Law Commons^™

Mixed Strategy Nash Equilibrium Predictions As A Means Of Organizing Behavior In Posted-Offer Market Experiments, Bart Wilson, Douglas Davis

Bart J Wilson

No abstract provided.

Language Games Of Reciprocity, Bart Wilson

Bart J Wilson

No abstract provided.

Strategic Buyers, Horizontal Mergers And Synergies: An Experimental Investigation, Bart Wilson, Douglas Davis

Bart J Wilson

No abstract provided.

Fixed Revenue Auctions, Bart Wilson, Cary Deck

Bart J Wilson

No abstract provided.

Economics Works! Experiments In High School Classrooms, Bart Wilson, Stephen Jackstadt, Paul Johnson

Bart J Wilson

No abstract provided.

Second Chance Offers Vs. Sequential Auctions: Theory And Behavior, Bart Wilson, Timothy Salmon

Bart J Wilson

No abstract provided.

An Experimental Investigation Of Hobbesian Jungles, Bart Wilson, Benjamin Powell

Bart J Wilson

No abstract provided.

Historical Property Rights, Sociality, And The Emergence Of Impersonal Exchange In Long-Distance Trade, Bart Wilson, Erik Kimbrough, Vernon Smith

Bart J Wilson

No abstract provided.

Incremental Approaches To Establishing Trust, Bart Wilson, Robert Kurzban, Mary Rigdon

Bart J Wilson

No abstract provided.

Elections And Economic Turbulence In Brazil: Candidates, Voters, And Investors, Tony Petros Spanakos, Lucio R. Renno

Department of Political Science and Law Faculty Scholarship and Creative Works

The relation between elections and the economy in Latin America might be understood by considering the agency of candidates and the issue of policy preference congruence between investors and voters. The preference congruence model proposed in this article highlights political risk in emerging markets. Certain risk features increase the role of candidate campaign rhetoric and investor preferences in elections. When politicians propose policies that can appease voters and investors, elections may have a limited effect on economic indicators, such as inflation. But when voter and investor priorities differ significantly, deterioration of economic indicators is more likely. Moreover, voter and investor …

Pareto Versus Welfare, Robert C. Hockett

Cornell Law Faculty Publications

Many normatively oriented economists, legal academics and other policy analysts appear to be "welfarist" and Paretian to at least moderate degree: They deem positive responsiveness to individual preferences, and satisfaction of one or more of the familiar Pareto criteria, to be reasonably undemanding and desirable attributes of any social welfare function (SWF) employed to formulate social evaluations. Some theorists and analysts go further than moderate welfarism or Paretianism, however: They argue that "the Pareto principle" requires the SWF be responsive to individual preferences alone - a position I label "strict" welfarism - and conclude that all social evaluation should in …

Treatment Of Saltcedar (Tamarix Spp.): Economics And Feasibility, Christopher L. Thompson

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

The invasive species Saltcedar is affecting water and land resources throughout the western states of America. Because of great water use capabilities and other ecosystem detriments, Saltcedar has been targeted for treatment.

For successful management of Saltcedar, individual landowners need to be aware of the costs and benefits of treating Saltcedar. Eleven of the most commonly reported treatment methods were evaluated for firm level economic feasibility. Evaluated on the basis of treatment cost, treatment effectiveness, Saltcedar water-use, and re-vegetation water-use, a production plan of ten years was created for each treatment method. Some treatment methods required re-treatment and were evaluated …

Sovereign Funds: Opportunities And Concerns, Myriam Kairouz Aucar

Myriam Kairouz Aucar

Sovereign funds are not a new notion. But they are attracting so much attention now because of their size, their rapid growth having quadrupled in size between 2003 and 2007 , and because they are investing in the US financial market institutions. This paper will explain the Sovereign Wealth Funds, address the concerns they raise as well as their importance, and try to get a view of how to balance the need for these funds with the dangers they represent. The paper also discusses some protective measures that have been emplemeted as well as some suggested protective measures.

November 18, 2008: Ursula Leguin On Economics, Bruce Ledewitz

Hallowed Secularism

Blog post, “Ursula LeGuin on Economics“ discusses politics, theology and the law in relation to religion and public life in the democratic United States of America.

The Nonpecuniary Costs Of Sarbanes Oxley, Nicholas V. Vakkur

Nicholas v Vakkur

Sarbanes Oxley is widely considered the most comprehensive economic regulation since the New Deal. While research has evaluated its financial costs, relatively little is known about the non-financial impact of the law upon firms. We develop six hypotheses regarding the non-financial impact of Sarbanes Oxley, incorporating learning from a comprehensive literature review across multiple disciplines. To evaluate this theory, an original survey was developed and implemented on a random sample of Fortune 500 firms (n = 206). An ordered probit model was used to quantify the results. While many economists consider business surveys to be at least as important as …

If They Could Only Eat Efficiency: How Airline Deregulation And The Bankruptcy Code Joined Forces To Undermine Airline Workers And What Can Be Done About It, Ashton S. Phillips

Ashton S. Phillips `

As a species of mass transportation, the airline industry is incapable of making a sustained profit in an unregulated economy. Without regulation, easy access to reorganization and government subsidies only facilitate bloated supply in the air travel market. Bloated supply leads to decreased market price of airfare. This decrease helps consumers, but it doesn't help airlines achieve profitability. Under the current legal scheme, if airlines can't achieve profitability, airline workers will continue to subsidize the industry with radically decreased pay and lost retirement benefits. If Congress increases airline workers' rights in bankruptcy and merger contexts, their positions will be temporarily …

Who Needs The Stock Market? Part I: The Empirical Evidence, Lawrence E. Mitchell

Lawrence E. Mitchell

Data on historical and current corporate finance trends drawn from a variety of sources present a paradox. External equity has never played a significant role in financing industrial enterprises in the United States. The only American industry that has relied heavily upon external financing is the finance industry itself. Yet it is commonly accepted among legal scholars and economists that the stock market plays a valuable role in American economic life, and a recent, large body of macroeconomic work on economic development links the growth of financial institutions (including, in the U.S, the stock market) to growth in real economic …

Institutional Arrangements, Property Rights And The Endogenity Of Comparative Advantage, Nita Ghei

Nita Ghei

Comparative advantage is determined not merely by exogenous factor endowments. Institutional arrangements, and security of property rights, affect comparative advantage and the pattern of trade as well. Developing countries would be better off using their scarce institutional capital on securing property rights rather than trying to pick “winners” using strategic trade policy.

Mortgage Justice Is Blind, John D. Geanakoplos, Susan P. Koniak

Shorter Faculty Works

THE current American economic crisis, which began with a housing collapse that had devastating consequences for our financial system, now threatens the global economy. But while we are rushing around trying to pick up all the other falling dominos, the housing crisis continues, and must be addressed.

Governance And Accountability: The Regional Development Banks, Enrique R. Carrasco, Heejin Lee, Wesley Carrington

Enrique R Carrasco

Good governance has become a mantra of the movement seeking to make multilateral financial institutions more accountable to their stakeholders while improving institutional governance. Although much of the visible criticism has been directed at the World Bank and International Monetary Fund, the “regional” development banks share many of the same governance and accountability problems. Important issues relating to governance and accountability include the banks’ heavily unequal voting power based on capital contributions, limited transparency and disclosure requirements, questionable efficacy of monitoring programs on the impact of the banks’ projects, and limited scope of the banks’ private complaint mechanisms. This Article …

A Troubled House Of Cards: Examining How The “Housing And Economic Recovery Act Of 2008” Fails To Resolve The Foreclosure Crisis, Chad Emerson

Chad Emerson

No abstract provided.

Diversifying America's Energy Future: The Future Of Renewable Wind Power, Ronald H. Rosenberg

Faculty Publications

No abstract provided.

Increasing The Role Of Local Governments In Infrastructure Projects In Russia And Bulgaria As A Tool For Environmental Protection, Stanimir N. Kostov

William & Mary Environmental Law and Policy Review

No abstract provided.

Changing The Paradigm Of Stock Ownership From Concentrated Towards Dispersed Ownership? Evidence From Brazil And Consequences For Emerging Countries, Erica Gorga

Cornell Law Faculty Working Papers

This paper analyzes micro-level dynamics of changes in ownership structures. It investigates a unique event: changes in ownership patterns currently taking place in Brazil. It builds upon empirical evidence to advance theoretical understanding of how and why concentrated ownership structures can change towards dispersed ownership.

Commentators argue that the Brazilian capital markets are finally taking off. The number of listed companies and IPOs in the Sao Paulo Stock Exchange (Bovespa) has greatly increased. Firms are migrating to Bovespa’s special listing segments, which require higher standards of corporate governance. Companies have sold control in the market, and the stock market has …

Pro Bono Publico As A Conscience Good, Deborah A. Schmedemann

Deborah Schmedemann

Pro bono work performed by American lawyers serves a critical role in the American civil justice system. This paper seeks to explain pro bono through the lens of social science research into volunteering, in particular the economic concept of a conscience good. The paper presents the results of an empirical study involving over 1,100 law students and lawyers. The results include data on lawyers’ motivations to perform pro bono, the impact of various pro bono rules and invitations to perform pro bono, the satisfactions of pro bono work, emotions triggered by pro bono work and pro bono clients, and the …

Pro Bono Publico As A Conscience Good, Deborah A. Schmedemann

Deborah Schmedemann

Pro bono work performed by American lawyers serves a critical role in the American civil justice system. This paper seeks to explain pro bono through the lens of social science research into volunteering, in particular the economic concept of a conscience good. The paper presents the results of an empirical study involving over 1,100 law students and lawyers. The results include data on lawyers’ motivations to perform pro bono, the impact of various pro bono rules and invitations to perform pro bono, the satisfactions of pro bono work, emotions triggered by pro bono work and pro bono clients, and the …

Clitoridectomy And The Economics Of Islamic Marriage & Divorce Law, Ryan M. Riegg

Ryan M. Riegg

The Role Of Private Sector Investment In International Microfinance And The Implications Of Domestic Regulatory Environments, William A. Langer

William A Langer

The Role of Private Sector Investment in International Microfinance and the Implications of Domestic Regulatory Environments

By William Langer

Microfinance – the practice of providing small, working capital loans and other financial services to poor individuals unable to obtain access to commercial sources of credit – has been able to transform the lives of over 100 million microentrepreneurs and their families in various regions throughout the world. Despite this impressive achievement, microfinance currently reaches only 10% of the estimated demand for microfinance services, comprised of approximately 1 to 1.5 billion self-employed poor persons worldwide. Practitioners agree that in order to …

Comparing Judicial Compensation: Apples, Oranges, And Cherry-Picking, Matthew W. Wolfe

Matthew W. Wolfe

United States Supreme Court Chief Justice John Roberts describes the American judiciary as the envy of other constitutional democracies. But in one respect, the judiciary apparently trails others: judicial pay. Citing higher salaries of judges in other countries, Chief Justice Roberts and Associate Justices Stephen Breyer and Samuel Alito have all argued that inadequate judicial pay leads to a decline in judicial performance and quality. Judicial pay advocates apparently make these comparisons to emphasize that low judicial salaries “threaten” judicial quality and independence or, alternatively, that high judicial salaries “ensure” quality and independence. But the argument is incomplete, relying upon …

Dr. Miles Is Dead. Now What?: Structuring A Rule Of Reason For Evaluating Minimum Resale Price Maintenance, Thomas A. Lambert

Thomas A. Lambert

In Leegin Creative Leather Prods., Inc. v. PSKS, Inc., decided in 2007, the U.S. Supreme Court overruled its 1911 precedent declaring vertical minimum resale price maintenance (RPM) to be per se illegal. The Leegin Court held that the practice should instead be examined on a case-by-case basis under antitrust's rule of reason. The Court further exhorted the lower courts to craft a "structured" rule of reason for evaluating RPM. This article critiques six approaches that have been proposed for evaluating minimum RPM and offers an alternative approach. The six approaches critiqued are (1) the Brandeisian, unstructured rule of reason; (2) …