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Full-Text Articles in Law

Buying Happiness: Property, Acquisition, And Subjective Well-Being, David Fagundes May 2017

Buying Happiness: Property, Acquisition, And Subjective Well-Being, David Fagundes

William & Mary Law Review

Acquiring property is a central part of the modern American vision of the good life. The assumption that accruing more land or chattels will make us better off is so central to the contemporary preoccupation with acquisition that it typically goes without saying. Yet an increasing body of evidence from psychologists and economists who study hedonics—the science of happiness—yields the surprising conclusion that getting and having property does not actually increase our subjective well-being. In fact, it might even decrease it. While scholars have integrated the insights of hedonics into other areas of law, no scholarship has yet ...


Nuisance Law Versus Tort Law When Transaction Costs Are High. A Law And Economics Perspective Of The Italian Legal System, Enrico Baffi, Dario Nardi Feb 2017

Nuisance Law Versus Tort Law When Transaction Costs Are High. A Law And Economics Perspective Of The Italian Legal System, Enrico Baffi, Dario Nardi

enrico baffi

The aim of this paper is to formulate an economic explanation for the presence in the
Italian legal system of two distinct categories of liability rules, represented by Nuisance Law and
Tort Law. The conclusions, which are based on the Italian legal system, can easily be extended to
other legal systems. More precisely, we will examine in detail aspects of Nuisance Law with
particular reference to situations in which the high transaction costs prevent negotiation between
the injurer and the victim. From the study carried out it appears that limiting indemnity in nuisance
cases can be efficient in that it ...


The Contractual Liability Function: Efficient Breach Theory Or Best Risk Bearer Theory? The Two Theories Tested By The Commercial Impracticability Doctrine In The Italian Legal System, Enrico Baffi, Dario Nardi Feb 2017

The Contractual Liability Function: Efficient Breach Theory Or Best Risk Bearer Theory? The Two Theories Tested By The Commercial Impracticability Doctrine In The Italian Legal System, Enrico Baffi, Dario Nardi

enrico baffi

The need to introduce regulatory solutions for contractual balance when faced with occurrences that could affect the mutual advantage for the contractual parties, seems to be a major problem for which legal systems have always tried to provide solutions. With specific reference to the Italian legal system, it is important to note how the legislator, through Article 1467 of the Italian Civil Code, established the right for periodical or executory contracts to request that the contract be terminated for the party for whom the performance had become too expensive following unforeseeable, extraordinary events.
The legislator acknowledged this, specifying that termination ...


The Definitions Of Income, John R. Brooks Jan 2017

The Definitions Of Income, John R. Brooks

Georgetown Law Faculty Publications and Other Works

What is income? It’s a seemingly simple question that’s surprisingly hard to answer. Income is the basis for assigning tax burdens, for distributing transfers, and for broader normative issues of inequality and justice. Yet we lack a shared conception of income, and a pure, rigorous definition of income is impossible. In this Article I review the intellectual history of the income concept among tax and fiscal theorists to show the difficulty of the problem, and also to show that some important debates about what’s proper under an income tax can be explained instead as arguments over competing ...


Atto Lecito Dannoso: Un'analisi Giuseconomica, Enrico Baffi, Dario Nardi Oct 2016

Atto Lecito Dannoso: Un'analisi Giuseconomica, Enrico Baffi, Dario Nardi

enrico baffi

In questo lavoro si cerca di individuare una giustificazione economica per la disciplina prevista in relazione a fattispecie riconducibili alla categoria degli atti leciti dannosi. Si prendono in considerazione, in particolare, quegli atti leciti dannosi che determinano una compromissione del diritto di proprietà di un altro soggetto. Dall’analisi compiuta, emerge che la determinazione dell’indennizzo, non parametrata all’entità complessiva del danno subito dal soggetto leso, può ritenersi efficiente, in quanto disincentiva investimenti eccessivi da parte del soggetto potenzialmente leso. In tale prospettiva, la responsabilità extracontrattuale, che si risolve in una piena traslazione delle conseguenze dannose dalla sfera giuridica ...


Optimal Class Size, Opt-Out Rights, And "Indivisible" Remedies, Jay Tidmarsh, David Betson Oct 2016

Optimal Class Size, Opt-Out Rights, And "Indivisible" Remedies, Jay Tidmarsh, David Betson

Jay Tidmarsh

Prepared for a Symposium on the ALI’s Aggregate Litigation Project, this paper examines the ALI’s proposal to permit opt-out rights when remedies and “divisible,” but not to permit them when remedies are “indivisible.” Starting from the ground up, the paper employs economic analysis to determine what the optimal size of a class action should be. We demonstrate that, in some circumstances, the optimal size of a class is a class composed of all victims, while in other cases, the optimal size is smaller. We further argue that courts should consider optimal class size in determining whether to certify ...


Foreign Citizens In Transnational Class Actions, Jay Tidmarsh, Linda Sandstrom Simard Oct 2016

Foreign Citizens In Transnational Class Actions, Jay Tidmarsh, Linda Sandstrom Simard

Jay Tidmarsh

This Article addresses an increasingly important question: When, if ever, should foreign citizens be included as members of an American class action? The existing consensus holds that courts should exclude from class membership those foreign citizens whose country does not recognize an American class judgment. Our analysis begins by establishing that this consensus is flawed. Rather, to minimize the costs associated with relitigation in a foreign forum, we must distinguish between foreign claimants who are likely to commence a subsequent foreign proceeding from those who are unlikely to do so; distinguishing between those who come from recognizing and nonrecognizing countries ...


Lawyers On The Auction Block: Evaluation And Selection Of Class Counsel By Auction, Jill E. Fisch Aug 2016

Lawyers On The Auction Block: Evaluation And Selection Of Class Counsel By Auction, Jill E. Fisch

Jill Fisch

The lead counsel auction has attracted increasing attention. Auction advocates mgue that auctions introduce competitive market forces that improve the selection and compensation of class counsel. The benefits of the auction, the;' claim, include lower legal fees and better representation. Careful scrutiny reveals that auction advocates have overlooked substantial methodological problems with the design and implementation of the lead counsel auction. Even if these problems were overcome, the auction procedure is flawed: Auctions are poor tools for selecting firms based on multiple criteria, compromise the judicial role, and are unlikely to produce reasonable fee awards. Although the existing record is ...


Understanding Crime Under Capitalism: A Critique Of American Criminal Justice And Introduction To Marxist Jurisprudence, Steven E. Gilmore Apr 2016

Understanding Crime Under Capitalism: A Critique Of American Criminal Justice And Introduction To Marxist Jurisprudence, Steven E. Gilmore

Steven E Gilmore

Following the highly publicized deaths of Eric Garner and Michael Brown at the hands of white local law enforcement officers, along with the subsequent failure of the justice system to address this repugnant state of affairs, it has become essential for left-legal activists and advocates of social justice to begin crafting a model of criminal justice that is capable of withstanding the bias of perceived class, gender, and racial supremacy.  Further, it seems necessary to express these ideas in a manner that is amenable to implementation, rather than conveyed in the abstract terms of bourgeois ideology.  Such a design of ...


Friendly Precedent, Anthony Niblett, Albert H. Yoon Apr 2016

Friendly Precedent, Anthony Niblett, Albert H. Yoon

William & Mary Law Review

This Article explores which legal precedents judges choose to support their decisions.When describing the legal landscape in a written opinion, which precedent do judges gravitate toward? We examine the idea that judges are more likely to cite “friendly” precedent. A friendly precedent, here, is one that was delivered by Supreme Court Justices who have similar political preferences to the lower court judges delivering the opinion. In this Article, we test whether a federal Court of Appeals panel is more likely to engage with binding Supreme Court precedent when the political flavor of that precedent is aligned with the political ...


Extending Graham's Interpretive Theory Into Common Law: A Multiple-Case Study, Chris Hayes Apr 2016

Extending Graham's Interpretive Theory Into Common Law: A Multiple-Case Study, Chris Hayes

Master of Studies in Law Research Papers Repository

What determines the outcome of judicial decisions? A traditional answer to this question is that it involves a complex application of rules derived from the reasons for judgment of analogous common law decisions and applicable statutes under the doctrine of stare decisis. This answer is problematic. One significant problem of this answer is its inability to explain the outcome of cases where the judgment does not appear to be based on these traditionally recognized sources. An alternative answer, provided by a particular field of legal scholarship, Legal Realism, posits that “other” factors make a significant impact on the outcome of ...


3d Printing And Healthcare: Will Laws, Lawyers, And Companies Stand In The Way Of Patient Care?, Evan R. Youngstrom Mar 2016

3d Printing And Healthcare: Will Laws, Lawyers, And Companies Stand In The Way Of Patient Care?, Evan R. Youngstrom

Evan R. Youngstrom

Today, our society is on a precipice of significant advancement in healthcare because 3D printing will usher in the next generation of medicine. The next generation will be driven by customization, which will allow doctors to replace limbs and individualize drugs. However, the next generation will be without large pharmaceutical companies and their justifications for strong intellectual property rights. However, the current patent system (which is underpinned by a social tradeoff made from property incentives) is not flexible enough to cope with 3D printing’s rapid development. Very soon, the social tradeoff will no longer benefit society, so it must ...


On The Existential Function Of The Social And The Limits Of Rationalist Accounts Of Human Behavior, Doug Mcadam Mar 2016

On The Existential Function Of The Social And The Limits Of Rationalist Accounts Of Human Behavior, Doug Mcadam

Seattle University Law Review

Rational choice theory has achieved widespread influence in a number of social science disciplines, most notably economics and political science. Given its prominent position within economics, it is not surprising that rational choice theory (and other rationalist perspectives) dominates theory and research on the corporation and decision-making by corporate actors. By contrast, however, the theory has failed to gain more than a toehold in sociology. Indeed, most sociologists are downright hostile to rational choice theory. When pressed to explain why, those in the discipline are very likely to complain that the perspective is “asociological”; that the theory posits an atomized ...


The Theory Of Fields And Its Application To Corporate Governance, Neil Fligstein Mar 2016

The Theory Of Fields And Its Application To Corporate Governance, Neil Fligstein

Seattle University Law Review

My goal here is twofold. First, I want to introduce the theory of strategic action fields to the law audience. The main idea in field theory in sociology is that most social action occurs in social arenas where actors know one another and take one another into account in their action. Scholars use the field construct to make sense of how and why social orders emerge, reproduce, and transform. Underlying this formulation is the idea that a field is an ongoing game where actors have to understand what others are doing in order to frame their actions. Second, I want ...


Benefit Corporations And Strategic Action Fields Or (The Existential Failing Of Delaware), Brett Mcdonnell Mar 2016

Benefit Corporations And Strategic Action Fields Or (The Existential Failing Of Delaware), Brett Mcdonnell

Seattle University Law Review

This Article analyzes the creation and growth of benefit corporations from the perspective of strategic action field theory in an attempt to shed some light upon both the subject and the methodology. It considers how the new legal field of benefit corporations responded to weaknesses in the existing fields of business and nonprofit corporations. Where major field participants such as directors, officers, employees, shareholders, or donors wish to pursue both financial and public-spirited goals that sometimes conflict without subordinating either type of goal to the other, both profit and nonprofit corporations may be unsatisfactory. Benefit corporations attempt not only to ...


Agency Theory As Prophecy: How Boards, Analysts, And Fund Managers Perform Their Roles, Jiwook Jung, Frank Dobbin Mar 2016

Agency Theory As Prophecy: How Boards, Analysts, And Fund Managers Perform Their Roles, Jiwook Jung, Frank Dobbin

Seattle University Law Review

In 1976, Michael Jensen and William Meckling published a paper reintroducing agency theory that explained how the modern corporation is structured to serve dispersed shareholders. They purported to describe the world as it exists but, in fact, they described a utopia, and their piece was read as a blueprint for that utopia. We take a page from the sociology of knowledge to argue that, in the modern world, economic theories function as prescriptions for behavior as much as they function as descriptions. Economists and management theorists often act as prophets rather than scientists, describing the world not as it is ...


Law And The Theory Of Fields, Frank Partnoy Mar 2016

Law And The Theory Of Fields, Frank Partnoy

Seattle University Law Review

The distinction between “material” and “existential” plays a prominent role in A Theory of Fields, and it played a prominent role in discussions at the Berle VII Symposium. In general, the authors advocated the importance of the ongoing use of social skills and the collaborative efforts to seek meaning, particularly in ways beyond the merely “material.” However, the extent to which rules might matter in these efforts was less clear. Overall, Fligstein and McAdam seek to use the concept of a strategic action field to develop a theory of social change and stability. Yet social change and stability are inextricably ...


Community Versus Market Values Of Life, Robert Cooter, David Depianto Feb 2016

Community Versus Market Values Of Life, Robert Cooter, David Depianto

William & Mary Law Review

Individuals and communities make choices affecting the risk of accidental death. Individuals balance risk and cost in market choices, for example, by purchasing costly safety products or taking a dangerous job for higher pay. Communities balance risk and cost through social norms of precaution, which prescribe how much risk people may impose on others and on themselves. For example, social norms dictate that bicyclists should wear helmets and automobile passengers should wear seat belts. In both cases, the balance between the fatality risk and the cost of reducing it reveals an implicit value of a statistical life, or “VSL”— an ...


Confounding Ockham's Razor: Minilateralism And International Economic Regulation, Eric C. Chaffee Jan 2016

Confounding Ockham's Razor: Minilateralism And International Economic Regulation, Eric C. Chaffee

Brooklyn Journal of Corporate, Financial & Commercial Law

In Minilateralism: How Trade Alliances, Soft Law, and Financial Engineering Are Redefining Economic Statecraft, Professor Chris Brummer embraces the complexity of the global economic system and its regulation by exploring the emerging role and dominance of varying strands of economic collaboration and regulation that he collectively refers to as “minilateralism.” In describing the turn toward minilateralism, Brummer notes a number of key features of this new minilateral system, including a shift away from global cooperation to strategic alliances composed of the smallest group necessary to achieve a particular goal, a turn from formal treaties to informal non-binding accords and other ...


Modularity Theory And Internet Regulation, Christopher S. Yoo Jan 2016

Modularity Theory And Internet Regulation, Christopher S. Yoo

Faculty Scholarship

Modularity is often cited as one of the foundations for the Internet’s success. Unfortunately, academic discussions about modularity appearing in the literature on Internet policy are undertheorized. The persistence of nonmodular architectures for some technologies underscores the need for some theoretical basis for determining when modularity is the preferred approach. Even when modularity is desirable, theory must provide some basis for making key design decisions, such as the number of modules, the location of the interfaces between the modules, and the information included in those interfaces.

The literature on innovation indicates that modules should be determined by the nature ...


History Of Law And Economics, Kristoffel Grechenig, Martin Gelter Dec 2015

History Of Law And Economics, Kristoffel Grechenig, Martin Gelter

Kristoffel Grechenig

The roots of law & economics lie in late 19th century continental Europe. However, this early movement did not persist, having been cut off in the 1930s. After World War II, modern law & economics was (re-)invented in the United States and subsequently grew into a major field of research at U.S. law schools. In continental Europe, law & economics was re-imported as a discipline within economics, driven by economists interested in legal issues rather than by legal scholars. Hence, the European discourse was more strongly influenced by formal analysis, using mathematical models. Today, research in the U.S., Europe, and ...


¡Las Preferencias Dependen Del Punto De Referencia!: Un Desafío Al Análisis Económico –Y Coaseano– Del Derecho, Daniel A. Monroy Dec 2015

¡Las Preferencias Dependen Del Punto De Referencia!: Un Desafío Al Análisis Económico –Y Coaseano– Del Derecho, Daniel A. Monroy

Daniel A Monroy C

The “coasean” theory of Law and the theory of Law & Economics (L&E) in general, implicitly assume the truthfulness of certain behavioral assumptions: the "preference exogeneity" and "reference independence". In this context, this paper points out some objections to these assumptions, and in this order, the paper shows multiple and deep inconsistencies with regard to: (i) how the L&E predicts individual behavior and the effects of legal rules, and (ii) –from a normative point of view– the way that economic theory recommends the lawmakers decisions. The paper also shows some L&E challenges associated with the behavioral assumption that ...


Using Social Norms As A Substitute For Law, Bryan H. Druzin Dec 2015

Using Social Norms As A Substitute For Law, Bryan H. Druzin

Bryan H. Druzin

This paper follows the law and norms literature in arguing that policymakers can use social norms to support or even replace regulation. Key to the approach offered here is the idea — borrowed from the folk theorem in game theory — that cooperative order can arise in circumstances where parties repeatedly interact. This paper proposes that repeated interaction between the same agents, specifically the intensity of it, may be used as a yardstick with which to gauge the potential to scale back regulation and use social norms as a substitute for law. Where there are very high levels of repeated interaction between ...


Laying Down The "Brics": Enhancing The Portability Of Awards In International Commercial Arbitration, Benjamin Mccarty Dec 2015

Laying Down The "Brics": Enhancing The Portability Of Awards In International Commercial Arbitration, Benjamin Mccarty

Benjamin C McCarty

The drafters of the 1958 New York Convention intended Article V(2)(b) to be interpreted narrowly, and while most pro-arbitration national courts do maintain narrowly defined areas of public policy that are sufficient for refusal of the recognition and enforcement of a foreign arbitral award, this is not always the case. Developing states and jurisdictions that maintain corrupt or inefficient judicial systems have shown a greater willingness to invoke the public policy exception for a broader, amorphous variety of reasons. This phenomenon has created a sense of unpredictability among international investors, arbitrators, and business executives as to the amount ...


Analisis Económico Del Derecho, Principio De Precaución Y Jurisprudencia Contenciosa Administrativa, Daniel Monroy Nov 2015

Analisis Económico Del Derecho, Principio De Precaución Y Jurisprudencia Contenciosa Administrativa, Daniel Monroy

Daniel A Monroy C

No abstract provided.


Gandhi’S Prophecy: Corporate Violence And A Mindful Law For Bhopal, Nehal A. Patel Nov 2015

Gandhi’S Prophecy: Corporate Violence And A Mindful Law For Bhopal, Nehal A. Patel

Nehal A. Patel

Abstract
Over thirty years have passed since the Bhopal chemical disaster began,
and in that time scholars of corporate social responsibility (CSR) have
discussed and debated several frameworks for improving corporate response
to social and environmental problems. However, CSR discourse rarely
delves into the fundamental architecture of legal thought that often
buttresses corporate dominance in the global economy. Moreover, CSR
discourse does little to challenge the ontological and epistemological
assumptions that form the foundation for modern economics and the role of
corporations in the world.
I explore methods of transforming CSR by employing the thought of
Mohandas Gandhi. I pay ...


On Ronald Coase As Political Economist”, Walter Block Oct 2015

On Ronald Coase As Political Economist”, Walter Block

Walter E Block

Despite Coase’s many and important contributions to economics he has mislead the profession of economics with his work in social costs, for which he is perhaps most famous. If his analytic model were incorporated into the actual practice of law, this would undermine the rule of law and private property rights, and, with them, all hope for prosperity and economic growth. In addition, his views on this topic are manifestly unjust. This all stems, in the present analysis, from Coase’s inability to make a distinction between peaceful cooperation and initiatory violence, the most important one in all of ...


La Insoportable Levedad Del Legislador Argentino En Materia De Derecho De Autor Digresiones Jurídico-Económicos En Torno Al Proyecto Legislativo Que Propone Extender La Duración De Las Obras Fotográficas, Maximiliano Marzetti Oct 2015

La Insoportable Levedad Del Legislador Argentino En Materia De Derecho De Autor Digresiones Jurídico-Económicos En Torno Al Proyecto Legislativo Que Propone Extender La Duración De Las Obras Fotográficas, Maximiliano Marzetti

Maximiliano Marzetti

Este aporte tiene una doble finalidad, catártica y educativa. Por un lado quiero desahogarme al ver como la historia se repite: la vetusta ley de propiedad intelectual N° 11.723 sólo se retoca para extender privilegios económicos de un sector y no en beneficio del bien común. Por otro, continúo mi prédica para intentar convencer a colegas y legisladores para que se adentren en el fabuloso mundo de la multidisciplina. Necesitamos legisladores que sepan de derecho, economía y ciencias sociales, o al menos que sepan escuchar a quienes saben.


Is Moderation The Highest Virtue? A Comparative Study Of A Middle Way Of Control Transaction Regimes, Yueh-Ping Yang, Pin-Hsien Lee Oct 2015

Is Moderation The Highest Virtue? A Comparative Study Of A Middle Way Of Control Transaction Regimes, Yueh-Ping Yang, Pin-Hsien Lee

Yueh-Ping Yang

Comparative studies of control transaction regimes mostly compare between the Market Rule as adopted in the U.S. and the General Offer Rule ad adopted in European Union, while paying less attention to the Partial Offer Rule, a middle way model adopted in many East Asian countries such as Japan, South Korea, China, Taiwan, etc. In this paper, we attempt to fill this gap by highlighting the Partial Offer Rule adopted in these countries, analyzing this rule’s theoretical foundation and observing its implementation in practice. Our theoretical analyses of the Partial Offer Rule are comprised of two parts. First ...


Behavioral Economics And Poverty [En Español] Behavioral Economics Y Pobreza, Daniel Monroy Sep 2015

Behavioral Economics And Poverty [En Español] Behavioral Economics Y Pobreza, Daniel Monroy

Daniel A Monroy C

No abstract provided.