Law Commons^™

The Genius Of Roman Law From A Law And Economics Perspective, Juan Javier Del Granado

San Diego International Law Journal

The Article is organized as follows: The first part of this Article will introduce Roman private law, and sketch out the law and economics methodology to be applied to the Roman classical system. The second part of this Article will discuss the Roman private law of property, obligations, as well as commerce and finance. The third part will discuss the interaction of private law and private morality in the construction of Roman social order. The fourth part of this Article will discuss private procedural aspects of the Roman legal system. The fifth and final part of this Article will discuss …

El Razonamiento Heurístico Y Algunas Implicaciones En El Análisis Económico Del Derecho: El Caso De Las Normas Sobre Donación De Órganos Humanos V2, Daniel Monroy

Daniel A Monroy C

The following article contributes to the latest discussions and judgments that have taken place on the more important postulates of the Economic Analysis of Law. It exists an even nascent line of thought in economics that has accordingly questioned the behaviors of the individuals in the real world; this nascent movement is known as the “Behavioral Economics”, which through the “heuristics” and other hypotheses states a series of contrary ideas to the ones that the neoclassical economics have defended for more than a century.

All the preceding has an evident effect regarding the Economic Analysis of Law. Understanding this situation …

Teoría Prospectiva, Efecto Marco Y Los Mensajes De Disuasión De Consumo De Tabaco En Colombia, Daniel Monroy

Daniel A Monroy C

The main target of this reflex paper is to explain some ideas about behavioral economics, such as the Prospect Theory and the framing effect, as well as its possible implications for the law, especially in the context of tobacco control law in Colombia and the current package warning labels. The paper concludes that these warnings have the potential to reduce the tobacco consumption. However the effectiveness of these messages could be increased if the information is reframed in an alternative way.

This paper is based in other one called: "ANÁLISIS ECONÓMICO-CONDUCTUAL DE LA REGULACIÓN ANTITABACO EN COLOMBIA: El efecto marco …

Más Vale Malo Conocido Que…: El Efecto Dotación Y Los Pronósticos Teóricos Del Teorema De Coase, Daniel Monroy

Daniel A Monroy C

Some studies of the "endowment effect" in behavioral economics have criticized the theoretical prediction of the Coase Theorem even in its most basic formulation. This document describes the evidence of the existence of this "anomaly" in individual decision-making in various contexts in order to determine the possible general implications of this effect in the economic analysis itself especially as an explanation for the sometimes, insuperable gap between the willingness to accept for giving a right and the correlative willingness to pay to get it, also the paper describes a contradiction with the assumption of reversibility of preferences at any dot …

Making Sense Of The New Financial Deal, David A. Skeel Jr.

All Faculty Scholarship

In this Essay, I assess the enactment and implications of the Dodd-Frank Act, Congress’s response to the 2008 financial crisis. To set the stage, I begin by very briefly reviewing the causes of the crisis. I then argue that the legislation has two very clear objectives. The first is to limit the risk of the shadow banking system by more carefully regulating the key instruments and institutions of contemporary finance. The second objective is to limit the damage in the event one of these giant institutions fails. While the new regulation of the instruments of contemporary finance—including clearing and exchange …

Explaining The Importance Of Public Choice For Law, D. Daniel Sokol

UF Law Faculty Publications

The next generation of government officials, business leaders and members of civil society likely will draw from the current pool of law school students. These students often lack a foundation of the theoretical and analytical tools necessary to understand law's interplay with government. This highlights the importance of public choice analysis. By framing issues through a public choice lens, these students will learn the dynamics of effective decision-making within various institutional settings. Filling the void of how to explain the decision-making process of institutional actors in legal settings is Public Choice Concepts and Applications in Law by Maxwell Stearns and …

A Cost-Benefit Interpretation Of The "Substantially Similar" Hurdle In The Congressional Review Act: Can Osha Ever Utter The E-Word (Ergonomics) Again?, Adam M. Finkel, Jason W. Sullivan

All Faculty Scholarship

The Congressional Review Act permits Congress to veto proposed regulations via a joint resolution, and prohibits an agency from reissuing a rule “in substantially the same form” as the vetoed rule. Some scholars—and officials within the agencies themselves—have understood the “substantially the same” standard to bar an agency from regulating in the same substantive area covered by a vetoed rule. Courts have not yet provided an authoritative interpretation of the standard.

This Article examines a spectrum of possible understandings of the standard, and relates them to the legislative history (of both the Congressional Review Act itself and the congressional veto …

Análisis Económico-Conductual De La Regulación Antitabaco En Colombia: El Efecto Marco Y La Fuerza De Voluntad Limitada, Daniel Monroy

Daniel A Monroy C

This paper explains some ideas about behavioral economics, such as the framing effect and the bounded willpower, and its possible implications for the law, especially in the context of tobacco control law in Colombia. The paper concludes that the current warnings on cigarette packages have the potential to reduce the tobacco consumption. However the effectiveness of these messages could be increased if the information is reframed; likewise, the paper shows that the legal ban of cigarette retail market, doesn’t weigh up the negative consequences of bounded willpower, which can lead paradoxically to encourage smoking.

How Much Does A Belief Cost?: Revisiting The Marketplace Of Ideas, Gregory Brazeal

Gregory Brazeal

Justice Oliver Wendell Holmes, Jr. is often credited with creating the metaphor of “the marketplace of ideas,” though he did not use the exact phrase and his argument for free speech was not based on distinctively economic reasoning. Truly economic investigations of the marketplace of ideas have progressed in step with developments and trends in the law and economics literature. These investigations have tended to be one-sided, with writers focusing primarily either on the production of ideas (for example, Posner) or their consumption (for example, behavioral law and economics), without considering in depth how producers and consumers interact. This may …

The Functionalism Of Legal Origins, Ralf Michaels

Faculty Scholarship

This article, written on request for the centennial issue of Ius Commune Europaeum, connects the economic literature on legal origins (La Porta et al) and the World Bank's Doing Business reports with discussions in comparative law about the functional method. It finds that a number of parallels and similarities exist, and that much of the criticism that has been voiced against functionalism should apply, mutates mutants, also to these more recent projects. The attraction that these projects have derive not, it is argued, from their methodological sophistication, but instead from "the strange lure of economics" and from the ostentatious objectivity …

Beyond Individualism In Law And Economics, Robert B. Ahdieh

Faculty Scholarship

The study of law and economics was built upon two pillars. The first is the familiar assumption of individual rationality. The second, less familiar, is the principle of methodological individualism. Over the last twenty years, law and economics has largely internalized behavioral critiques of the rationality assumption. By contrast, the field has failed to appreciate the implications of growing challenges to its methodological individualism. Where social norms shape individual choices, network externalities are strong, coordination is the operative goal, or information is a substantial determinant of value, a methodology strongly oriented to the analysis of individuals overlooks at least as …