The timing of out-of-court settlements

Article Abstract:

Litigation of lawsuits are often prolonged even when a voluntary settlement has been reached by parties concerned. The causes for prolonged legal disputes over time are analyzed. Dynamic models of litigation are used to show how changes in the bargaining environment can lead to empirical hazard functions. A corroboration of the results of comparative statics is done and empirical estimates of a hazard function is adjusted to account for the heterogeneity of lawsuits and time dependence.

Analysis, Costs (Law), Legal fees, Actions and defenses, Litigation

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Fault, settlement, and negligence law

Article Abstract:

A study as conducted on the relationship between fault in accidents and recovery for injuries predicted by laws. Data from insurance settlements involving automobile accidents were analyzed. Anecdotal evidence indicated that judges and juries failed to enforce the letter of the law, subsequently causing a weak relationship between fault and settlement. The results suggest that the letter of the law has a lesser effect on individual behavior than postulated in previous studies.

Liability (Law), Legal liability, Negligence, Criminal, Criminal negligence

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Union Wave Settlements During a Disinflation

Article Abstract:

The effect of long-term overlapping union contracts on inflation is examined in a model developed to gauge the constraints imposed by the contracts on the rate of inflation. The disinflation rate of wages slows in its early stages, but accelerates as inflation is lowered. A gradual reduction in demand is needed to reduce inflation.

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