The Value of an Attorney: Collateral Source Rule Changes as an Invalid Instrument
律师的价值：以附带来源规则变更作为无效工具变量AI 解读 ↓
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律师的价值：以附带来源规则变更作为无效工具变量
- 研究问题
- 聘请律师对客户获得赔偿的影响如何识别？当附带来源规则变更直接影响赔偿、违反工具变量排除限制时，能否界定律师效果？
- 方法与思路
- 作者利用要求扣除第一方保险赔付的规则变更作为无效工具变量，提出新的识别与估计方法，以区间界定聘请律师的影响。
- 材料陈述的贡献
- 摘要称效果上下界低于未校正内生性的估计；总赔付效果为负但不显著，首选设定下扣除律师费后的效果上界也为负。
- 阅读关注点
- 核对允许工具变量直接作用的限制、效果界限的推导与估计，并区分总赔付、扣费后赔付以及相应统计不确定性。
- 阅读边界
- 仅据所给 Crossref 摘要，无法判断界限所需假设与精度；首选设定的扣费后负上界不能直接推广到所有案件与设定。
原文摘要
ABSTRACT The value of lawyers to their clients is notoriously difficult to estimate because of endogeneity. We utilize modifications to the collateral source (CS) rule that require reducing trial awards by the amount of payments from first‐party insurance as an instrument for hiring a lawyer. The problem with our instrument is that modifications to the CS rule have a direct effect on recovery and, hence, violate the exclusion restriction required for a valid instrument. We develop a new identification and estimation method that uses CS rule changes as an invalid instrument and bounds the impact of lawyers. We find that our estimated impact's upper and lower bounds are lower than estimates that do not correct for endogeneity. Our estimates of the impact of lawyers on total payment are consistently negative, although not precise enough to claim statistical significance. The upper bound of the effect of hiring a lawyer on total payment received is negative after fees in our preferred specification. This suggests that even in the most optimistic scenario, lawyers appear to reduce total recovery.