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The Economics Of Antitrust Bundling, Rajeev R. Bhattacharya 2020 Pepperdine University

The Economics Of Antitrust Bundling, Rajeev R. Bhattacharya

The Journal of Business, Entrepreneurship & the Law

This article explains the economics and antitrust of bundling. I first show that popular arguments such as demand complementarities, economies of scope, and price discrimination are not sufficient. I then detail potentially anticompetitive factors such as leverage and opacity. I then use simple examples to show how variation in consumer valuations explains bundling and is not anticompetitive. Finally, I explore other business judgment rule explanations for bundling.


Operationalizing Reverse Bayesiansim, Surajeet Chakravarty, David Kelsey, Joshua C. Teitelbaum 2020 University of Exeter

Operationalizing Reverse Bayesiansim, Surajeet Chakravarty, David Kelsey, Joshua C. Teitelbaum

Georgetown Law Faculty Publications and Other Works

Karni and Vierø (2013) propose a model of belief revision under growing awareness—reverse Bayesianism—which posits that as a person becomes aware of new acts, consequences, or act-consequence links, she revises her beliefs over an expanded state space in a way that preserves the relative likelihoods of events in the original state space. A key limitation of the model is that reverse Bayesianism alone does not fully determine the revised probability distribution. We provide an assumption—act independence—that imposes additional restrictions on reverse Bayesian belief revision. We show that under act independence, knowledge of the probabilities of new ...


Compliance Management Systems: Do They Make A Difference?, Cary Coglianese, Jennifer Nash 2020 University of Pennsylvania Law School

Compliance Management Systems: Do They Make A Difference?, Cary Coglianese, Jennifer Nash

Faculty Scholarship at Penn Law

Regulatory compliance is vital for promoting the public values served by regulation. Yet many businesses remain out of compliance with some of the regulations that apply to them—presenting not only possible dangers to the public but also exposing themselves to potentially significant liability risk. Compliance management systems (CMSs) may help reduce the likelihood of noncompliance. In recent years, managers have begun using CMSs in an effort to address compliance issues in a variety of domains: environment, workplace health and safety, finance, health care, and aviation, among others. CMSs establish systematic, checklist-like processes by which managers seek to improve their ...


Faith, Law, And Love: Peg Brinig's Legacy, Stephanos Bibas 2020 Court of Appeals for the Third Circuit

Faith, Law, And Love: Peg Brinig's Legacy, Stephanos Bibas

Notre Dame Law Review

The central question in Peg Brinig’s work is how the law can help intimate associations to raise healthy kids. She pursues this theme through a variety of inquiries, ranging from parochial schools in big-city neighborhoods to covenant-marriage laws in Louisiana. Her answers depend on context, varying with how close each social actor or institution is to the process of raising children. But nearly all her recommendations seek to foster permanent, loving, involved social environments.

Following Brinig’s lead, I’ll celebrate her work by highlighting some of the answers she offers in three different social contexts. In Part I ...


The Place Of Empirical Studies, F.H. Buckley 2020 Antonin Scalia Law School, George Mason University

The Place Of Empirical Studies, F.H. Buckley

Notre Dame Law Review

It was chance that brought Peg Brinig to George Mason University School of Law, and curiosity that took her to a law-and-economics and then to empirical research. She realized that only the curious would be able to keep up to new things, and that law teaching, not journalism, was the profession of the curious.

At the time, it took not only curiosity, but also a certain measure of courage to embark on law and economics. Traditional legal scholars correctly surmised that it would shake up the discipline, and that is never a pleasant experience. Conservatives who were fond of saying ...


The Institutional Economics Of Marriage: A Reinterpretation Of Margaret Brinig's Contribution To Family Law, Douglas W. Allen 2020 Simon Fraser University

The Institutional Economics Of Marriage: A Reinterpretation Of Margaret Brinig's Contribution To Family Law, Douglas W. Allen

Notre Dame Law Review

Margaret (Peg) Brinig has made a massive contribution to family law over the course of the past thirty-five years. Spanning the two fields of economics and law, her views have evolved over time to ones that see family as a matter of covenant. The concept of a covenant is mostly unknown in the modern secular world and is absent in economics. Without (hopefully) changing Brinig’s meaning, I reinterpret her work and argue that her concept of a covenant is equivalent to the economist’s understanding of an institution. The goal of reinterpreting her work in light of institutional economics ...


A Consumer Guide To Empirical Family Law, June Carbone 2020 University of Minnesota Law School

A Consumer Guide To Empirical Family Law, June Carbone

Notre Dame Law Review

This Article will consider the framework for empirical work on family law, arguing that the failure to ask more sophisticated questions at the beginning of the research has limited its effectiveness. In this sense, Professor Peg Brinig’s work stands out for the creativity of the questions she has asked, her exploration of underutilized databases, and her work’s potential to serve as a foundation for a new paradigm for the integration of empirical work into family law theory.

This Article will discuss the way that theory—and the creation of discourses associated with it—informs empirical research. First, it ...


Property Rights In Children, Barry E. Adler, Alexis A. Alvarez 2020 New York University

Property Rights In Children, Barry E. Adler, Alexis A. Alvarez

Notre Dame Law Review

In 1978, Dr. Elisabeth Landes and then-Professor, later-Judge Richard Posner, published The Economics of the Baby Shortage. The article openly discussed how economic analysis can address the allocation of babies available for adoption. The ideas expressed in the article were widely denounced as an inhumane commodification of children, something tolerable only in the twisted minds of academic authors. Despite the backlash, an odd thing happened in the more than four decades since Landes and Posner wrote on this topic: their ideas began to take hold. Today, almost all states in the United States permit, in some form, the contractual assignment ...


How Much You Talk Matters: Cheap Talk And Collusion In A Bertrand Oligopoly Game, Jun Yeong Lee, Elizabeth Hoffman 2020 Iowa State University

How Much You Talk Matters: Cheap Talk And Collusion In A Bertrand Oligopoly Game, Jun Yeong Lee, Elizabeth Hoffman

Economics Working Papers

This study investigates the impact of cheap talk on price in a repeated Bertrand oligopoly experiment. Each participant plays 20 rounds. Participants are placed in three-person bidding groups where the lowest bid wins. During the first 10 rounds, participants are not allowed to communicate with each other. All three-person groups converged to the zero-profit equilibrium in the first 10 periods. We then play another 10 rounds where participants can text with one another using an instant message system. Some groups were allowed to text before every round, some to text before every other round, some to text every third round ...


The Impossibility Doctrine In Commercial Contracts: An Empirical Analysis, Uri Benoliel 2020 Brooklyn Law School

The Impossibility Doctrine In Commercial Contracts: An Empirical Analysis, Uri Benoliel

Brooklyn Law Review

The impossibility doctrine – under which a contracting party has no duty to perform the agreement if performance thereof is rendered impossible – is a basic building block of U.S. contract law. The prevailing law-and-economics analysis of this doctrine suggests that when contract performance becomes impossible, courts should assign the contractual risk of non-performance to the superior risk bearer, i.e., to the party that can bear said risk at least cost. This article empirically tests, for the first time, the economic theory of the impossibility doctrine. It first hypothesizes that most sophisticated parties to commercial contracts are unlikely to adopt ...


Fmc Corp. V. Shoshone-Bannock Tribes, Seth T. Bonilla 2020 Alexander Blewett III School of Law at the University of Montana

Fmc Corp. V. Shoshone-Bannock Tribes, Seth T. Bonilla

Public Land & Resources Law Review

In 1998, FMC Corporation agreed to submit to the Shoshone-Bannock Tribes’ permitting processes, including the payment of fees, for clean-up work required as part of consent decree negotiations with the Environmental Protection Agency. Then, in 2002, FMC refused to pay the Tribes under a permitting agreement entered into by both parties, even though the company continued to store hazardous waste on land within the Shoshone-Bannock Fort Hall Reservation in Idaho. FMC challenged the Tribes’ authority to enforce the $1.5 million permitting fees first in tribal court and later challenged the Tribes’ authority to exercise civil regulatory and adjudicatory jurisdiction ...


Lost In Transplantation: Modern Principles Of Secured Transactions Law As Legal Transplants, Charles W. Mooney Jr. 2020 University of Pennsylvania Law School

Lost In Transplantation: Modern Principles Of Secured Transactions Law As Legal Transplants, Charles W. Mooney Jr.

Faculty Scholarship at Penn Law

This manuscript will appear as a chapter in a forthcoming edited volume published by Hart Publishing, Secured Transactions Law in Asia: Principles, Perspectives and Reform (Louise Gullifer & Dora Neo eds., forthcoming 2020). It focuses on a set of principles (Modern Principles) that secured transactions law for personal property should follow. These Modern Principles are based on UCC Article 9 and its many progeny, including the UNCITRAL Model Law on Secured Transactions. The chapter situates the Modern principles in the context of the transplantation of law from one legal system to another. It draws in particular on Alan Watson’s pathbreaking ...


The Data Market: A Proposal To Control Data About You, David Shaw, Daniel W. Engels 2020 Southern Methodist University

The Data Market: A Proposal To Control Data About You, David Shaw, Daniel W. Engels

SMU Data Science Review

The current legal and economic infrastructure facilitating data collection practices and data analysis has led to extreme over-collection of data and the overall loss of personal privacy. Data over-collection has led to a secondary market for consumer data that is invisible to the consumer and results in a person's data being distributed far beyond their knowledge or control. In this paper, we propose a Data Market framework and design for personal data management and privacy protection in which the individual controls and profits from the dissemination of their data. Our proposed Data Market uses a market-based approach utilizing blockchain ...


Stealth Commoditization: The Misuse Of Smartphone Antitrust, Jonathan M. Barnett 2020 University of Southern California

Stealth Commoditization: The Misuse Of Smartphone Antitrust, Jonathan M. Barnett

University of Southern California Legal Studies Working Paper Series

This contribution condenses the author’s previous detailed analyses of antitrust and patent policies in global smartphone markets. The discussion comprises three elements. First, it identifies the key constituencies in the smartphone ecosystem and the role each constituency plays in the technology supply chain. Second, it describes how courts’ and regulators’ interventions in the smartphone market rest on empirically unsubstantiated theories of competitive harm while advancing the private interests of producer-firms and producer-jurisdictions in reduced technology input costs. Third, it shows how this implicit renegotiation of licensing arrangements between innovators and implementers endangers the legal infrastructure of reliable intellectual property ...


An Essay On Pluralism In Financial Market Infrastructure Design: The Case Of Securities Holding In The United States, Charles W. Mooney Jr. 2020 University of Pennsylvania Law School

An Essay On Pluralism In Financial Market Infrastructure Design: The Case Of Securities Holding In The United States, Charles W. Mooney Jr.

Faculty Scholarship at Penn Law

This essay will appear as a chapter in a forthcoming edited volume published by Oxford University Press. It builds on the earlier article, Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures, 22 U. Pa. J. Bus. L. 386 (2020), which argues that serious consideration should be given to modifications of the deeply intermediated securities holding systems in the United States and elsewhere. Many of the costs and risks imposed by the intermediated holding systems fall within the domain of the regulation of securities markets (internal costs), such as impairments of shareholder voting and bondholder claims against issuers. Others ...


The Legal Authorities Framing The Government’S Response To The Global Financial Crisis, Scott G. Alvarez Esq., Thomas C. Baxter Jr., Esq., Robert F. Hoyt Esq. 2020 Formerly, Federal Reserve System, Board of Governors

The Legal Authorities Framing The Government’S Response To The Global Financial Crisis, Scott G. Alvarez Esq., Thomas C. Baxter Jr., Esq., Robert F. Hoyt Esq.

Journal of Financial Crises

The 2007–09 global financial crisis required that the Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation survey their various legal authorities and consider how they might be used to mitigate the meltdown of the United States financial system. This essay explores the range of legal authorities and procedural issues presented by key facilities implemented during the crisis, many of which were new and creative. This essay also provides valuable examples of how such authorities were used and describes how, in some instances, agencies worked together to design innovative interventions that no separate agency could have achieved alone.


The Unmet Legal Needs Of The Poor In Maine: Is Mandatory Pro Bono The Answer?, Wendy F. Rau 2020 University of Maine School of Law

The Unmet Legal Needs Of The Poor In Maine: Is Mandatory Pro Bono The Answer?, Wendy F. Rau

Maine Law Review

In 1989, the Maine Commission on Legal Needs was formed to study the civil legal needs of Maine's poor population and to develop a plan for meeting those needs. Similar projects have been undertaken in a number of other states and by the American Bar Association in recent years. Each study has revealed a significant unmet need among the poor for assistance with legal problems. There seems little doubt that the situation is serious and widespread. The difficulty lies in finding a solution. One proposal that has been advanced is mandatory pro bono, a program that would require attorneys ...


The Third Age Of Oil And Gas Law, James Coleman 2020 University of Calgary

The Third Age Of Oil And Gas Law, James Coleman

Indiana Law Journal

History’s biggest oil boom is happening right now, in the United States, ushering in the third age of oil and gas law. The first age of oil and gas law also began in the United States a century ago when landowners and oil companies developed the oil and gas lease. The lease made the modern oil and gas industry possible and soon spread as the model for development around the world. In the second age of oil and gas law, landowners and nations across the globe developed new legal agreements that improved upon the lease and won these resource ...


The Replicability Crisis In Patent Law, Janet Freilich 2020 Fordham Law School

The Replicability Crisis In Patent Law, Janet Freilich

Indiana Law Journal

There is a “replicability crisis” in the scientific literature. Scientists attempting to redo experiments in reputable, peer-reviewed journals have found that staggering numbers of these experiments—up to 90%—do not work. Patents, like scientific articles, contain experiments. These experiments often form the backbone of the patent and provide crucial support for patentability. Patent examiners use these experiments to evaluate whether the invention works, and thus whether the patent should be granted. The replicability crisis in the scientific literature is therefore of utmost importance to the patent system. Transferring the insights of the replicability crisis to patents begs the question ...


Contract Law’S Transferability Bias, Paul MacMahon 2020 London School of Economics and Political Science

Contract Law’S Transferability Bias, Paul Macmahon

Indiana Law Journal

When A makes a contract with B, it comes as no surprise that she is liable to B. If B can transfer her contractual rights to C, A is now liable to C. Parties in A’s position often have strong reasons to avoid being liable to suit by C. Contract law, however, seems determined to minimize and override these concerns. Under current doctrine on the assignment of contractual rights—the focus of this Article—the law often imposes its own preference for transferability on the parties. The law generally assumes that contractual rights are assignable, construes exceptions to that ...


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