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Articles 1 - 13 of 13
Full-Text Articles in Law
The Inherent Instability Of The Financial System, Kim De Glossop
The Inherent Instability Of The Financial System, Kim De Glossop
The Journal of Business, Entrepreneurship & the Law
The article explores one of the causes of the financial crisis of 2008 and of financial crises generally. The argument of the paper is that rather than tend toward equilibrium, financial and asset markets have a tendency to become unstable after prolonged periods of stability. The main driver of this process is the expansion of credit. Debt feeds its way into higher asset prices which in turn justify the accumulation of more debt to purchase further assets, and so on. The basis for the idea is Hyman Minsky's Financial Instability Hypothesis, itself a reinterpretation of The General Theory of Employment, …
Beyond Coase: Emerging Technologies And Property Theory, Christopher S. Yoo
Beyond Coase: Emerging Technologies And Property Theory, Christopher S. Yoo
All Faculty Scholarship
In addition to prompting the development of the Coase Theorem, Ronald Coase’s landmark 1959 article on the Federal Communications Commission touched off a revolution in spectrum policy. Although one of Coase’s proposed reforms (that spectrum should be allocated through markets) has now become the conventional wisdom, his other principal recommendation (that governments stop dedicating portions of the spectrum to particular uses) has yet to be fully embraced. Drawing on spectrum as well as Internet traffic and electric power as examples, this Article argues that emerging technologies often reflect qualities that make defining property rights particularly difficult. These include the cumulative …
The Social Value Of Mortality Risk Reduction: Vsl Vs. The Social Welfare Function Approach, Matthew D. Adler, James K. Hammitt, Nicholas Treich
The Social Value Of Mortality Risk Reduction: Vsl Vs. The Social Welfare Function Approach, Matthew D. Adler, James K. Hammitt, Nicholas Treich
All Faculty Scholarship
We examine how different welfarist frameworks evaluate the social value of mortality risk-reduction. These frameworks include classical, distributively unweighted cost-benefit analysis—i.e., the “value per statistical life” (VSL) approach—and three benchmark social welfare functions (SWF): a utilitarian SWF, an ex ante prioritarian SWF, and an ex post prioritarian SWF. We examine the conditions on individual utility and on the SWF under which these frameworks display the following five properties: i) wealth sensitivity, ii) sensitivity to baseline risk, iii) equal value of risk reduction, iv) preference for risk equity, and v) catastrophe aversion. We show that the particular manner in which VSL …
Law And Economics: Is There A Higher Law?, Kenneth G. Elzinga
Law And Economics: Is There A Higher Law?, Kenneth G. Elzinga
Pepperdine Law Review
No abstract provided.
Race, Law, And The Free Market: A Critical Law And Economics Conception Of Racism As Asymmetrical Market Failure, Andre L. Smith
Race, Law, And The Free Market: A Critical Law And Economics Conception Of Racism As Asymmetrical Market Failure, Andre L. Smith
Andre L. Smith
No abstract provided.
The “Ensuing Loss” Clause In Insurance Policies: The Forgotten And Misunderstood Antidote To Anti-Concurrent Causation Exclusions, Chris French
Journal Articles
As a result of the 1906 earthquake and fire in San Francisco which destroyed the city, a clause known as the “ensuing loss” clause was created to address concurrent causation situations in which a loss follows both a covered peril and an excluded peril. Ensuing loss clauses appear in the exclusions section of such policies and in essence they provide that coverage for a loss caused by an excluded peril is nonetheless covered if the loss “ensues” from a covered peril. Today, ensuing loss clauses are found in “all risk” property and homeowners policies, which cover all losses except for …
Accentuate The Normative: A Response To Professor Mckenna, Jeremy N. Sheff
Accentuate The Normative: A Response To Professor Mckenna, Jeremy N. Sheff
Faculty Publications
In his article, “A Consumer Decision-Making Theory of Trade-mark Law,” 98 Va. L. Rev. 67 (2012), Professor Mark McKenna makes two significant claims. The first is that the dominant Law and Economics theory of trademark law—the search-costs theory of the Chicago School—is in some way connected to recent undesirable expansions of trademark rights. The second is that a preferable theory of trademark law—one that would result in more tightly circumscribed and socially beneficial notions of trademark rights—would take consumer decision making, rather than search costs, as its guiding principle. I find myself sympathetic to these arguments, and yet I believe …
The Bizarre Law & Economics Of 'Business Roundtable V. Sec', Grant M. Hayden, Matthew T. Bodie
The Bizarre Law & Economics Of 'Business Roundtable V. Sec', Grant M. Hayden, Matthew T. Bodie
Faculty Journal Articles and Book Chapters
Corporations are legal entities designed to foster certain kinds of collective economic activity. The decisionmaking power within a corporation ultimately rests with a board of directors elected by shareholders. Shareholders, however, do not use anything like a conventional ballot in these elections; instead, they fill out a “proxy ballot,” delivered to them by the incumbent board. This proxy ballot lists only the incumbent board’s chosen nominees, very often the board members themselves. If a shareholder wants to run for director or propose another nominee for the board, she needs to provide all other shareholders with a separate proxy ballot — …
The Bizarre Law & Economics Of 'Business Roundtable V. Sec', Grant M. Hayden, Matthew T. Bodie
The Bizarre Law & Economics Of 'Business Roundtable V. Sec', Grant M. Hayden, Matthew T. Bodie
All Faculty Scholarship
Corporations are legal entities designed to foster certain kinds of collective economic activity. The decisionmaking power within a corporation ultimately rests with a board of directors elected by shareholders. Shareholders, however, do not use anything like a conventional ballot in these elections; instead, they fill out a “proxy ballot,” delivered to them by the incumbent board. This proxy ballot lists only the incumbent board’s chosen nominees, very often the board members themselves. If a shareholder wants to run for director or propose another nominee for the board, she needs to provide all other shareholders with a separate proxy ballot — …
Law And Economics As A Pillar Of Legal Education, W. Kip Viscusi, Joni Hersch
Law And Economics As A Pillar Of Legal Education, W. Kip Viscusi, Joni Hersch
Vanderbilt Law School Faculty Publications
This paper reports the distribution of doctoral degrees in economics and in other fields among faculy at the 26 hghest-ranked law schools. Almost one-third of professors at the top 13 law schools have a Ph.D. degree, with 9 % having a Ph.D. in economics. Law school rank is hghly correlated with the share of faculy holding a Ph.D. in economics and is less correlated with the share offaculy with other doctoral degrees. Law and economics is a major area of legal scholarsh based on citations in the law literature and other impact rankings. In recognition of the increased importance of …
Freedom Of Contract In An Augmented Reality: The Case Of Consumer Contracts, Scott R. Peppet
Freedom Of Contract In An Augmented Reality: The Case Of Consumer Contracts, Scott R. Peppet
Publications
This Article argues that freedom of contract will take on different meaning in a world in which new technology makes information about places, goods, people, firms, and contract terms available to contracting parties anywhere, at any time. In particular, our increasingly "augmented reality" calls into question leading justifications for distrusting consumer contracts and strengthens traditional understandings of freedom of contract. This is largely a descriptive and predictive argument: This Article aims to introduce contract law to these technologies and consider their most likely effects. It certainly has normative implications, however. Given that the vast majority of consumer contracting occurs in …
The Influence Of Law And Economics Scholarship On Contract Law: Impressions Twenty-Five Years Later, Jeffrey L. Harrison
The Influence Of Law And Economics Scholarship On Contract Law: Impressions Twenty-Five Years Later, Jeffrey L. Harrison
UF Law Faculty Publications
This is an update of a work done in conjunction with a contract law conference 25 years ago. My specific assignment was to assess the impact of law and economics scholarship on contract law. I responded by conducting an empirical study of judicial citations to selected law and economics works in order to ascertain the extent to which judges seemed to be relying on the teachings of law and economics. In effect, the effort was part of a general question that concerns all law professors: Does scholarship matter? I have repeated the study with respect to the scholarship sample selected …
The “Ensuing Loss” Clause In Insurance Policies: The Forgotten And Misunderstood Antidote To Anti-Concurrent Causation Exclusions, Chris French
Christopher C. French
As a result of the 1906 earthquake and fire in San Francisco which destroyed the city, a clause known as the “ensuing loss” clause was created to address concurrent causation situations in which a loss follows both a covered peril and an excluded peril. Ensuing loss clauses appear in the exclusions section of such policies and in essence they provide that coverage for a loss caused by an excluded peril is nonetheless covered if the loss “ensues” from a covered peril. Today, ensuing loss clauses are found in “all risk” property and homeowners policies, which cover all losses except for …