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Third party funding : law, economics, and policy
In Third Party Funding, Gian Marco Solas, for the first time, describes third party funding (TPF) as stand-alone practice within the wider litigation and legal markets. The book reports on legal issues related to TPF in both common law and civil law jurisdictions, and in the international context. It then discusses the incentives and economics of TPF transactions in different legal contexts while explaining how the practice emerged and how it is likely to develop. In addition, the book offers practical insights into TPF transactions and analyzes a number of regulatory proposals that could affect its use and desirability. This work should be read by scholars, practitioners, policymakers, and anyone else interested in how TPF is changing the practice of law.
BOOK
Platform or Wholesale? A Strategic Tool for Online Retailers to Benefit from Third-Party Information
Online retailing is dominated by a channel structure in which a retailer either buys products from competing manufacturers and resells to consumers (wholesale scheme) or lets manufacturers sell directly to consumers on its platform for a commission (platform scheme). Easy access to publicly available third-party information such as product reviews that facilitate consumers’ purchase decisions is another distinctive and ubiquitous characteristic of online retailing. We show that retailers can use the upstream pricing scheme, wholesale or platform, as a strategic tool to benefit from third-party information. Information on the quality dimension homogenizes consumers’ perceived utility differences between competing products and increases the upstream competition, which benefits the wholesale-based retailer but hurts the platform-based retailer. Information on the fit dimension, in constrast, heterogenizes consumers’ estimated fits to the products and softens the upstream competition, which hurts the wholesale-based retailer but benefits the platform-based retailer. Consequently, when the precision of the third-party information is high (low), a retailer can benefit from third-party information by adopting the wholesale (platform) scheme if the quality dimension plays a dominant role and by adopting the platform (wholesale) scheme if the fit dimension is dominant. Furthermore, the effect of precision improvement on the retailer’s profit depends on the pricing-scheme choice and the relative importance of quality and fit attributes in consumers’ evaluations of products. For instance, when the fit dimension is dominant, increasing the precision can hurt the wholesale-based retailer but benefit the platform-based retailer.
Journal Article
Third-Party Certification, Sponsorship, and Consumers' Ecolabel Use
While prior ecolabel research suggests that consumers' trust of ecolabel sponsors is associated with their purchase of ecolabeled products, we know little about how third-party certification might relate to consumer purchases when trust varies. Drawing on cognitive theory and a stratified random sample of more than 1200 consumers, we assess how third-party certification relates to consumers' use of ecolabels across different program sponsors. We find that consumers' trust of government and environmental NGOs to provide credible environmental information encourages consumers' use of ecolabels sponsored by these entities, and consumers do not differentiate between certified versus uncertified ecolabels in the presence of trust. By contrast, consumers' distrust of private business to provide credible environmental information discourages their use of business associationsponsored ecolabels. However, these ecolabels may be able to overcome consumer distrust if their sponsors certify the ecolabels using third-party auditors. These findings are important to sponsors who wish develop ecolabels that are more credible to consumers, and thus encourage more widespread ecolabel use.
Journal Article
Cultural Individualism–Collectivism and Third‐Party Punishment and Compensation
This study examined how culture shapes third‐party punishment and compensation in the harm domain using realistic judicial scenarios. Chinese participants showed greater engagement in both forms than American participants, with individualism–collectivism values mediating these societal differences.
Journal Article
Third Party Certification of Agri-Food Supply Chain Using Smart Contracts and Blockchain Tokens
Every consumer’s buying decision at the supermarket influences food brands to make first party claims of sustainability and socially responsible farming methods on their agro-product labels. Fine wines are often subject to counterfeit along the supply chain to the consumer. This paper presents a method for efficient unrestricted publicity to third party certification (TPC) of plant agricultural products, starting at harvest, using smart contracts and blockchain tokens. The method is capable of providing economic incentives to the actors along the supply chain. A proof-of-concept using a modified Ethereum IGR token set of smart contracts using the ERC-1155 standard NFTs was deployed on the Rinkeby test net and evaluated. The main findings include (a) allowing immediate access to TPC by the public for any desired authority by using token smart contracts. (b) Food safety can be enhanced through TPC visible to consumers through mobile application and blockchain technology, thus reducing counterfeiting and green washing. (c) The framework is structured and maintained because participants obtain economic incentives thus leveraging it´s practical usage. In summary, this implementation of TPC broadcasting through tokens can improve transparency and sustainable conscientious consumer behaviour, thus enabling a more trustworthy supply chain transparency.
Journal Article
Who Decides When a Patient Can’t? Statutes on Alternate Decision Makers
U.S. states vary in their procedures for appointing and challenging default surrogates, the attributes they require of them, priority ranking of possible decision makers, and dispute resolution — with important implications for clinicians, patients, and public health.
Journal Article
Third-party imitation is not restricted to humans
Imitation of cultural practices is ubiquitous in humans and often involves faithful copying of intransitive (i.e., non-object directed) gestures and societal norms which play a crucial role in human cumulative cultural evolution. Apart from learning these directly from a tutor, humans often learn passively as third-party observers from the interactions of two or more individuals. Whether third-party imitation has evolved outside humans remains unknown. In the current study, we investigated whether undomesticated blue-throated macaws (
Ara glaucogularis
) could imitate in a third-party setting. A naïve test group (
N
= 6) passively observed a conspecific demonstrator performing rare intransitive actions in response to specific human gestural commands. Directly afterwards, the observer received the same gestural commands and performance-contingent rewards. An equally naïve control group (
N
= 5) was tested correspondingly, in the absence of third-party demonstrations. The test group learned more target actions (mean = 4.16 versus mean = 2.2) in response to the specific commands, significantly faster and performed them more accurately than the control group. The test group also spontaneously imitated some of the actions even before they received any gestural commands or rewards. Our findings show that third-party imitation, even for intransitive actions, exists outside humans, allowing for rapid adaption to group specific behaviours and possibly cultural conventions in parrots.
Journal Article
Platform Integration and Demand Spillovers in Complementary Markets: Evidence from Facebook’s Integration of Instagram
Social media platform owners often choose to provide tighter integration with their own complementary applications (i.e., first-party applications) as compared to that with other complementary third-party applications. We study the impact of such integration on consumer demand for first-party applications and competing third-party applications by exploring Facebook’s integration of Instagram, an application in its photo-sharing application ecosystem. We find that consumers obtain additional value from Instagram after its integration with Facebook, leading to a large increase in the use of Instagram for Facebook photo sharing. Further, we find that the growth of Instagram’s user base has a positive spillover effect on big third-party applications and a negative spillover effect on small third-party applications in Facebook’s photo-sharing ecosystem. As a result, while small third-party applications face reduced demand after integration, big third-party applications experience a small increase in demand. Thus, the overall demand for the entire photo-sharing application ecosystem actually increases, which suggests that Facebook’s integration strategy benefits the complementary market overall. Our results highlight the role of platform integration for first-party applications and the application ecosystem overall, and they have implications for strategic management of first-party applications in the presence of third-party applications.
This paper was accepted by Anandhi Bharadwaj, information systems
.
Journal Article