16 1 A lawyer acts on behalf of a client The expected reward from hiring the lawyer is l, where l is the lawyers effort Effort costs the lawyer l2 2 a What is the lawyers effort, his surplus, and the plaintiff s surplus in equilibrium when the lawyer obtains the customary 1 3 contingency fee (i e ,...

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16.1 A lawyer acts on behalf of a client. The expected reward from hiring the lawyer is...

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16.1 A lawyer acts on behalf of a client. The expected reward from hiring the lawyer is l, where l is the lawyer’s effort.

Effort costs the lawyer l2/2.

What is the lawyer’s effort, his surplus, and the plaintiff ’s surplus in equilibrium when the lawyer obtains the customary 1/3 contingency fee (i.e., the lawyer gets 1/3 of the award if the plaintiff prevails)?

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Microeconomic Theory Basic Principles And Extensions

ISBN: 9781473729483

1st Edition

Authors: Christopher M Snyder, Walter Nicholson, Robert B Stewart

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Question Posted: Nov 12, 2024 02:01 AM

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16.1 A lawyer acts on behalf of a client. The expected reward from hiring the lawyer is...

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Microeconomic Theory Basic Principles And Extensions

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