Predictive Analytics
California Court Most Popular Destination for Trade Secret Cases: Lex Machina
August 6, 2018
The US District Court for the Central District of California was the court of choice for trade secret litigation filings between 2009 and the second quarter of 2018, according to a new report. Legal analytics company Lex Machina released its “Trade Secret Litigation Report 2018” yesterday, July 18. According to the report, 533 of 8,754 trade secret cases were filed at the Californian court between 2009 to 2018, representing 6% of all claims.
August 6, 2018
The US District Court for the Central District of California was the court of choice for trade secret litigation filings between 2009 and the second quarter of 2018, according to a new report. Legal analytics company Lex Machina released its “Trade Secret Litigation Report 2018” yesterday, July 18. According to the report, 533 of 8,754 trade secret cases were filed at the Californian court between 2009 to 2018, representing 6% of all claims.
LexisNexis Launches Lexis Analytics, an Unmatched Suite of Advanced Tools Designed to Power Data-Driven Law
August 4, 2018
LexisNexis® Legal & Professional today announced the launch of Lexis Analytics, a comprehensive suite of analytics tools that leverages advanced technology, vast stores of legal content and expert curation to give lawyers a decisive competitive advantage in the business and practice of law. The suite consists of new and enhanced products fueled by smart content from Lexis Advance and the strategic acquisitions of Lex Machina, Intelligize and Ravel Law, and integrates the most powerful technologies...
August 4, 2018
LexisNexis® Legal & Professional today announced the launch of Lexis Analytics, a comprehensive suite of analytics tools that leverages advanced technology, vast stores of legal content and expert curation to give lawyers a decisive competitive advantage in the business and practice of law. The suite consists of new and enhanced products fueled by smart content from Lexis Advance and the strategic acquisitions of Lex Machina, Intelligize and Ravel Law, and integrates the most powerful technologies...
The Rationale for Motions in the Design of Adjudication
August 3, 2018
The conduct of adjudication is often influenced by motions––requests made by litigants to modify the course of adjudication. The question studied in this article is why adjudication should be designed so as to permit the use of motions. The answer developed is that litigants will naturally know a great deal about their specific matter, whereas a court will ordinarily know little except to the degree that the court has already invested effort to appreciate it. By giving litigants the right to bring...
August 3, 2018
The conduct of adjudication is often influenced by motions––requests made by litigants to modify the course of adjudication. The question studied in this article is why adjudication should be designed so as to permit the use of motions. The answer developed is that litigants will naturally know a great deal about their specific matter, whereas a court will ordinarily know little except to the degree that the court has already invested effort to appreciate it. By giving litigants the right to bring...
Moneyball for Arbitrators
July 31, 2018
In Moneyball, Lewis quips that “baseball scouting was at roughly the same stage of development in the twenty-first century as professional medicine had been in the eighteenth.” The same could be said of modern international arbitrator selection. Much like the “fraternity of old scouts” who use their gut instincts to identify future baseball players, parties and attorneys select international arbitrators based on intuition, and supplement that intuition with ad hoc, person-to-person research,...
July 31, 2018
In Moneyball, Lewis quips that “baseball scouting was at roughly the same stage of development in the twenty-first century as professional medicine had been in the eighteenth.” The same could be said of modern international arbitrator selection. Much like the “fraternity of old scouts” who use their gut instincts to identify future baseball players, parties and attorneys select international arbitrators based on intuition, and supplement that intuition with ad hoc, person-to-person research,...
Estimating Risk Preferences in the Field
July 29, 2018
We survey the literature on estimating risk preferences using field data. We concentrate our attention on studies in which risk preferences are the focal object and estimating their structure is the core enterprise. We review a number of models of risk preferences — including both expected utility (EU) theory and non-EU models — that have been estimated using field data, and we highlight issues related to identification and estimation of such models using field data. We then survey the literature,...
July 29, 2018
We survey the literature on estimating risk preferences using field data. We concentrate our attention on studies in which risk preferences are the focal object and estimating their structure is the core enterprise. We review a number of models of risk preferences — including both expected utility (EU) theory and non-EU models — that have been estimated using field data, and we highlight issues related to identification and estimation of such models using field data. We then survey the literature,...
Impact of Driverless Cars on Insurance Not as Dire as Predicted
July 28, 2018
“We do not expect revenues for auto insurance companies to experience a sudden decline as a result of autonomous vehicles,” Alejandro Zamorano, an analyst at Bloomberg New Energy Finance, wrote Thursday in a report. “Instead we expect a gradual shift in the type of auto insurance products as well as new revenue sources for insurance companies.” That assessment contrasts with previous dire predictions for the industry. A Morgan Stanley report in 2016, entitled “Are Auto Insurers on the Road...
July 28, 2018
“We do not expect revenues for auto insurance companies to experience a sudden decline as a result of autonomous vehicles,” Alejandro Zamorano, an analyst at Bloomberg New Energy Finance, wrote Thursday in a report. “Instead we expect a gradual shift in the type of auto insurance products as well as new revenue sources for insurance companies.” That assessment contrasts with previous dire predictions for the industry. A Morgan Stanley report in 2016, entitled “Are Auto Insurers on the Road...
Heuristics and Public Policy: Decision Making Under Bounded Rationality
July 27, 2018
How do human beings make decisions when, as the evidence indicates, the assumptions of the Bayesian rationality approach in economics do not hold? Do human beings optimize, or can they? Several decades of research have shown that people possess a toolkit of heuristics to make decisions under certainty, risk, subjective uncertainty, and true uncertainty (or Knightian uncertainty). We outline recent advances in knowledge about the use of heuristics and departures from Bayesian rationality, with particular...
July 27, 2018
How do human beings make decisions when, as the evidence indicates, the assumptions of the Bayesian rationality approach in economics do not hold? Do human beings optimize, or can they? Several decades of research have shown that people possess a toolkit of heuristics to make decisions under certainty, risk, subjective uncertainty, and true uncertainty (or Knightian uncertainty). We outline recent advances in knowledge about the use of heuristics and departures from Bayesian rationality, with particular...
Law Firms Climb Aboard the AI Wagon
July 24, 2018
A growing number of legal startups now apply machine-learning techniques to these tasks. The algorithms can process much more paperwork than humans in a fraction of the time. They recognise clauses and point out anomalies. They might highlight contracts where liability is unlimited rather than limited. They can even point out contracts where key clauses are absent. The latter is something that humans do not always reliably do, says Noah Waisberg, a former corporate lawyer who founded Kira Systems,...
July 24, 2018
A growing number of legal startups now apply machine-learning techniques to these tasks. The algorithms can process much more paperwork than humans in a fraction of the time. They recognise clauses and point out anomalies. They might highlight contracts where liability is unlimited rather than limited. They can even point out contracts where key clauses are absent. The latter is something that humans do not always reliably do, says Noah Waisberg, a former corporate lawyer who founded Kira Systems,...
Pasquale on Jeffersonian & Hamiltonian Visions of Tech Platforms
July 22, 2018
Frank A. Pasquale (University of Maryland Francis King Carey School of Law) has posted Tech Platforms and the Knowledge Problem (American Affairs, Summer 2018, at 3) on SSRN. Here is the abstract: Jeffersonians call for a new era of antitrust enforcement to break up giant firms. These populist and localist critics of leading technology platforms, megabanks, and health care behemoths are decentralizers. They believe that, in a just society, power must be widely dispersed. They promote strong...
July 22, 2018
Frank A. Pasquale (University of Maryland Francis King Carey School of Law) has posted Tech Platforms and the Knowledge Problem (American Affairs, Summer 2018, at 3) on SSRN. Here is the abstract: Jeffersonians call for a new era of antitrust enforcement to break up giant firms. These populist and localist critics of leading technology platforms, megabanks, and health care behemoths are decentralizers. They believe that, in a just society, power must be widely dispersed. They promote strong...
Sunstein, Reisch, & Kaiser on Trusting Nudges
July 21, 2018
Cass R. Sunstein (Harvard Law School; Harvard University - Harvard Kennedy School (HKS)), Lucia A. Reisch (Copenhagen Business School - Department of Management, Society and Communication; Zeppelin University CCMP - Center for Consumers Markets Politics), & Micha Kaiser (University of Hohenheim) have posted Trusting Nudges? Lessons from an International Survey on SSRN. Here is the abstract: In the past decade, policymakers have increasingly used behaviourally informed policies, including...
July 21, 2018
Cass R. Sunstein (Harvard Law School; Harvard University - Harvard Kennedy School (HKS)), Lucia A. Reisch (Copenhagen Business School - Department of Management, Society and Communication; Zeppelin University CCMP - Center for Consumers Markets Politics), & Micha Kaiser (University of Hohenheim) have posted Trusting Nudges? Lessons from an International Survey on SSRN. Here is the abstract: In the past decade, policymakers have increasingly used behaviourally informed policies, including...
