The Timing of Out-of-Court Settlements
研究法律纠纷为何会拖延，通过动态诉讼模型分析谈判环境变化如何产生经验风险函数，并用调整后的风险函数估计验证比较静态结果。
Parties to a lawsuit will frequently delay litigation, even in circumstances where a voluntary agreement is eventually reached. This article is concerned with what causes legal disputes to be prolonged over time. We discuss dynamic models of litigation to illustrate how changes in the bargaining environment might generate empirical hazard functions. Comparative statics results are then corroborated with empirical estimates of a hazard function adjusted to account for both the heterogeneity of lawsuits and the nonproportional time dependence suggested by theory.