The Condorcet jury-theorem is derived from the implicit assumption that jury members may only commit one type of error. In binary decision situations however, two error types may occur, the probability of which is independent of each other. Taking this into account leads to a generalization of...

The paper provides an introduction to market economy. In comparison to other economic systems, the most important difference appears to be the existence of market prices which are created spontaneously. Hence, prices do not only provide an incentive system, but also aggregate dispersed...

Legal Cost Insurance (LCI) is not only a device to reallocate risk, but also to enhance an insured's position in a settlement negotiation. The paper points out that this function of LCI is especially important in cases that have a negative expected value for potential plaintiffs. Hence LCI is of...