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Journal of Economic Theory and Econometrics
Journal of the Korean Econometric Society
A Model of Infinitely Repeated Litigation with Correlated Decisions
Vol.21, No.4, December 2010, 47–58
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Jihong Lee
(Department of Economics, Seoul National University)
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Abstract
This paper considers a model of repeated litigation in which a single long-lived defendant faces an infinite sequence of short-lived plaintiffs. Court decisions are correlated across periods, rejecting the presence of precedent effects. We derive unique Markov perfect equilibrium payoffs for the long-lived defendant, and compare them to the predictions of a corresponding two-period benchmark model.
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Keywords
Repeated litigation, Correlated court decision, Markov perfect equilibrium |
JEL classification codes
C73, C78, K41 |
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