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There exists evidence that asymmetrical information do exist between litigants: not in a way supporting Bebchuk (1984)'s assumption that defendants' degree of fault is private information, but more likely, as a result of parties' predictive power of the outcome at trial (Osborne, 1999). In this paper, the authors suggest an explanation which allows to reconcilie different results obtained in experimental economics. They assume that litigants assess their estimates on the plaintiff's prevailing rate at trial using a two-stage process.
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