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Lecture

Lecture Notes- Legal Procedure Nov 4 2009

3 Pages
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Department
Economics
Course Code
ECO320H1
Professor
Robert Barber

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Lecture - LEGAL PROCEDURE (November 4th 2009)
- Recovery t compulsory discovery of facts
- Gain for plaintiff can be money (compensation)
- Gain of justice = highly important t sometimes may be even more valued than monetary claims
- dZ[Àoµ]vreadjusting/reinforcing previous rules
Slide 5 t Wo]v](([]]}vZµo
- ^}uo]v](([vi}ÇZµ]vP}~l}v(]o]vP(}oÁµ]t not serious
Slide 6 t Expected Value of a Legal Claim
- Decision chain
- 5 decision points of filing/not filing, settling/not settle, winning/losing
- Essentially of game theory (extensive form)
- ^}]}vWZvvÁ}llÁ~ZP]vv]vPÁ}v[ÁZZî]]}v
are worth, need to start at the end); find the expected values of each t move backwards
- More reward t take greater probability case
Slide 8 t Effect of Fees (2)
- Port Colborne = Lake Eerie
o A t possible awards
o P t probability of winning
- Canadian cost rule
o 2/3 of legal costs paid by loser
o >}Çîlï}(Á]vv[}
- If expected value is positive t SUE
- If probability is uncertain, find break even probability (use equation)
o F=g=0 Æ American cost rule applied, break even probability = .15
- Which cost rule encourages risky claims? AMERICAN b/c the plaintiff is not at risk of paying their
own lawyer and the opponents lawyer
Slide 9 t Effect of Fees (3)
- When costs are award, not ALL costs are awarded (only a portion) t 2/3
- No-way-certain t no reallocation of costs between parties (f=g=0)
- Certain t ALWAYS pay your lawyer
- No-way contingent % t only pay your lawyer if you win
o v[µZuÆÀoµµ]}vWt pA(1-h) t (1-p)0
o Lawyer gets a percentage of winnings
o Client would want to sue when p and A are positive (expected value has to be greater
than zero)
o Client may have opportunity cost (in reality, should be added to claims)
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Description
Lecture - LEGAL PROCEDURE (November 4 2009) th - Recovery J compulsory discovery of facts - Gain for plaintiff can be money (compensation) - Gain of justice = highly important J sometimes may be even more valued than monetary claims - @Z[Zo]Lreadjustingreinforcing previous rules Slide 5 J 9o]L][Z ]Z]}LZo - ^}Ko]L][ZEZLE}ZZ]L2} ZZ~l}L]o]L2}oZ]J not serious Slide 6 J Expected Value of a Legal Claim - Decision chain - 5 decision points of filingnot filing, settlingnot settle, winninglosing - Essentially of game theory (extensive form) - ^}o]}L9ZZLL}l lZ~Z2]LL]L2}L[ZZ ]Z]}LZ are worth, need to start at the end); find the expected values of each J move backwards - More reward J take greater probability case Slide 8 J Effect of Fees (2) - Port Colborne = Lake Eerie o A J possible awards o P J probability of winning - Canadian cost rule o 23 of legal costs paid
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