This Article uses an often-overlooked component of prospect theory to devel
op a positive theory of frivolous or low-probability litigation. The propos
ed Frivolous Framing Theory posits that the decision frame in frivolous lit
igation induces risk-seeking behavior in plaintiffs and risk-averse behavio
r in defendants. Because plaintiffs in frivolous litigation have a greater
tolerance for risk than the defendants they have sued, plaintiffs in frivol
ous litigation have "psychological leverage" in settlement negotiations, wh
ich is likely to lead to plaintiff-friendly settlements or bargaining impas
se. This in turn, suggests that reformers concerned about frivolous litigat
ion should target reform efforts at plaintiffs' decisionmaking in frivolous
suits.