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faculty: "FEB" and publication year: "2007"
| Authors | G. Dari-Mattiacci, B. Deffains | | Title | Uncertainty of law and the legal process |
| Journal | Journal of institutional and theoretical economics |
| Volume | 163 |
| Year | 2007 |
| Issue | 4 |
| Pages | 627-656 |
| ISSN | 09324569 |
| Faculty | Faculty of Law
Faculty of Economics and Business |
| Institute/dept. | FdR: Amsterdam Center for Law & Economics (ACLE)
FEB: Amsterdam Business School Research Institute (ABS-RI) |
| Abstract | There is extensive literature on whether courts or legislators produce efficient rules, but which of them produces rules efficiently? The law is subject to uncertainty ex ante; uncertainty makes the outcomes of trials difficult to predict and deters parties from settling disputes out of court. In contrast, the law is certain ex post: litigation fosters the creation of precedents that reduce uncertainty. We postulate that there is a natural balance between the degree of uncertainty of a legal system (kept under control by litigation) and its litigation rate (sustained by uncertainty). We describe such equilibrium rates in a model of tort litigation, study how they are affected by different policies, and compare the costs and benefits of the legislative and the judicial process of lawmaking. |
| Document type | Article |
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