The objective of this paper is to present a simple but flexible theoretical model of the adjudication process that can be used to derive implications of various hypotheses about the adjudicators and litigants for the trial win rates, appeal rates and the reversal rates. Such a model can serve as...

Multiple empirical studies find that juries/courts take account of potential harm in the determination of punitive damages. The received view in economic theory, however, is that punitive damages should not depend on potential harm. The purpose of this note is to provide an efficiency rationale...