Estimating the Economic Value of the Online Marketplace for Legal Services
This study examines the usage status of legal services provided by lawyers targeting domestic consumers and investigates empirically how much online platforms that facilitate lawyer search and consultation can increase consumers' utility, and how much the lawyer legal service market will expand...
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| Format: | Article |
| Language: | English |
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Korea Development Institute
2023-08-01
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| Series: | KDI Journal of Economic Policy |
| Subjects: | |
| Online Access: | https://kdijep.org/v.45/3/49/Estimating+the+Economic+Value+of+the+Online+Marketplace+for+Legal+Services%E2%80%A0 |
| _version_ | 1827820588612190208 |
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| author | Minsoo Park Jungmin Kim Hong Lee |
| author_facet | Minsoo Park Jungmin Kim Hong Lee |
| author_sort | Minsoo Park |
| collection | DOAJ |
| description | This study examines the usage status of legal services provided by lawyers targeting domestic consumers and investigates empirically how much online platforms that facilitate lawyer search and consultation can increase consumers' utility, and how much the lawyer legal service market will expand through this. To this end, this study applies a discrete choice demand model to the data collected through a conjoint survey to estimate the value of the lawyer search and consultation platform perceived by consumers, and estimates the effectiveness of the platform in expanding the market for lawyer legal services through a simulation method. As a result of the analysis, the relative value that consumers place on finding and consulting a lawyer using the online platform instead of being introduced to a lawyer by an acquaintance or searching for a lawyer offline is estimated to be about 70,414 won. It was found that the existence of lawyer search and consultation platforms could increase the market size of legal services by as little as 18.9% to as much as 70.2%. In particular, the platforms are expected to increase the accessibility of legal services to vulnerable groups. |
| first_indexed | 2024-03-12T01:30:32Z |
| format | Article |
| id | doaj.art-a68e7d77c70b469095baf6ae2fb3f004 |
| institution | Directory Open Access Journal |
| issn | 2586-2995 2586-4130 |
| language | English |
| last_indexed | 2024-03-12T01:30:32Z |
| publishDate | 2023-08-01 |
| publisher | Korea Development Institute |
| record_format | Article |
| series | KDI Journal of Economic Policy |
| spelling | doaj.art-a68e7d77c70b469095baf6ae2fb3f0042023-09-12T05:06:07ZengKorea Development InstituteKDI Journal of Economic Policy2586-29952586-41302023-08-014534973https://doi.org/10.23895/kdijep.2023.45.3.49Estimating the Economic Value of the Online Marketplace for Legal ServicesMinsoo Park0Jungmin Kim1Hong Lee2Professor, College of Economics, Sungkyunkwan UniversityResearch Fellow, Korea Fair Trade Mediation AgencyPh. D. Candidate, Business Economics and Public Policy, Indiana UniversityThis study examines the usage status of legal services provided by lawyers targeting domestic consumers and investigates empirically how much online platforms that facilitate lawyer search and consultation can increase consumers' utility, and how much the lawyer legal service market will expand through this. To this end, this study applies a discrete choice demand model to the data collected through a conjoint survey to estimate the value of the lawyer search and consultation platform perceived by consumers, and estimates the effectiveness of the platform in expanding the market for lawyer legal services through a simulation method. As a result of the analysis, the relative value that consumers place on finding and consulting a lawyer using the online platform instead of being introduced to a lawyer by an acquaintance or searching for a lawyer offline is estimated to be about 70,414 won. It was found that the existence of lawyer search and consultation platforms could increase the market size of legal services by as little as 18.9% to as much as 70.2%. In particular, the platforms are expected to increase the accessibility of legal services to vulnerable groups.https://kdijep.org/v.45/3/49/Estimating+the+Economic+Value+of+the+Online+Marketplace+for+Legal+Services%E2%80%A0법률서비스 시장변호사검색상담온라인플랫폼소비자지불의사legal services marketplacelawyer search consultationonline platformconsumer willingness to pay |
| spellingShingle | Minsoo Park Jungmin Kim Hong Lee Estimating the Economic Value of the Online Marketplace for Legal Services KDI Journal of Economic Policy 법률서비스 시장 변호사검색상담 온라인플랫폼 소비자지불의사 legal services marketplace lawyer search consultation online platform consumer willingness to pay |
| title | Estimating the Economic Value of the Online Marketplace for Legal Services |
| title_full | Estimating the Economic Value of the Online Marketplace for Legal Services |
| title_fullStr | Estimating the Economic Value of the Online Marketplace for Legal Services |
| title_full_unstemmed | Estimating the Economic Value of the Online Marketplace for Legal Services |
| title_short | Estimating the Economic Value of the Online Marketplace for Legal Services |
| title_sort | estimating the economic value of the online marketplace for legal services |
| topic | 법률서비스 시장 변호사검색상담 온라인플랫폼 소비자지불의사 legal services marketplace lawyer search consultation online platform consumer willingness to pay |
| url | https://kdijep.org/v.45/3/49/Estimating+the+Economic+Value+of+the+Online+Marketplace+for+Legal+Services%E2%80%A0 |
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