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. …

binding precedent. Under nonbinding precedent, the DM is not required to follow previous rulings, but under binding precedent … information acquisition is stronger under binding precedent in earlier periods when few precedents exist, but as more precedents … are established over time, the incentive for information acquisition becomes weaker under binding precedent. Even though …

binding precedent. Under nonbinding precedent, the DM is not required to follow previous rulings, but under binding precedent … information acquisition is stronger under binding precedent in earlier periods when few precedents exist, but as more precedents … are established over time, the incentive for information acquisition becomes weaker under binding precedent. Even though …