Lawsuit Abandonment Options in Possibly Frivolous Litigation Games PDF
Preview Lawsuit Abandonment Options in Possibly Frivolous Litigation Games
UUnniivveerrssiittyy ooff PPeennnnssyyllvvaanniiaa CCaarreeyy LLaaww SScchhooooll PPeennnn LLaaww:: LLeeggaall SScchhoollaarrsshhiipp RReeppoossiittoorryy Faculty Scholarship at Penn Law Winter 2004 LLaawwssuuiitt AAbbaannddoonnmmeenntt OOppttiioonnss iinn PPoossssiibbllyy FFrriivvoolloouuss LLiittiiggaattiioonn GGaammeess Peter H. Huang University of Pennsylvania Carey Law School Follow this and additional works at: https://scholarship.law.upenn.edu/faculty_scholarship Part of the Litigation Commons RReeppoossiittoorryy CCiittaattiioonn Huang, Peter H., "Lawsuit Abandonment Options in Possibly Frivolous Litigation Games" (2004). Faculty Scholarship at Penn Law. 14. https://scholarship.law.upenn.edu/faculty_scholarship/14 This Article is brought to you for free and open access by Penn Law: Legal Scholarship Repository. It has been accepted for inclusion in Faculty Scholarship at Penn Law by an authorized administrator of Penn Law: Legal Scholarship Repository. For more information, please contact [email protected]. LawsuAibta ndonmeOnptt ioinnsP ossiFbrliyv olous LitigaGtaimoens * DrP.te eHr.H uang I. INTRODUOCNT:IA N EXPLOSIOONF F RIVOLOLUIST GIATOIN? 48 ... A. TheV alueL tiiogfantA ibaondonm.netO ptinos: AH ypohteitclEa xample . .50 .............................................. .... B. LawsutiA bandnomnetO ptionisnG amTeh-eeotirc LtiigtiaoMno del.s ... .. . 52 . ......................................... ............. I.I AN ECONOMICA NALYSIOSFL ITAITGINO .. 53 ............................... A.A GenreaClo mpanro ifts hoEexp ectVeaudle-a nd OptinosM odelosfL tiigtaio.n .. .. 56 ....................................... B.C opmargit nehE xpectVealdu e Oaptnindos M odels ofF rivolLotiiugtsai no . 59 ..................................................... 1. Deifni"nFgr ivLoilatotiuigso n.". ... . 59 .............. ............. 2.U siOnpgt iGoanmset soD evealD oepfi nition of" FvroiloLuiistg ation." 60 ........................................... 3. ApplyTihneMgso ed etlots hD eic sovye r ConteaxntBd ey ond .. . . 68 ............................................... 4.P rorpteioefLs i ttiigAoabna ndonOmpetnito n7s1 ......... IILII.M ITATIOOFNS ST RAETGILCI TGIATIOONP TIOANN ALYSI.S.7 .2 . A.C ogitinevL miittaionosfS tratOeptignoisAc nalyiss .7 3 ....... B.E motinoala ndP sychloogli cFatoasrci nSr tategic OptioAnnasyl sis 75 ................................................................ IV.O THELRE GALA PPLICATIOOFNO SP TIONS AYNSAILS. .. .7 8 ... . ....... A.O threL tiigtiaoOnpt ionAsnO: v eirevw . 79 ........................... B.P recluLdgeianlg ti Oopns .. . . 81 ............................................. 1.A pplyOipntgiT ohnoesrt yoR eJsu cdtaiaa nd CoIl atEetsrpoapl.e l . .. . . 82 ............................................... * AssstiaPnortef ssoofrL awU,n iesvryi tofP ennsylLvaawnS icoaho l; VisitSicnohgal ri nR esdiencReu,t gers-CSacomholdo efLn awJ;. DS.t,ao ndrf Law Scohol;Ph D..H arvaUrnidv setiryA;. ,BP .rcientUonni evrsiTthya.n tkos AnitAall ena-sCltloei,St teBvuer bnakC,al irFeik nelstJeoieGn r,ud nefstM,ik e KlausnMeirct,hP olniskCyh,a rSlieeslr vM,i chaEe.lS olimiKnaet,hS yp ri,e CatiheS tr,ua vnedfca ultwyor khsopsa tt hUen viersoifVt iyr giniao oL,la w Sch VandbeirUlntie vrsLiatwyS coohla,n dC arodozY-eshiLvawa S coholf ort hier heluplcf ommendtiusss,cos nisa,n sdu ggoensstS.ip ectihaalnt koLs eo Katfzor hiusn uieqliyn shtifgulp epcetarinsvrdee tciTunagd vitco es eueb uitiyqht eol gfea l opotnisT.h anakloss t oB lila pDerfrca,lu tlyai iosna tP enn'Bsid dlLebi rrayf,or hiesxt roadrirnyab iobgrlpaihiacsi stsnaceF.ni altlhya,n mkosst,i mpornttaltyo, myf iaen,fco rei nsrpiintigh sve rsoifo ntA hrtei ctlhoeru gohur i tneracatnido ns conveornssaa,ntf dior h er beeqiuntaogal r mga xL (x). 48 THER EVIEW OFL IITGTAION [Vol23:1 . 2.A ppynligO pitoTnhsoe rtyot hPer oopsaanld RaiitfacitoonfC oniustittnoaAlm endmen.ts8 3 ............. 3. ApplyOipntgiT ohneysot roJ udicial Desciionk-iMnag. . .. . .. 84 ................................................. 4.A pplyOipintogTn hse yot roF amiLlawy .. 84 ..... ........... v. CONCLUISONS .. .. .. .. . . 85 ..... ..... ....................................................... APPEDNIXA : OAPNTI ONSP RIMER . . . . 87 ............................................... APPEDNIXB :A GAME-THEORETOIPCT IONMSO DELO F LITIAGTION 100 ..................................................................................... A.N oatito.n. . . . .. . .. . 100 . ............................................... ................ B. NecesasndaS ruyffc iinetC oniditonfsot rh Cer eidbel FilionfLgt ii giaotn. ... .. .. . 101 ....... .............. ............................ C.L tiigaotni-bAnadonmentO ptoinV alueasn d EqizltriibzSretmlt enmteA muonts. . ... .1 02 ............................... D. QulatiaietvC opmariaevtS atitsco rS eniistivty An�asvsi ... .. . .. .... ... 140 .... . ............................................. ......... I. INTRODCUTION:A N EXPLOSIOONF F RIVOLOLUIS!T GAT ION? Thaeg greeq guaattnyot flii igtatiinto hUnen eidtS atetsb,oh t m copmasroiwni ht ohtecro nutersai ndo vetri ,mh eabse eann d rematihnsesu jbceto fm uccho rnotverBsuy.tt!h oe tf ehnae rd phras"eli iagttieoxlnp osiiosmn e"rl eyd ecsrtiiepv,b eidnegv ooifd anyp raticnuolramra ctoienvntet A. reecntrl,ea taendd,m ore specdiefibecca otnrncste hneau troerq ualoiflt iiygt oanti ins pecific araesi,nl cudibnugnt o lti emdit t,om edicmaall picreapc,ort dutc 2 lbiaiyl,ai ntsde ucreistfa riudI.n p acrutlimaarn,ly e gaanlsd o ical cmomeanttofreeslt haAtm eriicsaa n hda bse eenxe preincianng exopslni ions o-casrltilkeleda wsuailtskson, o wans n msnace lwasutosi rfir vololiuiagstt i.o n An epxlons iiofnir volloiiuagtst iiosnn otn onnaitvye l nerua.tl pAre ceirvsieeid nf i rvolosul wasutsial legiscneugr ities 1.L egsaoloc oligiPsortf esMsaorrGc a lanatgreure tsh aatne xploisni on ltiiagtiiosnn ot o nlfyoe rsaebelbeu,at sl os oclildaye saiblreM.a rcG alnateTrh,e Day AjitehreL tigiatioExnp lsoio4n6M. o .L .R EV3.,3 8( 1 986B)ut.W alter Olsoan s,e nifeloorlw o ft hMea hnattIantnsui ttea,r gutehsaa tne xpsloioni n ltiiaigtoinsb otmha n-maadneds ociuanledlsayib rlWeA.L TEKR.O LSOTNH,E LTIIGTAlNO EXLPOISO:NW HAT HAPPNEEDW HENA MERIUCNAL EASHTEHDE LAWSU(IPTeu nigGnr ou1p99 1); WALTERK. O LOSNT,H E RULEO F LYAEWRS: HOWT HNEE WL TIIGTOAINE LITTHER TEAENASM ECRAI'RSU LOEFL A\V ( 2003). 2. Seee,. gR.E,G UTLINAOT HROUGLHI ITAGTIO(WN. K iVpi suscie d.2,0 02) (rpoivdgi snelteecedx maplewsi thin aertahsie,cnsu led icnags deeasil nwgi th tobafcricennoas,, l ead-pbaaisbenrdte ,ia mslpta nmtasn,a geda ncidan rrsenau,c e). Winetr2 004] LIITGTAIONA BANDONMENT 49 farudw asa majro imeptufsro thper ioovsnisi mponsgis trict pldeianrge qrueimecnottnsan ieidnt hPer ivSaeutcreei stL tiiigation Reofnn Acto f1 959,w hicChog nreesnsa cotveerdP rsedient Cltion'nsv etoT)h ep oliotfAi mcesr ilciaatnti igroeonfr ma nd speiccai tnfii-talitgicomanpa iganrsae n i netsetrirneegflc tioofn Americcuaulnr,t eh iosrtya,n sdco iye tthaitsb y eontdh sec oopfe 4 thAirtsi ec.l Whethtehreh raebs e esnu cahf ir vlooultsii gaetxipolnno sio isd eas creai nphdtsi itvorqiuecsatlti hoianset m piriccahalellnlgyi ng 5 tor eseo blcevaunseea rllywa saulisltet stl ew,ith moaftn hye setetlmenitnosvl ivncgno fideinttayig arlenet.ms Eeveryoanger ees theirsaed emafnrodm oreem pirriseceraaclah n wdo rakb ocuviti l 6 porcuerdaen ldi gtaitibounut,n ofrtautynet lhsepu ployfi its s tli l 7 ra.reBupt oseit thieevotrieccaolmn ioccsa pnr iodvien gshits into firovolusl igtaitiionn ftmhmeo fi mpltiicsoa fnorma nalaylt,i c 8 fromalr,i goousr,a nds ystiecmm aoetdlsW.h aptr eodcuroarl 3.P u.bL .N o1.40 -61970S ,at t7.3 (719 59()cdo iifeadt 1 U5. S.§C7 8.u - 4(b()20(002))) . 4.S eeg enerTaHlMO�AvSF .B UKREL,A W YERSL,A WSIUTSA,N DL EGAL RIHGTST:H BE ATTLOEYE RL TIIAGTIIONNA MERICNAS OCEIT(Y 2002). 5.S eee.. ,g J.uidht ResinkT,ri aals E rroJru,r iicsntd iaosI njwy: Trnasofrimgn thMee angi onfA rticIlIe1I 3,1H AYR.L .R E.V9 2942,n8 .n -1110 (020(0p)ri odvisnorguc efosrs ttatiistchsaa tb o7ut0 o%f tchievc ialsfi eelsd i n fdeercaolru ts et2tl4ee%;n diinnpg r etdrsiimails dseaaflulj,td u gmesnutm,m ary jdugmeonrst ,il maidrip soistiwoitnho; n l6y%p roceetdoti arnli.g) 6.S eee.., gR .obeGr.Bto nMeo,d elgiF rnivooulSsu i1t5s4U, . P AL..R EV. 591,5 9(791 9(7a)c knowltehdaegtmi ipnirgc arles eahracsih d efniteside veral settisnl giekltyo e nucroafgirev looulsia ttiigboun"t,[ mo]rweo riks neoefd ed, course"). 7. See, Caet.ihgne.Aer,l bisTtheoR nue,lo fL awa ndt hLeti ignaP trioocess: TheP aroaxdo fL osgib ynW ingn,ii nnIN L TIIAGTI:OD NOT HHEA YESST ICLOLM E OUTA HEA?D 186( HrebeMr.tKr itze& rS usaSnli bey. 2,e 0ds0(3pr)iod vianng exampolfee m pciarrlie seaarbcochui tv pirleo dcuarnedl i iagtti)o;Sne tpheBn. BurabnkA,m erJ.ui dctaurSeo. cR,u el1 1i nT rasnitiTohnRe :pe orotft hTeh ird CiuricTtas kF orocenF edreaRlu loefC ivPirlo ce1d1u( r91e8 (9s)a) m;Ke evin M.C elmron&t T heodEosireen gb,eL triiagtniR oeali8t8CiO eRsEN,L LL. R EV. 191,10 2-2,11 522-9(0 20(2av)do cattihinemg op rtaonfec mep riicmaelt hods on presaennfudtt ulrgeea ils suTehso)m;Ea .sW illgi,Pn agtsa ndP otentUiseasol f EmpriicRaels eairnCc ihvR iuel/m agk,i7n 7NO TRDEA MLE. R EV1.2 1112,61 -14 (20(0d2is)c utshvseai rnigto yupsoe fes m ipirclra esetahrcactoh m mnetathoarvse sougfhortt h mel ea-kmipnorgc e)s;ss egee nerMailhc�ayeH le ei,sT heF utuorfe CivJiutlsi Rcfeeo rma ndE mpiriLcgeaaSllc holpa.Ar· Rs pehliy5,C1 A SWE. R ES. L.R EV2.5 (12 000). 8.S eee.., gA ..M itchPelollk iyn& s DaniLe.Rl u bienlfdS,ac ntigo nin FrivolSouuistA sn:E comniocA nav�is,s 82G E.O L3.9J74.2, 6 5 -1399(3 ) 50 THER EVIEWO FL IJTGATIOiV LVlO.2 31: susbtanrteoifrvmews o ulrddeu cfeirv ololiuigsta tiisa onno rmative questthiraoatsni e dsif ficcuolntc eivrnonlsn vgpi rocefdiaumreasls , botho uotmcea-sbeadn dp reossc-baisenad di,dot nit oq ueisnots regartdhniean tgau nrldemi isto fs utbastnirvieg hBtusnt.o ramtive theiocreaelct onosc maihnce pla nswteihrsq useitobny i dentifying andc omapritnhgve ar ioeursr aonrdp o rcecsoss otfsa 1tteirvnea 9 reofrms. ThiAs1 cilideve eloap nse wt hey mofp oisbysl firvoulso ltiigabtyfoi couns ionnag p alitnfifso ptitooun nlsiae traalblnayd on a lwasu.Oil tFederRaull oefC ivPirlo ucre4edl a()(la)n(dii t)s varisotualsta ecv uovn terppematirtut,ns d ceerr tcaiirnc ucmesast ,a n plianftt iovf olunltyda irsimhielsras w swuiitthp orjuedutie .cll A. The Valuoef L tiitgiaoAnb nadnoment Optinos:A HypotthiecEaxla mlpe Thfelo lowhiynophgtet iceaxmlapl eil lusttrhaveta eelso u fa palinftsoi pfttiooa nb anodrod nr olpig taitiSounpo.ps teh Pato rtia sueDsap hne.I na dditisopunp,ot sheaP toti r'asex a nteo ri nitial expteepcdr obibtlayoi fp revaaittl riiinas1g2l 1 . S upopsael tshoa t, iniltyti,ham elo nteajrduyg metnhtPa otri tae xptestco w iantt i rails $10,00,0U0n0d.e treh sfeca t,sP otiras' actuianli teixaptlee cd jdugmeantt tirs(1i 21a()l$1, 000,o0r$0 5000),,0 S0u0pp.o steh at Portitao'tesax lpt eecldti igactositoo fnp roceetdoai tnirgai ls $55,0000P.oti r'aslw asuwiitl hla vae n eetx ptedec valoufe $500,0-0$055000,0- $,5000< 00. = Nowd iivedt hlea wsiunitttwo os tagdeiossve,cr ayn tdir al, eahc ofw hihc cosPtostr i$a27 5,00I0na. di dtisopunp,o tshea t (prioidvnag f ormaelc onommoidce olfh owo ptimalslnayc titfoioronv l uos lauwists). 9.S eee,., gR .OBTEG R. BOCNIVEIP,LR O CEDUTRHEEE:C NOOMISCO FC IIVL PROCEUDRE1 52-5(72 00(3a)nz ailgne yrrorp oracnedcs osst isnd etmeirnihnogw toc ondaun cotnn atisvteu dpyr oodcfue rralule .s ) I0 .T hinso vtehle owrayso rigidneavlpelelydao ndi ntrcoedidun P etHe.r HuanLgti,i gaOtpitoinio nnCs i vPiorlec dur(9e19 7()u npluhibesdJ .Dt.h e,s is SatnofrdU niveirtsy()o nfi lew iht auotrh)a ndr eprodiuncJ eOdES PHA . GRUNDSTF& E PETERH .H UANGR,E ALT IONOPSA NTD HEEC ONMOIACN ALYISSO F LTIGIAITONA :P RELIINMYAI RQNUIY( RSatnofrLda w hSocoOll iPnrg oraimnL aw anEdc oWno.kr,ni gP aper1 3N1o1,9.9 6). 1.1F EDR..C i.vP .4 la)(l()i()s;e ael os MicaheEl. S oliinm&e AmyE . LpiperDte,r geulnagtV oiluntDairssymas il3s6,U .M ICJH..RL E.F OR3M6, 73 7-6 78,4 061-8( 20)0 (3sumrmiazitnhges taltaew a ndD itsriocftC olmubia conutpearrtsR ult4eo1( a1)) ((a in)dr e pdruocingr etlhepveoa nrtt iooftn hso se proivsions). \Vnit2e00r4 ] LITIGATIAOBNA NDON!vlENT 51 dsiceorvrye soallvoelfst hrei sokfsP otri'asl ittiigosanot, h e poesrtioorexr p otsp robbiialtcyod nitiuopnodanil s ecrooyvfP otria's prveailiincn orguit esti h0eo rr 1 .P miiwao uoldny lp roceed when shhea ass uwrien naenrPd,or i twao luda banads ounrl eo sUenrd.e r thofscaet tsh,re ve isiendi etxipaelcv taeloudrie n iotpitnavi lao lue thtahte ilhataw fssro Pu m1iwao uld(1 12b()e1$, 0,0000-$0275,000) -$275,= 0(01102$ )7(2,500-0$)27 5,0= 0$03 6,0250- 275,0=0 0 $870,0>5 0.N otitcheah to,il ndfgi xtehde ovtahleuoreft s h e parameitnte hreisxs a lmept,h liwass uhiatis n iptoitsaiilvo ept ion valausle no ga st hmeo nteajrdyug mefnortmP otri'apsr eiivlnaign cuoretx ecde$s8 25,0P0ori0taw. o ludi nitfiilatelh lNiyesg ative ExpecVtaeld(u "eN EVlw"as)iu th;ow evre,at fedri scyo,Pv oretria wouclhdo otsode r op lwtashuiiisPft o r tainaDd a phneb eilevteh at Poritwai llolas ttei r a. l Ino rdteori llursattient hesm iplets possiwabylt eh e seetmtelvnatl oufte h liisat tiigsounop,sp teh aDtap hens'l iattiigon csotasr teh sea maes P orat'cisot sst;h aitst ,h aDtap hn'est otal expeedcl tigtaitcioosnft rops r oceteodat i rnaigra $el5 5,000w0i,t h eacohfd iosvcye arndta rlie xpecttoce otdsD aphne$ 275,000. Fnialsluyp,p tohsaeDt ap hnaen dP ortihaa veeq ubaralag ining stnrge.tT hheanf,td eirsv ceorDyap,h naen Pdo trieati hlearern t hat Poritah asa surleoe sr-iwnh ich , Pcoraitsaae bandtohnes liigtatoiroD nap-hnea nPdor tlieaa trnh Paortt hiaaas s urwei nner. IPfo ritaha ass urwein netrh,eP nori tas houlda ansyce tcetelmpetn t amoutnhtea xtc sew ehdasth eex pset cogt ebtyp roecdeitnotg ar li namley$,,1 00000-, $0275,0I0n0a .d ditDiapohnns,eh ouolffred ansye etmtelanmto utnhtia stl etshsaw nh asth eex petcolt osbs ye proceedtiirnagln ma-teol$ y,,1 00000,0+ $275 0,0 0.B ecause Daphnaen Pdo trihaa veeq ubaralg naiinpgo wetrh,ea yg rteose e ttle fro $,1000,w0h0i0ci,hs t hem ipdonito ft hrea gneb teween $1,000-,$020705,a0n$0d,10 0 ,0000+$ 027 5,000. Nowt hwaet hfagivuer oeudwt h aDta phannePd o triwaou ld settlferoa tfedri secrobyvu bteo frter iibafol htl aernt hPaottr ihaaa s winnewre, cparno cteode edtm eirnweh ahta ppbeenofsrd ei secyro.v UpoPnor ati'csmo menctihnlegti igabtotihoD nap,hn ea nPd orita carne oansa,s wea bohvatevh,eia tfth eoyc pearendid cn utrh ceo sts ofd isvceyor-nmaely$,27 5,0e0a0-c thhenw,i tahn i niiatl porbbaitlyoi f1 2/,P otriwai hlalv aec erdlietb hrteoap tr octeoe d tira.l Asa r esDulapth,na en Pd ortwioau ld fsoe$rt1 0t,00l,e0 00 aftedrio svcerTyh.u Psor,t sihao ualcpdct ae nsye etmtelanmto unt thaetx cewehdast isnhiet eixapleltcyotg seb ty p orceiendtgo discyo-vn-aemrley(,1 2 1)$(1, 0,00000)- $275,0I0n0a .d dition, Daphnseh ouoflfreda ny esmenettt lamtohuianlstte tshsaw nh asth e 52 TJ!ER EVIEW OFL IITGTAION [Vlo2.31: iniltleiyxa pse tcotl osbey p roceetdodi insgec royvn-amely, (1 21)$(1, 000,+0 $02705), 00A0sb. e ofreb,e ucsaDe aphnaen d Porthiaav eeu qalb agrainipnowge rt,h ey sweitltlflro e (112)$(1,00000,0o)r$, 50 0,0w0h0i,ic sthe h m ipdoionftt h rena ge bewtee$n50 0,0-$0270,5 00a0n$ d5 00,+ 0$0207,0 500R.e call that whetnh pel aifm nutspityfa f roa lhlel ri attiicgoonsu tpfs or nt-that isw,h etnh peal inftd iofenso hta vteh oep titooan b andtohne ligtaitaitfoendr i scroyvt-ehiiassN EVl awistIu.no thweorr dtsh,e palinftsti hfrefroa ptu risnulgi tigiast icnoerondt i balnedt, h e seetmtelvnatl uzee .ri os B. LawsutiA baonndmnet Optionzsn G ameT-hoeertic LtigiatioMno edsl AppenBd iotxfh Airtsci lper esaem nutilsp-t eriagolbedar ic optigoanems- theomroedteilcl t iiogfa tthiaogtne neratlhiez es hypothneutmireciacelax la mpalbeo vbeyi ncpoorratgienrngae l bargasitnrgietn,nhgl ts iigactoisoatnns pd,r oibilatbbye lsio enf the praotf t hpeal infat nitdfh deee fnndtaI.n terreesatdseehdro sul lodo k overa pptehned oifct ehAsir sct libeeo frgeo ifnrogw arAdp.p endix A proviadnae csc esnsoinbtlneeic,ch sael-l,ocf natineadn,du ser firednlpyr imaebro ouptt iforont sh ousneaf miialwri tohp tions. AppenBd cinoxt aaif nmsma lm,a theimcgaaatlm ee-otrheatniaicls y s ofap alinftsoi pftitooun nsit learaablalnyad l oanw istTu.h ree osft thAirtsi ciolsre ng iazaesfdo l lo.wP sarItI tohAfir sct lipeal cetsh is Artlieco'pst iaopnrpso atcohlt iigaitnilcound,iq nutgiep ossiyb,l firvoulslo tiiagtiionnt hceno teoxftt hleti eraotfue rocen omic modealbosu tli igtatiinog ne rnaealn dfi rvoulsol iattiigionn patrilcaurT.h ipsra to ft hAert icelxlepa itnhspa ots bslfiyir vloous lawswuilibltes fialnedsd e ttwlheetdnh vea luoefas p alinftsi f optitoonu sna itleraablalnyd ltoiing aetxicoente hdec osotfs puhracisntgh olstiei gabtniadoonmne-naotp tiboycn osn titnhuei ng liattiigPoanrI.tI o Ift hAirtsi eca dldsrseseosm oeft hlei amtiitoofn s thiAsr tliec'asb andonompetnitgo anmse -etthiemcoo rdeolf 2 liigtatiIonpn a.r1titchueilrraseer a,st oobn ei vleet hpaoetp lhea ve cogintei lviimtatiinot nhsea ibirl ittoir eesa sboanwc akrdisn seuqentiinatclet nrisao3. Elmpiirclaa nedx periemveindteanlc e also 12S.eae l sAoL XEANDVEORL LTE,AR STOCHASCTOINCRT OLF RAMEWORK FORR EAOL PTION!SNS TRATEVGA!LCU AT7I,O4N 24 -4( 20(0ds2iuc)sn sgi draawcbktsor eal-oapntyaisloiinnsgs e nreal). 1.3S eeeg,.,. R oebrRto seanltG,ha meso fP erfeIcnotfr matPirodenat,o 1y Princgai ndt hCeh ain-PSatroarde2o 5x ,J . TEHECOORN9Y.2 94-9(71 918) , Wint2e04r0J LIITGTAIONA BANDNOJvJENT 53 existsi ntdhicatatht aeetms o tiaofenfcsth o wp epoel make 4 decni.ssliFoianllrye,ct pe ysncoholgiecxaple riimnecdtnaietts h at dcesiiomnak eortfseo nve rvaolputei aonnodsve ri-nevsitnk eeping optnisao li,ev veent hioofsp et ipornessl eienti ttn iltnrsviaucleI .S ParItV tohfAi 1sii ceb lrieflayi hneosxw pa nld mwahnyly a wasn d jduicdioarclit neeffesc tyip vereculldsep ecliefigocap ltn iso. II.A N ECONOMIACN ALYSIOSFL ITGIATION Thea pptliicooanfm ircoeconotmoli ticisg ahtaisoa n disgtusiihneadn dr elvaetlliyno gh itsoriynt hfieel do fl awa nd 6 econioclmsA. ricrhe,l altietde raantaulrycezi ivpnirglod cuerteh at 7 utilmiizrceoseo cmoincasslo e xi.sltSsome lepgaracilto ientrs utiltihpzeowe er uflt osoo lfs ien-grplseodne citshioeoraynn rdi sk anyaslish eptl foca iialttteh see ttloefmte hnetcii lrne tsl'e gal 8 dsipeuslt.Bumtu tlirpseodne ciio-snmaktihnegoo rrgy a mteh eyo r (staptoiisnbsgle ex apnlatifoornn so na-itrondaelc oinssii np erefcto-ninnaftion gam)e.s 14.S eee,., gW .iloW c.V anD jike ta!E.m,o tiRoeancatli tootne hsO utocmse ofD eciosnisT:heR olofeC ouniaftcetuThaolu gihntt eh E xperinecoefR gereatn d Dsipaponimtent7,5 0 RG.B EHA&V .H UMD.EC SIINO PROCESS1E7S1, 16 3-38 (919)8( showeivneignd coef h ow cuontaecratflut hougahbtosuu tna fvorlabe deicisono utcogmvieesr ies tqou latiativdeiflrfeye netm otioannsd, how anitpcaitioofnt heesmeto iornsesu litnas l tedreecdin s-mikaoing). 15.J wioonSgh i&n Dan ArieKleype,ni gD oosr OpenT:h eE ffecotf UnavailoanbI inlctieitnvtyeo Ks e eOpp tioVniasb lpeer,s enattte hdSe o iceftory theA dvanceomfeB neth aviEocrnoaolm i(cJsu 3ly1 2,0 0(3u)npl suihbed manursicpotnf,l i wei tahu otrh.) 1.6F oerx lclenets uvreyosf itlshei rtartesu,e Reo beDr.Ct oo te& rD ainel L. Ruibnefdl,E conocm iA�nviassof LgeaDlsi putsae nTdhe iRres oulti2o7J.n E, C ON. LTIERATUI0 R6E( 791 89RO)B;ETR D.C OOTE& RT HOMASS.U LENL,A WA ND ECONOCMSI47 8-(s9Ite 9 d1 .8 98B)ru;cLe .H ay& KathEr.ySn pi reS,e ttloefm ent Ltigiatiion3n T ,H EN EWP ALGARV ED CITIAORNYO FE CONMOCISA NDT HELA W 44(2eP tNeerw maend 1.9,9 8). 1.7S eee,., gG eoferfyP .M ilelrI,tn ruocdotniE:co nocmA inalysoifCs i lv i Proce,d2 u3Jr. eL EGALS TUD3.0 3330,0- 6(9 19(4rp)oi vdian rge presentative sleectoifro sene arocnth h iemp acotf laawne dc onoomnic cisvp irloc reed)u. 1.8S eee,., gD .aviPd.H offre,D ecsioinA nav�siassa MediatTooorl'I,s HARNVE.G OTL..R EV.1 1,1 3311-(991 9(6ts)at hionwdg e ciasnilaoynsi isus s ed); MarjroiCe. A aroTnhe, V aluoefD eciosnAi nay�issi nM edtiaioPnr actIiIce , NEGOTJ.. 1 32,13 2-3(9319 5(ds)ic usstihnvega el oufd eciisoann laysiins mediaptriaoc)ntM; ia rcceB .V ict,oT rheP ropUesero fD ecsioinA nalssyit oAs sist LtigiatioSnt rgayt4,e 0B usL.A W6. 1,67 1-72(991 85(d)i scudsesciinsgi on analyasniadsd edsrisncgo mmomni snccoeptrieognasrd deicnigas nilaoysns) i. 54 THER EVIEW OFL IITGTAION [Vo2l3:.1 descrai lbaewisstm u oraec curtahtaesnlig ynl- eperdseocinio sn makitnhge doroyeb sce auosfte h e aicnttaienvrsdet treagniact ourfe ltiiagtioLne.gs aclh roshl aavaepl pdim eulteirpsdoenic sitohoner y 19 org amteh eotroay n alsyeztet tln eemgeontiianlt iigtoaointnsi. Gamteh e'oosrrg yiidnastb ea caktl ea2s05t0y eaarnscd a bnef uond 20 inc alssCihci npehsei lpohiscotaelx. tsMultipdeercsoionsn i theyo,r gaasm et hoeryi sm oraec curateplreyh sa palneds s 2 1 firvooullsyd esecrdii,sab b ranocfah pl pimeadt heimcasht;aving numeraopulpcsita ioinnbs i logoy2,2e comnioc2s3m, angaeme2n4t , 25 anpdo litIihtca sbs.ce omset anpdracartdit coae pl pyg amteho ery 1.9S eee,., gR .OBEHR.TM NOOIKNE TA LB.E,Y ONWDI NNINNEGGO:TA ITING TOC REATVEA LUIEN D EALSA NDD SIPUTE1S6 0-2(620 00()ds icusstihneg dynamicisvn olviendd si puteu trnie)os.o l 20S.e ee,., gS .UNT zuT,H EA RTO FW AR( OxorfUdn iveiyrt Psers1s7 91) (recogdniiffrezeintnehtgo roinew sa giwnagr. ) 21S.e ee,., gH .AROLWD.K UHNL,EC TUROENST HET HEYO ROFG AMES (020(3p)r ovmiadhtiemnagct aiflor mulaotifgo anmtseeh oyr). 22S.e, ee g..J,O HMNA YNARSDMI THE,V OLUTAINODTN H ET HEOYR OF GAMES(9 18(2a)lp ypnigg amteh eotroty hs et uodfey v otlinuo). 2.3S eee,. gAV .NI,A SDHI IXT& SUSASNK EATGHA,M ESOF S TARTEGY(1 999) (priodnviga textbfoorou knd egrradugaatmee -thceoourryfs ore esoc nomics majosr;)D AVIMD. K REPGSAMET HEOYR ANDE CONMOCI MODELLIGN (1 897) , (prnetsiena gn ontneicchianlt urctoindo tot eh strenagndt hwse ankessoefs noncoeorpat(iavsey mrmieicftn ormianot)g amet h0e1)y;R OGERA .M CCAIN, GAMET HEOYR:A NON-ETCHINACLI NTROTDIUOCTNO T HEA NAYLSIOSF STRATEYG (20(0p4r)onv gia dnoithteerx tbfoorou kn dergragdamuea-ettoehr y coursfeorse cnoomimcajsro s;M) ARTJIO.NS OBRNAEN,I NTROTDOIUNTC OG AME THEYO R(240)(0p rdoivniag t extbfoorog ka me-thceoourrfysor e esc noomics gradusattunedt ;esF )ENRANDVOE GA-DROENDEOC,O ONMCISA NDT HET HEYO ORF GAME(S02 0(3s)a mBeu)st.ee R oebrJtA. uman,nW htai sG ameT he01Ty1 yitnog AccopmlisihnF? R,O NITEROSFE CONMIOC2S 8( KnenetJh. Ar&r oSwep po Honkpaohejdsa. 1,89 )7( quensigtnw ihoetthheer ogfog aalmt eeh oriyso r s ohuld bep redni)cA;tR iIoERLUI BNSTEEICNO,MN OICSA NDL ANGUAG7E18 8-( 2000) (odubttiehnp grc atiacpalpli ciatbyig laomfte eh or.y ) 24S.e ee,., gD .AVIMD.K RE,PM SICORECNOOMISCF ORM ANAGE4R9S2 -589 (0204(p)r oviadnie nxgp ons istiuitloaebf oMr BA sutdentasn de xceutive educantp iroogroafnm onsc opoeragtaimvteeh eorreyc,i pyar nocdco iltslinuo,a nd cerdiiybta indlr epunt)aJ;tAi EMoSD .M ILLER,G AMET HEOYR ATW ORKH:o w OT USEG AMET HEYO RTOOU TTHKI NANDO UTMAENUVEYRO URC OMPTETIION (230()0p resecnatssietdn uigeo fsh owb usipneeospcslnau eit ilzgea mteeh roy). 25S.ee e.,g S.C,O TGTA TE& SB RIADN. H UMESG,AM ESI,FN OMRATOINA,N D POLCISTA:IP PYLINGGA ME THEORETMIOCD ELTSOP OTLIICSALC IEN(1C 99E)7 (preseanptlpiintcgina oso fg amhee-otriectm odeltsoA merinc apotliics, copmaraptoilvieat niidcn st,e rnartleiaontnsia)ol. Wint2e04r0] LIITGTAIONA BADNONMENT 55 26 toa nallyezlgme al easn idn istttuio.n Psoroofft haec cepotfan ce game-threesoaorneiitnntig hcl e e gsaclhr o'tlsoa olifksuoi ntid nt h e 27 fivpee ere-rrejeeufodrn alasb otl uawa nde concosm.iFnially, gameth eopralyy ead curcli raoliend eisgnitnhgeF eedral CommiucnatCioomnmsi ssi)oa nuc t(iFfoCrona Css siglninicsneegs tow avenlgetfhrosp resoncaomlmu nciatsioevnri cseusc,ah sc ell phonaensdw ierlecsospm utaecrc-essevsri c.e PsreosfsJoorh n McMlialnp roviande exsc elalcoecunnottf t hciass set uwdhyi,c h demonsttrhsaeut cecsoe fsm so degma mteh eoarsay pp,l di teo 28 dseinginogp tirmeaglu lpaotloircyPy r.eosfsMocrM inle lxaplains thtahtfe ae tuorfets ha eu icotfnro matth FeC Ca odpteesds elnltyi a werteh opsorep osbeydP reosfrssoP resMtcoAnef eP,au lR . Mirlagma,n Rdo ebrWti lsaonned x pertiamltelenysb tyeP dre osfsor 29 CharlPeolst tA.sP reosfsMocrM lilns ata"teWdh,et nh e itshteso r mett hep oly-imckaercso,n pctelsi kBeay eNsa-sehuq irliiubm, incenotmipvaiettl-iyiccb osntarintasnd,o rdsettrai-stthieco rems 30 cmaet ob ed iscuisns cetodrhdr ieo rosfp ow"er. 26P.e tHe.rH uangS,t ratBeeghiacva inodtr h Lea wA: G uied foLreg al SchloartsoG ameT hoerya nd Ltawh ea ndO theGra meT heorTye txs3,6 JURIMTER!CJS9. 99,9( 9 19(5b)or oekivw e). 27A.lf lvi ej uornahlas vpeub lisnhuemde raoriultcse ustl ziinigg amteh eory. Seee.., gR obeCroto t&e Jro sDerfe xTehelL ,og iocf P oweirnt hEem egring EuropCeoanns tni:Gt aumtTeihe oorayn d Dtihsveii oonfP mve1r,I4 TN 'RLE VL.. & ECO.N3 0(17 99 4;P) eterH uHa.n & gH o-MoWuu ,M oreO rdeWri othuMtor e LavAv T:he oryo fS ociaNolr ms Oargannda itzioCnualrlte ,us1 0JL. .E CON&. ORG3. 9(01 49)9P;e teHr.H uangI,tn ernatiEonnvoainlrm netaLla wa nd EmotionalC hRoait3ciJ1eoL., n EG aAlLS T U2D.3( 72 0P0e2tH)e.Hr; u a n&g Ho MouW u,E motiRoesnpoanls IenLs ti iagti1onI2N, T R'EL.VL .& EcON3.(11 9)9;2 ChrsiW illmi SaacnhirGiacmoe,Is nf,ro matiaonndE, v eindcPer odtouincW:i th ApplicattoEi nognlL iesghHa ilts 0/2)A 1M,.L . & ECON.R E.V3 4(22 0J0a0m)es; M.G irfifn& WeiwXein onTghe,I ncenttoCi hveeastA :nE mpriiaclA naylsiosf OPEC4,0J . &L E.CO N.2 8(991 97). 28S.e Jeho n McMlialnS,e llSipencgt rRugimh tJs.E, C ONP.ER S.PS,um mer 1994a,t1 54,1 64( discuasplspiicngao tfgi aomnte h eotroFy C Ca ssignomfe nt wavelelncigetnhs[ ehsre)e inaMfctMeiarln Sl,pe ctrRugihmst ]S.e ael sJoo hn McMillaMna,r keDte gsniT:he P olviU c_>eosfT heor9y3A,M .E CO.NR EV1.9 3, 193-(42230 ()0id csuisnsogt hseurc scufelas pplitciaoonfs dmeoms ophitsetdi ca gamteh eotroty h e optimoafel c odnieocpsm oilgyni) c. 29.M cMlinal,S pectrRugimh tssu,p nrao t2e8 a,t1 64;Pua lR .M ilgrom, GamTehe 01ayn d Stpehcet rAuumc ti4o2EnU sR,E. C ONR.E V7.17 ( 9198PA)U;L R.M ILOGMRP,U TITNAGU CTNIT OHEYOT ROW ORK( 2003). 30M.c MillaSnpe,c trRugimh tsspu,r nao t2e8a ,t1 6 4.
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