Antitrust Settlements and Trial Outcomes
通过联合估计和解与审判结果的模型，发现原告胜诉概率每增加1%，和解概率提高0.13%；被告声誉效应不显著，且原告倾向于在有利司法管辖区起诉。
Risk aversion plays an important role in explaining why antitrust cases settle instead of going to trial. Using a jointly estimated model of settlement and trial outcome, the authors find that a one percent increase in the probability that the plaintiff wins at trial raises the probability of a settlement by 0.13 percent. They also find that reputation effects are not a significant factor for defendants, so the risk aversion of the defendants does not play a dominant role in determining whether the parties settle. Plaintiffs are more likely to win in certain jurisdictions, which encourages venue shopping by plaintiffs. Copyright 1996 by MIT Press.