Class Actions

Charles Silver

University of Texas at Austin - School of Law

Encyclopedia of Law & Economics, 1999

This chapter, which will appear in the International Encyclopedia of Law and Economics, surveys the literature on the law and economics of class actions. It provides a basic introduction to the relevant legal terminology, the requirements for class certification and settlement, and the mechanics of operation. It then canvasses the normative arguments that support the availability of the class action, in particular, its distinctive contemporary function of facilitating litigation of claims when individuals possess small stakes in a controversy that, in the aggregate, is large or socially important. The analysis proceeds mainly in Paretian terms. Problems with and objections to class actions are then taken up, including agency failures and settlement sell outs, and parallel class litigation. Fees are discussed in some detail, and the empirical literature is drawn upon at many points. There also is an extensive bibliography.

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Date posted: August 11, 1999  

Suggested Citation

Silver, Charles, Class Actions. Encyclopedia of Law & Economics, 1999. Available at SSRN: https://ssrn.com/abstract=173388

Contact Information

Charles M. Silver (Contact Author)
University of Texas at Austin - School of Law ( email )
727 East Dean Keeton Street
Austin, TX 78705
United States
512-232-1337 (Phone)
512-232-1372 (Fax)

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