Is there any Pareto improvement over the Subgame Perfect Nash Equilibrium hiring decisions of the litigants? Explain.

1. Assume that two risk-neutral individuals i E N {1, 2} dispute over some property of value v > 0 and they appeal to court for resolution. The legal procedure is a two-period game. In the first period of the game, litigants simultaneously decide whether to hire an attorney or not and the first period […]

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