Procedural Law and Economics (Edward Elgar), Forthcoming
28 Pages Posted: 17 May 2011 Last revised: 27 Jun 2011
Date Written: May 17, 2011
This essay on the class action will be a chapter in the Procedural Law and Economics volume forthcoming from Edward Elgar. It reviews the law-and-economics literature on the class action, current as of 2008 (when I wrote the chapter). It discusses the benefits of large claim and small claim class actions and reviews the costs of class litigation, including agency costs, adverse selection and opt out, and frivolous and weak class action filings. The chapter also briefly discusses settlement class actions. It concludes with a review of some reform proposals.
Keywords: class action, economics of litigation
JEL Classification: K0, K40, K41
Suggested Citation: Suggested Citation