January 1, 1993The Journal of Legal Studies
Self-Serving Assessments of Fairness and Pretrial Bargaining
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Abstract
A persistently troubling question in the legal-economic literature is why cases proceed to trial. Litigation is a negative-sum proposition for the litigants-the longer the process continues, the lower their aggregate wealth. Although civil litigation is resolved by settlement in an estimated 95 percent of all disputes, what accounts for the failure of the remaining 5 percent to settle prior to trial?
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Cite This Study
Loewenstein et al. (1993) studied this question.