Thursday, February 28, 2013

Great Titles in Social Science


Lawyers as Agents of the Devil in a Prisoner's Dilemma Game: Evidence from Long Run Play 

Orley Ashenfelter, David Bloom & Gordon Dahl NBER Working Paper, February 2013 

Abstract: Do the parties in a typical dispute face incentives similar to those in the classic prisoner’s dilemma game? In this paper, we explore whether the costs and benefits of legal representation are such that each party seeks legal representation in the hope of exploiting the other party, while knowing full well that failing to do so will open up the possibility of being exploited. The paper first shows how it is possible to test for the presence of such an incentive structure in a typical dispute resolution system. It then reports estimates of the incentives for the parties to obtain legal representation in wage disputes that were settled by final-offer arbitration in New Jersey. The paper also reports briefly on similar studies of data from discharge grievances, court-annexed disputes in Pittsburgh, and child custody disputes in California. In each case, the data provide evidence that the parties face strong individual incentives to obtain legal representation which makes the parties jointly worse off. Using our New Jersey data, we find that expert agents may well have played a productive role in moderating the biases of their clients, but only early on in the history of the system. Over time, the parties slowly evolved to a non-cooperative equilibrium where the use of lawyers becomes nearly universal, despite the fact that agreeing not to hire lawyers is cheaper and does not appear to alter arbitration outcomes. 

Nod to Kevin Lewis


1 comment:

Anonymous said...

WHITE LOANS
Windsor House, Greville Road,
Bristol, BS3 1LL United Kingdom.
Email: whiteloans@admin.in.th

White Loans is a trading name of Freelancer Financials Ltd, Avondale House, 262 Uxbridge Road, Middlesex, HA5 4HS.
Company Number: 07676401.
Data Protection Number: Z2957996.
CCL Number: 562464

We specialise in finding short/Long term credit solutions for customers in the hurry. The instant payday loans available through this contact can be arranged online without deposit of valued asset.


It can occasionally take up to three working days to have the funds cleared, depending on who you bank with. Most mainstream banks however are extremely quick at allowing you to access the funds.

Our service is available to you at 2% interest rate. We do however receive commission from payday lenders and brokers when customers enter into a consumer credit agreement with the them, having been introduced via our service.

Specialize in offering:

*Refinance
*Home Improvement
*Investment Loan
*Auto Loans
*Debt Consolidation
*Business Loans
*Personal Loans
*International Loans.

Applying for a payday loan through White Loans couldn’t be easier. Simply choose how much you’d like to borrow and when you intend to pay it back.

If you really acknowledge this content, you are to send the details information to the account overleaf.


EASY WAY TO APPLY.


(1) Full Name:

(2) Loan Amount Needed:

(3) Duration of Repayment:

(4) Country:

(5) Marital Status:

(6) Gender:

(8) Age:

(9) Occupation:

(10) Mobile:

Email: whiteloans@admin.in.th
Tel: +447042035199
CUSTOMER CARE
Enjoy Online Transfer Services.