notes October 6 - October 6 2005 Agenda Recap Finish...

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October 6, 2005 Agenda: Recap Finish Bargaining in the Shadow of Adversarial Legalism: Settlement Worksheet Begin A Civil Action Next week: Finish A Civil Action , Wrap up Parts I and II The Following week: TA Review sessions and the Mid-Term Monday October 10 Senate Discussion Doheny Library, Lunch, Intersection between Law and Politics Scenario I (clear and no costs) II (clear + transaction costs) III (unclear and no costs) IV (unclear with transaction costs) States of Law (Cause of Action) Clear Clear Unclear Unclear Expected Damages $100 $100 Plaintiff: $100 Defendant: $80 (thinks he only owes plaintiff that much) Plaintiff Π: $100 Defendant Δ: $80 Cost of Trial $0: costless highly efficient system $20: significant cost: $20 for each side $0: costless $20: for each side Plaintiff’s expected return $100 $80 $100 $80 Plaintiff’s minimum offer $100 $80 $100 $80 Defendants expected cost $100 $120 $80 $100 Defendant’s maximum offer $100 $120 $80 $100 Expected Settlement $100 (consistent with the law) Introduce transaction costs: Bargaining range between $80
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