Accuracy in Adjudication

John M. Olin Center for Law, Economics, and Business, Harvard Law School, Discussion Paper No. 198

Posted: 7 Jan 1997

See all articles by Louis Kaplow

Louis Kaplow

Harvard Law School; National Bureau of Economic Research (NBER)

Multiple version iconThere are 2 versions of this paper

Date Written: September 1996

Abstract

Many features of public legal systems and private schemes of dispute resolution influence the accuracy of legal outcomes, including rules of procedure and evidence, appeals, regulation of lawyers' conduct, and some aspects of substantive law. An economic inquiry into this subject is concerned with the trade-off between accuracy and cost. Much of the effort involves careful specification of the value of accuracy, which until recently has been largely taken for granted. It turns out that the benefits from greater accuracy vary greatly by context. Accordingly, the discussion separately considers problems of determining liability, assessing damages, and establishing future rights and obligations.

JEL Classification: K41

Suggested Citation

Kaplow, Louis, Accuracy in Adjudication (September 1996). John M. Olin Center for Law, Economics, and Business, Harvard Law School, Discussion Paper No. 198. Available at SSRN: https://ssrn.com/abstract=10258

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