Diffusion of Legal innovations. The Case of Israeli Class Actors
| Autor: | Keren Weinshall, Alon Klement, Christoph Engel |
|---|---|
| Přispěvatelé: | Law and Economics |
| Jazyk: | angličtina |
| Rok vydání: | 2018 |
| Předmět: |
Class (computer programming)
Actuarial science Process (engineering) media_common.quotation_subject 05 social sciences Social learning 0506 political science Education Israeli law Momentum (finance) 0502 economics and business 050602 political science & public administration Economics Profitability index 050207 economics Diffusion (business) Imitation Law Class action media_common Law and economics |
| Zdroj: | Journal of Empirical Legal Studies Journal of Empirical Legal Studies, 15(4), 708-731. Wiley-Blackwell Publishing Ltd |
| ISSN: | 1740-1461 1740-1453 |
| Popis: | In law and economics, it is standard to model legal rules as an opportunity structure. The law’s subjects maximize expected profit, given these constraints. In such a model, the reaction to legal innovation is immediate. This is not what we observe after class action is introduced into Israeli law. For a long time, the new remedy is almost unused. Then the adoption process gains momentum. We discuss alternative options for theorizing the effect. We find that market entry is not only explained by the available information about profitability, but also by the adoption pattern of others. When deciding whether to bring further claims, law firms also react to the experiences they have made themselves. We thus explain the pattern by individual and social learning, and cannot exclude mere social imitation. |
| Databáze: | OpenAIRE |
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