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Full-Text Articles in Law
Public Symbol In Private Contract: A Case Study, Anna Gelpern, Mitu Gulati
Public Symbol In Private Contract: A Case Study, Anna Gelpern, Mitu Gulati
Center for Contract and Economic Organization
This Article revisits a recent shift in standard form sovereign bond contracts to promote collective action among creditors. Major press outlets welcomed the shift as a milestone in fighting financial crises that threatened the global economy. Officials said it was a triumph of market forces. We turned to it for insights into contract change and crisis management. This article is based on our work in the sovereign debt community, including over 100 interviews with investors, lawyers, economists, and government officials. Despite the publicity surrounding contract reform, in private few participants described the substantive change as an effective response to financial …
Network Neutrality And The False Promise Of Zero-Price Regulation, C. Scott Hemphill
Network Neutrality And The False Promise Of Zero-Price Regulation, C. Scott Hemphill
Center for Contract and Economic Organization
This Article examines zero-price regulation, the major distinguishing feature of many modern "network neutrality" proposals. A zero-price rule prohibits a broadband Internet access provider from charging an application or content provider (collectively, "content provider") to send information to consumers. The Article differentiates two access provider strategies thought to justify a zero-price rule. Exclusion is anticompetitive behavior that harms a content provider to favor its rival. Extraction is a toll imposed upon content providers to raise revenue. Neither strategy raises policy concerns that justify implementation of a broad zero-price rule. First, there is no economic exclusion argument that justifies the zero-price …