the major tobacco companies culminated in a master settlement agreement (MSA) under which the participating companies agreed to compensate most states for Medicaid expenses. Here the terms of the settlement are outlined and its economic implications analyzed using data from Massachusetts. The financial compensation to Massachusetts (and other states) under the MSA is s...

Theories of Economic Regulation

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Leadership and Economic Theories

Economic theories of Nonprofit Organizations (NPOs) have modified standard economic assumptions to explain altruism and nonprofit entrepreneurship but have neglected their dependence on leadership due to the traditional reluctance of economists to consider phenomena associated with preference change. The relevance of Hermalin’s (1998) model of leadership by example and Casson’s (1991) theory of...