Law Commons^™

Property Rules And Liability Rules: The Cathedral In Another Light, James Krier, Stewart Schwab

Stewart J Schwab

Ronald Coase's essay on "The Problem of Social Cost" introduced the world to transaction costs, and the introduction laid the foundation for an ongoing cottage industry in law and economics. And of all the law-and-economics scholarship built on Coase's insights, perhaps the most widely known and influential contribution has been Calabresi and Melamed's discussion of what they called "property rules" and "liability rules."' Those rules and the methodology behind them are our subjects here. We have a number of objectives, the most basic of which is to provide a much needed primer for those students, scholars, and lawyers who are …

The Cathedral' At Twenty-Five: Citations And Impressions, James Krier, Stewart Schwab

Stewart J Schwab

It was twenty-five years ago that Guido Calabresi and Douglas Melamed published their article on property rules, liability rules, and inalienability' Calabresi, then a law professor, later a dean, is now a federal judge. Melamed, formerly a student of Calabresi's, is now a seasoned Washington attorney. Their article-which, thanks to its subtitle, we shall call The Cathedral-has had a remarkable influence on our own thinking, as we tried to show in a recent paper2 This is not the place to rehash what we said then, but a summary might be in order. First, we demonstrated that the conventional wisdom about …

Why International Catch Shares Won't Save Ocean Biodiversity, Holly Doremus

Holly Doremus

Skepticism about the efficacy and efficiency of regulatory approaches has produced a wave of enthusiasm for market-based strategies for dealing with environmental conflicts. In the fisheries context, the most prominent of these strategies is the use of “catch shares,” which assign specific proportions of the total allowable catch to individuals who are then free to trade them with others. Catch shares are now in wide use domestically within many nations, and there are increasing calls for implementation of internationally tradable catch shares. Based on a review of theory, empirical evidence, and two contexts in which catch shares have been proposed, …

Party Autonomy In Tort Theory And Reform, Christopher Robinette

Christopher J Robinette

Commercial Arbitration And Settlement: Empirical Insights Into The Roles Arbitrators Play, Thomas Stipanowich, Zachary Ulrich

Thomas J. Stipanowich

A wide-ranging new Straus Institute for Dispute Resolution Survey of experienced arbitrators, conducted with the cooperation of the College of Commercial Arbitrators, reflects the growing professionalization of commercial arbitration, increasing competition for cases, and many other trends in arbitration practice. It also shows that a grower percentage of arbitrated cases are being settled prior to award or to the start of hearings, and offers a strong rationale for greater emphasis on the role of arbitrators in setting the stage for or facilitating settlement. Early settlement of a dispute can be a uniquely effective way of minimizing cost and cycle time …

Soft Law In The Organization And General Conduct Of Commercial Arbitration Proceedings, Thomas Stipanowich

Thomas J. Stipanowich

This commentary examines the growing use of Soft Law - non-binding guidelines that currently play an important role in organizing and conducting commercial arbitration proceedings. Standards such as the UNCITRAL Notes on Organizing Arbitral Proceedings, the ICC Techniques for Controlling Time and Costs in Arbitration, and the Protocols for Expeditious, Cost-Effective Commercial Arbitration have evolved from professional discourse regarding process management and more particular concerns about cost, delay and inefficiency in arbitration. Collectively, these guidelines reflect a growing recognition that deliberate and proactive effort by business users, counsel, arbitrators and provider institutions is critical to making the most of arbitration …

Consent In Context: Fulfilling The Promise Of International Arbitration (Multiparty, Multi-Contract, And Non-Contract Arbitration), Preface By Jan Paulsson, Karim Youssef

Dr. Karim Y Youssef

No abstract provided.

Arbitration And Choice: Taking Charge Of The 'New Litigation', Thomas J. Stipanowich

Thomas J. Stipanowich

Despite meaningful efforts to promote better practices and ensure quality among arbitrators and advocates, criticism of American arbitration is at a crescendo. Much of this criticism stems from the fact that arbitration under standard procedures has taken on the trappings of litigation - extensive discovery and motion practice, highly contentious advocacy, long cycle time and high cost. Paradoxically, concerns about the absence of appeal on the merits in arbitration have caused some to craft provisions calling for judicial review for errors of law or fact in awards. It is time to return to fundamentals in American arbitration. Those who seek …

Spam Works: Evidence From Stock Touts And Corresponding Market Activit, Jonathan Zittrain

Jonathan Zittrain

We assess the impact of spam that touts stocks upon the trading activity of those stocks and sketch how profitable such spamming might be for spammers and how harmful it is to those who heed advice in stock-touting e-mails. We find convincing evidence that stock prices are being manipulated through spam. We suggest that the effectiveness of spammed stock touting calls into question prevailing models of securities regulation that rely principally on the proper labeling of information and disclosure of conflicts of interest as means of protecting consumers, and we propose several regulatory and industry interventions. Based on a large …

Competing Conceptions Of Autonomy: A Reappraisal Of The Basis Of Tort Law, Martin A. Kotler

Martin A. Kotler

Seeking to identify and describe the essential values underlying tort law, this Article attempts to demonstrate that tort law is a system that simultaneously seeks to promote both efficiency and individual autonomy. It argues, however, that efficiency is a secondary goal of tort law that comes to the fore when it is inexpedient, impossible or unnecessary to promote the primary value of autonomy.

The primacy of autonomy, however, is often obscured by the fact that our conception of autonomy has evolved over the years. Once understood in terms of an individual’s rights in private property, autonomy is now widely perceived …