conducting a costly investigation. A ruling establishes a precedent, which cannot be violated under binding precedent. We compare … precedents. Compared to non-binding precedent, under binding precedent, information acquisition incentives are stronger in … binding precedent, welfare can be higher because of the more intensive investigation early on. …

conducting a costly investigation. A ruling establishes a precedent, which cannot be violated under binding precedent. We compare … precedents. Compared to non-binding precedent, under binding precedent, information acquisition incentives are stronger in … binding precedent, welfare can be higher because of the more intensive investigation early on. …

investigation. A ruling establishes a precedent, which may be costly to violate in the future. We compare the DM's incentive to … acquire information, the evolution of standards and the social welfare under two institutions: nonbinding precedent and … binding precedent. Under nonbinding precedent, the DM is not required to follow previous rulings, but under binding precedent …

investigation. A ruling establishes a precedent, which may be costly to violate in the future. We compare the DM's incentive to … acquire information, the evolution of standards and the social welfare under two institutions: nonbinding precedent and … binding precedent. Under nonbinding precedent, the DM is not required to follow previous rulings, but under binding precedent …

equilibrium selection between these two stage game forms. We find that a precedent for efficient play in the repeated Stag Hunt … game. Similarly, a precedent of inefficient play in the Prisoner's Dilemma game does not extend to the repeated Stag Hunt …

equilibrium selection between these two stage game forms. We find that a precedent for efficient play in the repeated Stag Hunt … game. Similarly, a precedent of inefficient play in the Prisoner's Dilemma game does not extend to the repeated Stag Hunt …