Digital Commons Network^™

Legalizing Merger To Monopoly And Higher Prices: The Canadian Competition Tribunal Gets It Wrong, Alan A. Fisher Ph.D., Robert H. Lande, Stephen F. Ross

All Faculty Scholarship

This article analyzes the Canadian Superior Propane decision, apparently the first merger decision in world history to consider explicitly what to do when a merger was predicted to lead to both higher consumer prices and to net efficiencies. The article advocates analyzing the merger under a "price to consumers" or "consumer welfare" standard, rather than a total efficiency standard, and advocates that the enforcers and the courts block such mergers.

Takings, Efficiency, And Distributive Justice: A Response To Professor Dagan, Glynn S. Lunney Jr.

Michigan Law Review

In A Critical Reexamination of the Takings Jurisprudence, I addressed an efficiency problem that arises when the government attempts to change property rights in a manner that burdens a very few for the benefit of the very many. Specifically, in the absence of compensation, the collective action advantage of the few in organizing to oppose the proposed measure will often give them a decided edge against the many. As a result of that advantage, the few will too often be able to persuade the legislature not to act, even when an objective evaluation of the proposal's costs and benefits would …

The Anticompetitive Effect Of Passive Investment, David Gilo

Michigan Law Review

There are many cases in which a firm passively invests in its competitor. For example, Microsoft passively invested in $150 million worth of the nonvoting stock of Apple, its historic rival in the operating systems market. Also, in November 1998, Northwest Airlines, the nation's fourth-largest airline, purchased 14% of the common stock of Continental Airlines Inc., the nation's fifth-largest (and fastest growing) airline. Northwest competes with Continental on seven routes, serving 3.6 million passengers per year. In another example, TCI, the nation's largest cable operator, became a passive investor with a 9% stake (which can be increased, under the terms …

Economic Tools For Managing Impacts Of Urban Canada Geese, Nicole H. Mccoy

Human Conflicts with Wildlife: 2002 Symposium

Management of urban Canada geese impacts can be assisted by the use of economic analyses of both the problem and the proposed solution. Management of a species that is both geographically mobile and stationary, protected by the Migratory Bird Act of 1918, and loved by much of the public while posing a significant risk of damage to both private and public property is a difficult task. The issue is further complicated by the scope and scale of urban goose impacts. While the presence of urban Canada geese results in both positive and negative impacts, this paper will focus primarily on …

The Insidious Remnants Of State Rules Respecting Capital Formation, Rutheford B. Campbell Jr.

Law Faculty Scholarly Articles

As we move into the Twenty-First Century, state blue sky laws and regulations continue to govern a significant portion of the capital formation activities of our domestic businesses. As a result, state administrators, influenced by their historically informed preferences and local traditions, continue to play important roles when businesses attempt to access external capital sources.

Today, however, the effects of state blue sky laws, regulations, and administrators on capital formation are felt almost exclusively by small businesses. The capital formation activities of larger businesses generally have been freed from state control, most recently by the preemption contained in the National …

Regionalized Water Management: An Evolving Hydrocommons?, Gary D. Weatherford

Water and Growth in the West (Summer Conference, June 7-9)

26 pages.

Contains footnotes and 8 pages of references.

Resolving Transnational Insolvencies Through Private Ordering, Robert K. Rasmussen

Michigan Law Review

There is no international bankruptcy law. No question, there are international insolvencies. Transnational firms, just like domestic ones, often cannot generate sufficient revenue to satisfy their debt obligations. Their financial distress creates a situation where assets and claimants are scattered across more than one country. But there is no international law that provides a set of rules for resolving the financial distress of these firms. The absence of any significant free-standing international bankruptcy treaty means that a domestic court confronted with the domestic part of a transnational enterprise has to decide which nation's domestic bankruptcy law will apply to which …

A New And Efficient Fail—Stop Signature Scheme, Willy Susilo, R. Safavi-Naini, M. Gysin, Jennifer Seberry

Faculty of Informatics - Papers (Archive)

Security of ordinary digital signature schemes relies on a computational assumption. Fail-stop signature schemes provide security for a sender against a forger with unlimited computational power by enabling the sender to provide a proof of forgery, if it occurs. In this paper, we give an efficient fail-stop signature scheme that uses two hard problems, discrete logarithm and factorisation, as the basis of receiver's security. We show that the scheme has provable security against adaptively chosen message attack and is the most efficient scheme with respect to the ratio of the message length to the signature length. The scheme provides an …

Zen And The Art Of Jursiprudence, Matthew K. Roskoski

Michigan Law Review

Lawyer bashing is by no means a remarkable phenomenon. It was not remarkable when Shakespeare wrote, "[t]he first thing we do, let's kill all the lawyers," and it's not remarkable today. Paul Campos, however, has written a particularly readable example, blending venerable Western lawyer-bashing and pop psychology with unsystematic invocations of Eastern religion. Jurismania is named after Campos's theory that the American legal system has a lot in common with a person suffering from an obsessive-compulsive disorder, an addiction to law that does neither the patient nor those around him much good. In Jurismania, Campos criticizes our insistence on regulating …

Separating Marketing Innovation From Actual Invention: A Proposal For A New, Improved, Lighter And Better-Tasting Form Of Patent Protection, Ann Bartow

Ann Bartow

This Article suggests that commercial entities sometimes obtain patents for reasons unrelated to securing profitable technological monopolies. Patents, especially those with narrow scopes that are easily designed around, may be obtained to disadvantage competitors or to make the patent holder appear innovative, rather than to fence off an invention for commercial exploitation. Patents obtained for nontraditional reasons - denoted leverage and keeping up appearances patents in this Article - may represent highly inefficient uses of both public and private resources. To solve some of these efficiency problems, the author proposes creating a second-tier Origination Patent option, which would offer patentees …

Evaporation Reduction Potential In An Undisturbed Soil Irrigated With Surface Drip And Sand Tube Irrigation, Masoud Meshkat, Richard C. Warner, Stephen R. Workman

Biosystems and Agricultural Engineering Faculty Publications

The efficiency of drip irrigation is highly dependent on evaporation losses occurring from the constantly saturated soil beneath emitters. Advent of subsurface drip irrigation is in part an approach to curb this inefficiency. An irrigation method, Sand Tube Irrigation (STI), is proposed to increase the efficiency of “Normal” surface applied drip Irrigation (NI method) on permanent tree crops without the need for burying the irrigation tubing. The sand tube consists of removing a soil core beneath the emitter and filling the void with coarse sand. A weighing lysimeter was constructed in the laboratory and instrumented to directly measure temporal evaporation …

An Examination Of The Efficiency Of Australian Crop Variety Evaluation Programmes, Brian R. Cullis, A B. Smith, C Hunt, Arthur R. Gilmour

Faculty of Informatics - Papers (Archive)

In this paper we present the analysis of yield data from a broad cross-section of crop variety evaluation programmes (CVEP) conducted in Australia. The main sources of variety by environment interaction are ` non-static ' interactions, namely those linked to seasonal influences. These contributed an average of 41.3% of the total variance. In contrast the static component accounts for only 5.3% of the total.

We develop methods for determining the relative accuracy of CVEP based on selection of newly promoted entries. The accuracy of the current testing regimes for the Australian CVEP under study is determined. The accuracy of alternative …

Uncoupling The Law Of Takings, Michael A. Heller, James E. Krier

Articles

The law of takings couples together matters that should be treated independently. The conventional view, shared by courts and commentators alike, has been that any takings case can be resolved in one of two ways: either there is a taking and compensation is due, or there is no taking and no compensation is due. These results are fine as long as one holding or the other serves the two central concerns of the Takings Clause - eficiency and justice. But a problem arises when the two purposes behind the law of takings come into cordhct, as they readily might. It …

Evidence Of The Efficiency Of Index Options Markets, Lucy F. Ackert, Yisong S. Tian

Faculty Articles

Index options have been one of the most successful of the many innovative financial instruments introduced over the last few decades, as their high trading volume indicates. Given their prominence, the pricing efficiency of these markets is of great importance. ; Detecting inefficient pricing, or mispricing, requires comparing a theoretically efficient price with prices of options traded in financial markets. One popular approach to deriving pricing relationships is based on a principle called no-arbitrage, which simply assumes that arbitrageurs enter the market and quickly eliminate mispricing if a profit opportunity without risk exists. However, in a well-functioning economy there is …