Legal Fees: A Comparison of the American and English Rules
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[Introduction] This note is intended to explore some of the issues raised l)y Avery Katz's
provocative paper. The question posed in his paper is whether the English
rule or the American rule generates more legal fees. Katz uses game theoretic
motivation for the elasticity measures that are central to his analysis.
However, the analysis proceeds in terms of elasticity models so the
implications of the underlying game theory remain rather obscure. The approach
taken here is to analyze a game-theoretic model directly to discover
where the basic principles of the theory lead. The basic approach is similar
to other papers and the contribution here is to work out the details of an
easy-to-follow example.
[1] Jennifer F. Reinganum,et al. Settlement, Litigation, and the Allocation of Litigation Costs , 1986 .