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Full-Text Articles in Law
Empowering The Poor: Turning De Facto Rights Into Collateralized Credit, Steven L. Schwarcz
Empowering The Poor: Turning De Facto Rights Into Collateralized Credit, Steven L. Schwarcz
Notre Dame Law Review
The shrinking middle class and the widening gap between rich and poor threaten social and financial stability. Though sometimes identified as a problem of developing nations, the inability of the poor to obtain credit by using their de facto rights in property as collateral impedes upward mobility in nearly all countries, including the United States. Efforts to solve this problem have focused on trying to transform de facto rights into de jure title under property law. Those efforts have been unsuccessful because, among other reasons, property law is tightly bound to tradition and protecting vested ownership. This Article proposes an …
Shells Of The Stores They Once Were: Returning Vacant Retail Property To Productive Use In The Midst Of The "Retail Apocalypse", Mairead J. Fitzgerald-Mumford
Shells Of The Stores They Once Were: Returning Vacant Retail Property To Productive Use In The Midst Of The "Retail Apocalypse", Mairead J. Fitzgerald-Mumford
Notre Dame Law Review
This Note intends to address responses to retail vacancies by local governments in nonurban areas where land is relatively cheap and low-density development predominates. Its purpose is to assist these municipalities in motivating owners of vacant retail structures to return the property to productive use, thereby significantly reducing the number of empty retail shells that litter the landscapes of many communities. Alternatively, in cases where the owner is unable or unwilling to mitigate the negative externalities imposed on the community by a vacant retail structure, I propose solutions tailored to commercial properties that will allow local governments to intervene in …
Bounded Rationality And The Theory Of Property, Oren Bar-Gill, Nicola Persico
Bounded Rationality And The Theory Of Property, Oren Bar-Gill, Nicola Persico
Notre Dame Law Review
Strong, property rule protection—implemented via injunctions, criminal sanctions, and supercompensatory damages—is a defining aspect of property. What is the theoretical justification for property rule protection? The conventional answer has to do with the alleged shortcomings of the weaker liability rule alternative: it is widely held that liability rule protection—implemented via compensatory damages—would interfere with efficient exchange and jeopardize the market system. We show that these concerns are overstated and that exchange efficiency generally obtains in a liability rule regime—but only when the parties are perfectly rational. When the standard rationality assumption is replaced with a more realistic bounded rationality assumption, …