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Full-Text Articles in Law
"Do Lawyers Need Economists?" Review Of Economic Transplants: On Lawmaking For Corporations And Capital Markets, Reuven S. Avi-Yonah
"Do Lawyers Need Economists?" Review Of Economic Transplants: On Lawmaking For Corporations And Capital Markets, Reuven S. Avi-Yonah
Reviews
Katja Langenbucher’s outstanding book seeks to address the question of why and in what ways have lawyers been importing economic theories into a legal environment, and how has this shaped scholarly research, judicial and legislative work? Since the financial crisis, corporate or capital markets law has been the focus of attention by academia and media. Formal modelling has been used to describe how capital markets work and, later, has been criticized for its abstract assumptions. Empirical legal studies and regulatory impact assessments offered different ways forward. This excellent book presents a new approach to the risks and benefits of interdisciplinary …
A Financial Economic Theory Of Punitive Damages, Robert J. Rhee
A Financial Economic Theory Of Punitive Damages, Robert J. Rhee
Michigan Law Review
This Article provides a financial economic theory of punitive damages. The core problem, as the Supreme Court acknowledged in Exxon Shipping Co. v. Baker, is not the systemic amount of punitive damages in the tort system; rather it is the risk of outlier outcomes. Low frequency, high severity awards are unpredictable, cause financial distress, and beget social cost. By focusing only on offsetting escaped liability, the standard law and economics theory fails to account for the core problem of variance. This Article provides a risk arbitrage analysis of the relationship between variance, litigation valuation, and optimal deterrence. Starting with settlement …
Of Coase, Calabresi, And Optimal Tax Liability, Kyle D. Logue, Joel Slemrod
Of Coase, Calabresi, And Optimal Tax Liability, Kyle D. Logue, Joel Slemrod
Articles
The Article proceeds as follows. Part II offers a primer on the Coase Theorem, beginning with the classic case of neighbor externalizing on neighbor (farmer and rancher), and it explains the basic invariance propositions. Part III shifts the focus to Coasean situations involving buyers and sellers in a market or contractual relationship, buyers and sellers whose market interactions cause harm to third parties. Using supply-and-demand diagrams, we illustrate (in a new way) some of the most basic findings of the economic analysis of law, including both the Coasean invariance and efficiency propositions and the Calabresian least-cost avoider idea. Also in …
Review Of Optional Law: The Structure Of Legal Entitlements, Omri Ben-Shahar
Review Of Optional Law: The Structure Of Legal Entitlements, Omri Ben-Shahar
Reviews
The concept of "property rights" plays a prominent role in economic theory. Economists have been studying how property rights emerged as a system of allocation, replacing regimes of open access and lack of legal order. Property rights are regularly viewed by economists as the primary policy tool to control the incentives to invest in new assets (e.g., in information) and to maintain existing assets (e.g., fisheries) when contracts are incomplete. Property rights are the endowments that individuals exchange in a market economy, the equity that investors trade in financial markets. Property rights are a basic building block in economics.
The Current Life Insurance Crisis: How The Law Should Respond, Kyle D. Logue
The Current Life Insurance Crisis: How The Law Should Respond, Kyle D. Logue
Articles
This article explores some of the issues raised by the new evidence of underinsurance. Part I explores the initial theoretical question: why do people buy life insurance? Put differently, what function does life insurance serve? Part II provides some background on the life insurance market as it currently exists. Thus, Part II summarizes the major types of life insurance that are currently offered and summarizes the main elements of the current regulatory regime for life insurance companies. Part III then provides support for the claim that households tend to drastically underconsume life insurance. Section A of that Part summarizes the …
Linking The Visions, Omri Ben-Shahar
Linking The Visions, Omri Ben-Shahar
Other Publications
Professor Omri Ben-Shahar talks about his teaching and work.
Corporate Judgement Proofing: A Response To Lynn Lopucki's 'The Death Of Liability', James J. White
Corporate Judgement Proofing: A Response To Lynn Lopucki's 'The Death Of Liability', James J. White
Articles
In "The Death of Liability" Professor Lynn M. LoPucki argues that American businesses are rendering themselves judgment proof.- Using the metaphor of a poker game, Professor LoPucki claims American businesses are increasingly able to participate in the poker game without putting "chips in the pot." He argues that it has become easier for American companies to play the game without having chips in the pot because of the ease with which a modern debtor can grant secured credit, because of the growth of the peculiar form of sale known as asset securitization, because foreign havens for secreting assets are now …
Can Families Be Efficient? A Feminist Appraisal, Ann Laquer Estin
Can Families Be Efficient? A Feminist Appraisal, Ann Laquer Estin
Michigan Journal of Gender & Law
This Article examines the convergence of feminist and law and economics theory on family law questions, particularly issues of marriage and divorce. Both feminist legal theory and law and economics analysis have come to occupy a significant place in the American legal academy, demonstrated by growing numbers of conferences, journals, casebooks and monographs, and electronic mail lists in each area. Not surprisingly, as the two fields have grown, they have begun to touch, to overlap, and occasionally to come into conflict. This process has been evident in the extensive literature on sex discrimination in employment and is increasingly apparent in …
Explaining Tort Law: The Economic Theory Of Landes And Posner, Peter C. Carstensen
Explaining Tort Law: The Economic Theory Of Landes And Posner, Peter C. Carstensen
Michigan Law Review
A Review of The Economic Structure of Tort Law by William M. Landes and Richard A. Posner
The Economics Of Justice, Michigan Law Review
The Economics Of Justice, Michigan Law Review
Michigan Law Review
A Review of The Economics of Justice by Richard A. Posner