Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 30 of 169
Full-Text Articles in Law
Unemployment And Regulatory Policy, Eric A. Posner, Jonathan Masur
Unemployment And Regulatory Policy, Eric A. Posner, Jonathan Masur
Coase-Sandor Working Paper Series in Law and Economics
No abstract provided.
Unemployment And Regulatory Policy, Eric A. Posner, Jonathan Masur
Unemployment And Regulatory Policy, Eric A. Posner, Jonathan Masur
Public Law and Legal Theory Working Papers
No abstract provided.
Do Exclusionary Rules Convict The Innocent?, Dhammika Dharmapala, Nuno Garoupa, Richard H. Mcadams
Do Exclusionary Rules Convict The Innocent?, Dhammika Dharmapala, Nuno Garoupa, Richard H. Mcadams
Coase-Sandor Working Paper Series in Law and Economics
Rules excluding various kinds of evidence from criminal trials play a prominent role in criminal procedure, and have generated considerable controversy. In this paper, we address the general topic of excluding factually relevant evidence, that is, the kind of evidence that would rationally influence the jury's verdict if it were admitted. We do not offer a comprehensive analysis of these exclusionary rules, but add to the existing literature by identifying a new domain for economic analysis, focusing on how juries respond to the existence of such a rule. We show that the impact of exclusionary rules on the likelihood of …
Historical Gloss: A Primer, Alison Lacroix
Asymmetries And Incentives In Plea Bargaining And Evidence Production, Saul Levmore, Ariel Porat
Asymmetries And Incentives In Plea Bargaining And Evidence Production, Saul Levmore, Ariel Porat
Articles
Legal rules severely restrict payments to fact witnesses, though the government can often offer plea bargains or other nonmonetary inducements to encourage testimony. This asymmetry is something of a puzzle, for most asymmetries in criminal law favor the defendant. The asymmetry seems to disappear when physical evidence is at issue. One goal of this Essay is to understand the distinctions, or asymmetries, between monetary and nonmonetary payments, testimonial and physical evidence, and payments by the prosecution and defense. Another is to suggest ways in which law could better encourage the production of evidence, and thus the efficient reduction of crime, …
Comments On Law And Versteeg's 'The Declining Influence Of The United States Constitution', Tom Ginsburg, Zachary Elkins, James Melton
Comments On Law And Versteeg's 'The Declining Influence Of The United States Constitution', Tom Ginsburg, Zachary Elkins, James Melton
Articles
No abstract provided.
The Antitrust Analysis Of Multi-Sided Platform Businesses, David S. Evans, Richard Schmalensee
The Antitrust Analysis Of Multi-Sided Platform Businesses, David S. Evans, Richard Schmalensee
Coase-Sandor Working Paper Series in Law and Economics
This Chapter provides a survey of the economics literature on multi-sided platforms with particular focus on competition policy issues, including market definition, mergers, monopolization, and coordinated behavior. It provides a survey of the general industrial organization theory of multi-sided platforms and then considers various issues concerning the application of antitrust analysis to multi-sided platform businesses. It shows that it is not possible to know whether standard economic models, often relied on for antitrust analysis, apply to multi-sided platforms without explicitly considering the existence of multiple customer groups with interdependent demand. It summarizes many theoretical and empirical papers that demonstrate that …
On The Interpretability Of Law: Lessons From The Decoding Of National Constitutions, James Melton, Zachary Elkins, Tom Ginsburg, Kalev Leetaru
On The Interpretability Of Law: Lessons From The Decoding Of National Constitutions, James Melton, Zachary Elkins, Tom Ginsburg, Kalev Leetaru
Coase-Sandor Working Paper Series in Law and Economics
An implicit element of many theories of constitutional enforcement is the degree to which those subject to constitutional law can agree on what its provisions mean (call this constitutional interpretability). Unfortunately, there is little evidence on baseline levels of constitutional interpretability or the variance therein. This article seeks to fill this gap in the literature, by assessing the effect of contextual, textual and interpreter characteristics on the interpretability of constitutional documents. Constitutions are found to vary in their degree of interpretability. Surprisingly, however, the most important determinants of variance are not contextual (for example, era, language or culture), but textual. …
Attributes Of Ownership, Reid Thompson, David A. Weisbach
Attributes Of Ownership, Reid Thompson, David A. Weisbach
Coase-Sandor Working Paper Series in Law and Economics
We examine the tax rules for ownership of fungible securities in light of three recent cases addressing this issue, Samueli, Calloway, and Anschutz. We argue that ownership has no economic basis under an income tax because under a pure income tax ownership would not be needed to measure income. Rather than acting as a bedrock principle based in economics, ownership in a realization-based income tax acts as a default rule for assigning tax characteristics to positions. For example, ownership determine characteristics such as holding periods, eligibility for special tax benefits such as the dividends received deduction, counting toward control or …
Picturing Takings, Lee Anne Fennell
Picturing Takings, Lee Anne Fennell
Articles
Takings doctrine, we are constantly reminded, is unclear to the point of incoherence. The task offinding our way through it has become more difficult, and yet more interesting, with the Supreme Court's recent, inconclusive foray into the arena of judicial takings in Stop the Beach Renourishment. Following guideposts in Kelo, Lingle, and earlier cases, this essay uses a series of simple diagrams to examine how elements of takings jurisprudence fit together with each other and with other limits on governmental action. Visualizing takings in this manner yields surprising lessons for judicial takings and for takings law more generally.
The Role Of Keyword Advertising In Competition Among Rival Brands, Elisa V. Mariscal, David S. Evans
The Role Of Keyword Advertising In Competition Among Rival Brands, Elisa V. Mariscal, David S. Evans
Coase-Sandor Working Paper Series in Law and Economics
This paper considers recent proposals for restricting keyword advertising using competitor brand names. Keyword advertising is similar to many other widely used and valuable methods of marketing to the customers of rivals that increase competition and facilitate entry. Queries for products or services using search engines help inform consumers about other competitive alternatives and may enable them to compare different product offerings. Economists have found overwhelmingly that this type of informative and comparative advertising benefits consumers and, conversely, that restricting such advertising harms consumers. Complainants in some recent keyword advertising cases have sought to forbid search engines from using trademarked …
Balance-Of-Powers Arguments And The Structural Constitution, Eric A. Posner
Balance-Of-Powers Arguments And The Structural Constitution, Eric A. Posner
Coase-Sandor Working Paper Series in Law and Economics
Balance-of-powers arguments are ubiquitous in judicial opinions and academic articles that address separation-of-powers disputes over the president's removal authority, power to disregard statutes, authority to conduct foreign wars, and much else. However, the concept of the balance of powers has never received a satisfactory theoretical treatment. This Essay examines possible theories of the balance of powers and rejects them all as unworkable and normatively questionable. Judges and scholars should abandon the balance-of-powers metaphor and instead address directly whether bureaucratic innovation is likely to improve policy outcomes.
Negligence Liability For Non-Negligent Behavior, Ariel Porat
Negligence Liability For Non-Negligent Behavior, Ariel Porat
Coase-Sandor Working Paper Series in Law and Economics
Should a doctor who performed a vaginal delivery be held liable for the harm that delivery by cesarean section would have prevented, if according to the information available prior to delivery, the baby's estimated size warranted a c-section but after delivery, its actual size emerged to be less and not mandating cesarean delivery? More generally, consider an injurer whose injurious behavior is considered reasonable according to the information available to the court at the time of the trial: Should he be held liable under negligence law for the harm that resulted from his behavior if according to the information that …
Replacing The Libor With A Transparent And Reliable Index Of Interbank Borrowing: Comments On The Wheatley Review Of Libor Initial Discussion Paper, David S. Evans, Rosa M. Abrantes-Metz
Replacing The Libor With A Transparent And Reliable Index Of Interbank Borrowing: Comments On The Wheatley Review Of Libor Initial Discussion Paper, David S. Evans, Rosa M. Abrantes-Metz
Coase-Sandor Working Paper Series in Law and Economics
We propose an alternative to the LIBOR based on three pillars. 1) Banks that participate in the rate setting process would have to submit bid and ask quotes for interbank lending and commit that they would conduct transactions within that range. If they traded outside of those ranges they would have to justify and face a penalty. This leads to the CLIBOR—for "committed" LIBOR. (2) All large banks would have to submit interbank transactions including rates to a data-clearing house. The data-clearing house would use the actual transactions to verify the commitment of the banks to the submitted rates. It …
Did The Community Reinvestment Act (Cra) Lead To Risky Lending?, Sumit Agarwal, Effi Benmelech, Nittai Bergman, Amit Seru
Did The Community Reinvestment Act (Cra) Lead To Risky Lending?, Sumit Agarwal, Effi Benmelech, Nittai Bergman, Amit Seru
Kreisman Working Paper Series in Housing Law and Policy
Yes, it did. We use exogenous variation in banks' incentives to conform to the standards of the Community Reinvestment Act (CRA) around regulatory exam dates to trace out the effect of the CRA on lending activity. Our empirical strategy compares lending behavior of banks undergoing CRA exams within a given census tract in a given month to the behavior of banks operating in the same census tractmonth that do not face these exams. We find that adherence to the act led to riskier lending by banks: in the six quarters surrounding the CRA exams lending is elevated on average by …
Another Look At The Eurobarometer Surveys, William Hubbard
Another Look At The Eurobarometer Surveys, William Hubbard
Coase-Sandor Working Paper Series in Law and Economics
The current proposal for a Common European Sales Law (CESL) makes a number of empirical claims in support of its argument that differences in contract law among Member States are stifling trade, and that CESL will address these barriers to cross-border trade. These empirical claims rest largely on citations to a number of Flash Eurobarometer surveys and other surveys of businesses and consumers. A closer look at these surveys reveals that the cited statistics do not support the claims that contract-law-related obstacles present special barriers to cross-border trade for small- and medium-sized enterprises and consumers. Instead, a more ambiguous picture …
The Methodology Of Legal Philosophy, Brian Leiter, Alex Langlinais
The Methodology Of Legal Philosophy, Brian Leiter, Alex Langlinais
Public Law and Legal Theory Working Papers
No abstract provided.
Becoming The Fifth Branch, William A. Birdthistle, M. Todd Henderson
Becoming The Fifth Branch, William A. Birdthistle, M. Todd Henderson
Articles
No abstract provided.
Becoming The Fifth Branch, M. Todd Henderson, William A. Birdthistle
Becoming The Fifth Branch, M. Todd Henderson, William A. Birdthistle
Coase-Sandor Working Paper Series in Law and Economics
Observers of our federal republic have long acknowledged that a fourth branch of government comprising administrative agencies has arisen to join the original three established by the Constitution. In this article, we focus our attention on the emergence of perhaps yet another, comprising financial self-regulatory organizations. In the late eighteenth century, long before the creation of state and federal securities authorities, the financial industry created its own self-regulatory organizations. These private institutions then coexisted with the public authorities for much of the past century in a complementary array of informal and formal policing mechanisms. That equilibrium, however, appears to be …
Voice Versus Exit In Health Care Policy, M. Todd Henderson
Voice Versus Exit In Health Care Policy, M. Todd Henderson
Coase-Sandor Working Paper Series in Law and Economics
This essay uses the recent controversy over President Obama's mandate that insurance companies provide generous birth control coverage to explore larger issues about the optimal locus of health care decision making. Mandates may be justified in some instances, but they sacrifice choice and local variation and perhaps lead to worse social outcomes. The key question for policy makers is whether market processes or rule by expert is more likely to strike the right balance of choice and mandate. Keywords: law and economics, federalism, health care policy, birth control.
Resource Access Costs, Lee Anne Fennell
Resource Access Costs, Lee Anne Fennell
Coase-Sandor Working Paper Series in Law and Economics
No abstract provided.
Becker On Ewald On Foucault On Becker American Neoliberalism And Michel Foucault's 1979 'Birth Of Biopolitics' Lectures, Gary S. Becker, François Ewald, Bernard E. Harcourt
Becker On Ewald On Foucault On Becker American Neoliberalism And Michel Foucault's 1979 'Birth Of Biopolitics' Lectures, Gary S. Becker, François Ewald, Bernard E. Harcourt
Coase-Sandor Working Paper Series in Law and Economics
No abstract provided.
Becker On Ewald On Foucault On Becker American Neoliberalism And Michel Foucault's 1979 'Birth Of Biopolitics' Lectures, Gary S. Becker, François Ewald, Bernard E. Harcourt
Becker On Ewald On Foucault On Becker American Neoliberalism And Michel Foucault's 1979 'Birth Of Biopolitics' Lectures, Gary S. Becker, François Ewald, Bernard E. Harcourt
Public Law and Legal Theory Working Papers
No abstract provided.
Foreign Affairs Federalism And The Limits Of Executive Power, Zachary D. Clopton
Foreign Affairs Federalism And The Limits Of Executive Power, Zachary D. Clopton
Articles
No abstract provided.
The Problem Of Measuring Legal Change, With Application To Bell Atlantic V. Twombly, William Hubbard
The Problem Of Measuring Legal Change, With Application To Bell Atlantic V. Twombly, William Hubbard
Coase-Sandor Working Paper Series in Law and Economics
Measuring legal change--i.e., change in the way that judges decide cases--presents a vexing problem. In response to a change in the behavior of courts, plaintiffs and defendants will change their patterns of filing and settling cases. Priest and Klein's (1984) selection model predicts that no matter how favorable or unfavorable the legal standard is to plaintiffs, the rate at which plaintiffs prevail in litigation will not pre- dictably change; thus, legal change cannot be measured with data on court outcomes. In this paper, I extend the selection model to develop a methodology for measuring legal change, even in the presence …
Cliff Schmiff, Joseph Isenbergh
Cliff Schmiff, Joseph Isenbergh
Coase-Sandor Working Paper Series in Law and Economics
No abstract provided.
Hiding In Plain Sight: Can Disclosure Enhance Insiders’ Trade Returns?, M. Todd Henderson, Alan Jagolinzer, Karl Muller
Hiding In Plain Sight: Can Disclosure Enhance Insiders’ Trade Returns?, M. Todd Henderson, Alan Jagolinzer, Karl Muller
Coase-Sandor Working Paper Series in Law and Economics
Can voluntary disclosure be used to enhance insiders' strategic trade while providing legal cover? We investigate this question in the context of 10b5-1 trading plans. Prior literature suggests that insiders lose strategic trade value if their planned trades are disclosed. But disclosure might enhance strategic trade because courts can only consider publicly available evidence from defendants at the motion to dismiss phase of trial. This practice can enhance legal protection for firms that disclose planned trades, especially those disclosing detailed information. Consistent with increased legal protection, we find that voluntary disclosure of planned trades increases with firm litigation risk and …
Reverse Regulatory Arbitrage: An Auction Approach To Regulatory Assignments, M. Todd Henderson, Frederick Tung
Reverse Regulatory Arbitrage: An Auction Approach To Regulatory Assignments, M. Todd Henderson, Frederick Tung
Coase-Sandor Working Paper Series in Law and Economics
In the years before the Financial Crisis, banks got to pick their regulators, engaging in a form of regulatory arbitrage that we now know was a race to the bottom. We propose to turn the tables on the banks by allowing regulators, specifically, bank examiners, to choose the banks they regulate. We call this "reverse regulatory arbitrage," and we think it can help improve regulatory outcomes. Building on our prior work that proposes to pay bank examiners for performance—by giving them financial incentives to avoid bank failures—we argue that bank supervisory assignments should be set through an auction among examiners. …
Policy Intervention In Debt Renegotiation: Evidence From The Home Affordable Modification Program, Sumit Agarwal, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet
Policy Intervention In Debt Renegotiation: Evidence From The Home Affordable Modification Program, Sumit Agarwal, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet
Kreisman Working Paper Series in Housing Law and Policy
The main rationale for policy intervention in debt renegotiation is to enhance such activity when foreclosures are perceived to be inefficiently high. We examine the ability of the government to influence debt renegotiation by empirically evaluating the effects of the 2009 Home Affordable Modification Program (HAMP) that provided intermediaries (servicers) with sizeable financial incentives to renegotiate mortgages. A difference-in-difference strategy that exploits variation in program eligibility criteria reveals that the program generated an overall increase in the intensity of renegotiations while adversely affecting the effectiveness of renegotiations performed outside the program. Renegotiations induced by the program resulted in a modest …
Binding The Executive (By Law Or By Politics), Aziz Huq
Binding The Executive (By Law Or By Politics), Aziz Huq
Public Law and Legal Theory Working Papers
No abstract provided.