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Articles 1 - 27 of 27
Full-Text Articles in Law
Stock Market Manipulation And Its Regulation, Merritt B. Fox, Lawrence R. Glosten, Gabriel Rauterberg
Stock Market Manipulation And Its Regulation, Merritt B. Fox, Lawrence R. Glosten, Gabriel Rauterberg
Articles
More than eighty years after federal law first addressed stock market manipulation, the federal courts remain fractured by disagreement and confusion concerning manipulation law's most foundational issues. There remains, for example, a sharp split among the federal circuits concerning manipulation law's central question: Whether trading activity alone can ever be considered illegal manipulation under federal law? Academics have been similarly confused-economists and legal scholars cannot agree on whether manipulation is even possible in principle, let alone on how to properly address it in practice.
Innovation, The State And Private Enterprise: A Corporate Lawyer's Perspective, Charles M. Yablon
Innovation, The State And Private Enterprise: A Corporate Lawyer's Perspective, Charles M. Yablon
Articles
This is a review essay based on an important recent book, The Entrepreneurial State: Debunking Public vs. Private Sector Myths, by Mariana Mazzucato, a Professor of the Economics of Innovation. In that book, Professor Mazzucato explains how the U.S. Government, acting as an “entrepreneurial state” has made the critical investments in technologies that have given rise to multi-billion dollar new industries. Mazzucato argues that only the State currently has the funds and incentives necessary to finance the earliest and most important phases of the innovation process, investments the private sector cannot and will not make. Mazzucato’s defense of the centrality …
Do Bad Things Happen When Works Enter The Public Domain?: Empirical Tests Of Copyright Term Extension, Christopher Buccafusco, Paul J. Heald
Do Bad Things Happen When Works Enter The Public Domain?: Empirical Tests Of Copyright Term Extension, Christopher Buccafusco, Paul J. Heald
Articles
The international debate over copyright term extension for existing works turns on the validity of three empirical assertions about what happens to works when they fall into the public domain. Our study of the market for audio books and a related human subjects experiment suggest that all three assertions are suspect. We demonstrate that audio books made from public domain bestsellers (1913-22) are significantly more available than those made from copyrighted bestsellers (1923-32). We also demonstrate that recordings of public domain and copyrighted books are of equal quality. While a low quality recording seems to lower a listener's valuation of …
What Does Tort Law Do? What Can It Do?, Scott Hershovitz
What Does Tort Law Do? What Can It Do?, Scott Hershovitz
Articles
It’s not hard to describe what tort law does. As a first approximation, we might say that tort empowers those who suffer certain sorts of injuries or invasions to seek remedies from those who brought about those injuries or invasions. The challenge is to explain why tort does that, or to explain what tort is trying to do when it does that. After all, it is not obvious that we should have an institution specially concerned with the injuries and invasions that count as torts.
Welfare As Happiness, John Bronsteen, Christopher Buccafusco, Jonathan Masur
Welfare As Happiness, John Bronsteen, Christopher Buccafusco, Jonathan Masur
Articles
Perhaps the most important goal of law and policy is improving people’s lives. But what constitutes improvement? What is quality of life, and how can it be measured? In previous articles, we have used insights from the new field of hedonic psychology to analyze central questions in civil and criminal justice, and we now apply those insights to a broader inquiry: how can the law make life better? The leading accounts of human welfare in law, economics, and philosophy are preference-satisfaction - getting what one wants - and objective list approaches - possessing an enumerated set of capabilities. This Article …
Tax Incentives For Economic Development: Personal (And Pessimistic) Reflections, Edward A. Zelinsky
Tax Incentives For Economic Development: Personal (And Pessimistic) Reflections, Edward A. Zelinsky
Articles
No abstract provided.
The Irrational Auditor And Irrational Liability, Adam C. Pritchard
The Irrational Auditor And Irrational Liability, Adam C. Pritchard
Articles
This Article argues that less liability for auditors in certain areas might encourage more accurate and useful financial statements, or at least equally accurate statements at a lower cost. Audit quality is promoted by three incentives: reputation, regulation, and litigation. When we take reputation and regulation into account, exposing auditors to potentially massive liability may undermine the effectiveness of reputation and regulation, thereby diminishing integrity of audited financial statements. The relation of litigation to the other incentives that promote audit quality has become more important in light of the sea change that occurred in the regulation of the auditing profession …
Rendered Impracticable: Behavioral Economics And The Impracticability Doctrine, Aaron J. Wright
Rendered Impracticable: Behavioral Economics And The Impracticability Doctrine, Aaron J. Wright
Articles
No abstract provided.
Discrimination Against The Unhealthy In Health Insurance, Mary Crossley
Discrimination Against The Unhealthy In Health Insurance, Mary Crossley
Articles
As employers seek to contain their health care costs and politicians create coverage mechanisms to promote individual empowerment, people with health problems increasingly are forced to shoulder the load of their own medical costs. The trend towards consumerism in health coverage shifts not simply costs, but also insurance risk, to individual insureds, and the results may be particularly dire for people in poor health. This Article describes a growing body of research showing that unhealthy people can be expected disproportionately to pay the price for consumerism, not only in dollars, but in preventable disease and disability as well. In short, …
Economic Rationality, Empathy, And Corporate Responsibility, Jeanne L. Schroeder
Economic Rationality, Empathy, And Corporate Responsibility, Jeanne L. Schroeder
Articles
Judge Richard A. Posner - the doyen of the law and economics movement - is probably the leading proponent of the hypothesis that legal subjects act as if they were economically rational. Over the years, however, Posner's conception of rationality has devolved from end-means reasoning by a conscious individual human actor, to unconscious instinct which is, nevertheless, beneficial to an individual subject (animal or human) to the mechanistic reproductive activity of individual genes which may or may not be beneficial to either the organism of which the gene is a part - or even to the gene itself. Indeed, all …
The Economic Analysis Of Evidence Law: Common Sense On Stilts, Richard O. Lempert
The Economic Analysis Of Evidence Law: Common Sense On Stilts, Richard O. Lempert
Articles
There was a time when the empire of Law was not overrun by economists. The economists had their own fiefdoms to be sure-there was the Duchy of Antitrust and the Kingdom of Regulatory Law-but the economists lived in peace within these borders, welcoming many unlike themselves into their midst, only gently proselytizing their students in the first few classes of a term, and swearing fealty to the law. It is true that a few marauders from beyond the borders saw the wealth of the empire and sought to colonize it, but even the most daring, Archbishop Coase and Duke Gary …
Avoidance Theory According To Steve Nickles, David G. Carlson
Avoidance Theory According To Steve Nickles, David G. Carlson
Articles
No abstract provided.
Just So Stories: Posnerian Methodology, Jeanne L. Schroeder
Just So Stories: Posnerian Methodology, Jeanne L. Schroeder
Articles
No abstract provided.
E' Is For Eclectic: Multiple Perspectives On Evidence (Symposium: New Perspectives On Evidence), Richard D. Friedman
E' Is For Eclectic: Multiple Perspectives On Evidence (Symposium: New Perspectives On Evidence), Richard D. Friedman
Articles
A conference titled "New Perspectives on Evidence: Experts, Empirical Study and Economics" has a pronounced alliterative theme, a theme made even more apparent when, inevitably in evidentiary discourse, epistemological questions come to the fore. It is enough to make one suspect that the conference is secretly brought to you by the letter "E," hiding behind its public front, the Olin Foundation. Putting aside such conspiratorial thoughts, all these "E's" suggest the presence of a meta-"E"-Eclecticism. Indeed, I believe this conference has demonstrated the need for an eclectic approach to evidentiary problems. That should be no surprise. The domain of evidentiary …
Law, Economics, And The Skeleton Of Value Fallacy, Kyron Huigens
Law, Economics, And The Skeleton Of Value Fallacy, Kyron Huigens
Articles
Experiments in the last decade or so have demonstrated persistent failures on the part of ordinary individuals rationally to pursue self-interest. The experiments pose serious challenges to economics, rational choice theory, and the law and economics school. Some experiments, for example, suggest an "endowment effect", that contradicts the Coase Theorem; the notion that, in the absence of transaction costs, goods will find their most efficient distribution regardless of their initial assignment. Cass Sunstein has collected a set of essays by economists and legal scholars exploring these challenges, in a volume entitled Behavioral Law and Economics.
The Truth About The New Value Exception To Bankruptcy’S Absolute Priority Rule, David G. Carlson, Jack F. Williams
The Truth About The New Value Exception To Bankruptcy’S Absolute Priority Rule, David G. Carlson, Jack F. Williams
Articles
No abstract provided.
A Presumption Of Innocence, Not Of Even Odds, Richard D. Friedman
A Presumption Of Innocence, Not Of Even Odds, Richard D. Friedman
Articles
Now I know how the Munchkins felt. Here I have been, toiling in the fields of Evidenceland for some years, laboring along with others to show how use of Bayesian probability theory can assist in the analysis and understanding of evidentiary problems.' In doing so, we have had to wage continuous battle against the Bayesioskeptics-the wicked witches who deny much value, even heuristic value, for probability theory in evidentiary analysis.2 Occasionally, I have longed for law-and-economics scholars to help work this field, which should be fertile ground for them.3 So imagine my delight when the virtual personification of law and …
Linking The Visions, Donald H. Regan
Linking The Visions, Donald H. Regan
Articles
In my case, which may be unusual, the importance of my non-law training and commitments is not in specific contributions they make to my work in law. Rather, it is in their contributions to my being me.
Secured Lending As A Zero-Sum Game, David G. Carlson
Economic Analysis Of Evidentiary Law: An Underused Tool, An Underplowed Field (Symposium: The Economics Of Evidentiary Law), Richard D. Friedman
Economic Analysis Of Evidentiary Law: An Underused Tool, An Underplowed Field (Symposium: The Economics Of Evidentiary Law), Richard D. Friedman
Articles
The law and economics movement has had a major impact on many areas of law, but rather little on the law of evidence. This is not to say that there have been no attempts to analyze evidentiary issues through an economic lens,' but such efforts are far more scattered in evidence than in other legal fields, including the closely related one of civil procedure.2 Believing that economics has value for evidentiary analysis, I suggested to the Executive Committee and Advisory Board of the Evidence Section of the Association of American Law Schools ("AALS"), when I was chairman of the section, …
On The Margins Of Microeconomics, David G. Carlson
Toward A Partial Economic, Game-Theoretic Analysis Of Hearsay, Richard D. Friedman
Toward A Partial Economic, Game-Theoretic Analysis Of Hearsay, Richard D. Friedman
Articles
In this Article, I offer a fundamentally different and nondoctrinaire way of approaching hearsay questions. In brief, I take the view that the resolution of a hearsay dispute, when the declarant is not on the stand, is essentially a matter of deciding who should bear the burden of producing the declarant, or more precisely, how courts should allocate that burden. Adopting a simple procedural improvement, concerning the examination of the declarant if she is produced as a witness, allows the court to allocate the burden optimally. If live testimony by the declarant would be more probative than prejudicial, then most …
Contradiction And Critical Legal Studies, David G. Carlson
Contradiction And Critical Legal Studies, David G. Carlson
Articles
No abstract provided.
Is Fraudulent Conveyance Law Efficient?, David G. Carlson
Is Fraudulent Conveyance Law Efficient?, David G. Carlson
Articles
No abstract provided.
Economics And Law: Two Cultures In Tension, James Boyd White
Economics And Law: Two Cultures In Tension, James Boyd White
Articles
I want to preface my remarks by saying something about the kind of talk this is going to be. As my title says, I shall speak mainly about economics and law, which I shall examine as forms of thought and life, or what I shall call cultures. With law, about which in fact I shall speak rather briefly, I am naturally familiar by training and experience. But with economics I am familiar only as an observer as a general reader who reads the newspaper, as a lawyer who has followed a little of the law and economics literature, and as …
Reforming The Efficiency Criterion: Comments On Some Recent Suggestions, David G. Carlson
Reforming The Efficiency Criterion: Comments On Some Recent Suggestions, David G. Carlson
Articles
No abstract provided.
The Dilemma Of The Local Social Investment: An Essay On 'Socially Responsible' Investing, Edward A. Zelinsky
The Dilemma Of The Local Social Investment: An Essay On 'Socially Responsible' Investing, Edward A. Zelinsky
Articles
No abstract provided.