Open Access. Powered by Scholars. Published by Universities.®

Law and Economics Commons

Open Access. Powered by Scholars. Published by Universities.®

3,527 Full-Text Articles 1,896 Authors 1,287,727 Downloads 88 Institutions

All Articles in Law and Economics

Faceted Search

3,527 full-text articles. Page 1 of 68.

Gambling On Our Financial Future: How The Federal Government Fiddles While State Common Law Is A Safer Bet To Prevent Another Financial Collapse, Brian M. McCall 2015 University of Oklahoma College of Law

Gambling On Our Financial Future: How The Federal Government Fiddles While State Common Law Is A Safer Bet To Prevent Another Financial Collapse, Brian M. Mccall

Brian M McCall

Many politicians and commentators agree that credit default swaps (CDS) played a significant role in the financial crisis of 2008. Yet, few who observe this role are aware that CDS were set loose on the economy by the federal pre-emption of thousands of years of public policy. Since the time of Aristotle law, philosophy and public policy have been hostile to gambling. Viewed as a socially unproductive zero sum wealth transfer, the law has generally refused to permit parties to use the courts to enforce wagers. Courts and legislatures worked in harmony to control and in some cases punish financial ...


Talking Points, Alex Stein, Jef De Mot 2015 SelectedWorks

Talking Points, Alex Stein, Jef De Mot

Alex Stein

Our civil liability system affords numerous defenses against every single violation of the law. Against every single claim raised by the plaintiff, the defendant can assert two or more defenses each of which gives him an opportunity to win the case. As a result, when a court erroneously strikes out a meritorious defense, it might still keep the defendant out of harm’s way by granting him another defense. Rightful plaintiffs, on the other hand, must convince the court to deny each and every defense asserted by the defendant. Any rate of adjudicative errors—random and completely unbiased—consequently increases ...


Inefficient Evidence, Alex Stein 2015 SelectedWorks

Inefficient Evidence, Alex Stein

Alex Stein

Why set up evidentiary rules rather than allow factfinders to make decisions by considering all relevant evidence? This fundamental question has been the subject of unresolved controversy among scholars and policymakers since it was raised by Bentham at the beginning of the nineteenth century. This Article offers a surprisingly straightforward answer: An economically minded legal system must suppress all evidence that brings along a negative productivity-expense balance and is therefore inefficient. Failure to suppress inefficient evidence will result in serious diseconomies of scale. To operationalize this idea, I introduce a “signal-to-noise” method borrowed from statistics, science, and engineering. This method ...


Present At The Creation: Reflections On The Early Years Of The National Association Of Corporate Directors, Lawrence J. Trautman 2014 SelectedWorks

Present At The Creation: Reflections On The Early Years Of The National Association Of Corporate Directors, Lawrence J. Trautman

Lawrence J. Trautman Sr.

Effective corporate governance is critical to the productive operation of the global economy and preservation of our way of life. Excellent governance execution is also required to achieve economic growth and robust job creation in any country. In the United States, the premier director membership organization is the National Association of Corporate Directors (NACD). Since 1978, NACD plays a major role in fostering excellence in corporate governance in the United States and beyond.

The NACD has grown from a mere realization of the importance of corporate governance to become the only national membership organization created by and for corporate directors ...


New York Stock Exchange, Bert Chapman 2014 Purdue University

New York Stock Exchange, Bert Chapman

Libraries Faculty and Staff Scholarship and Research

Provides a historical overview of the origins and early development of the New York Stock Exchange.


Revenue, U.S. Government, Bert Chapman 2014 Purdue University

Revenue, U.S. Government, Bert Chapman

Libraries Faculty and Staff Scholarship and Research

Provides a historical overview of U.S. Government revenue receipts and spending during the early years of national history. Presents revenue generation statistics, information on revenue sources, and information on domestic and international political and economic factors affecting government revenue receipts.


Does The Endowment Effect Justify Legal Intervention? The Debiasing Effect Of Institutions, Jennifer Arlen, Stephan Tontrup 2014 NELLCO

Does The Endowment Effect Justify Legal Intervention? The Debiasing Effect Of Institutions, Jennifer Arlen, Stephan Tontrup

New York University Law and Economics Working Papers

We claim that the endowment effect rarely justifies legal intervention in private ordering. To our knowledge, we present the first theory to explain how institutions inhibit the endowment effect without altering people’s rights to their entitlements. The endowment effect is substantially caused by anticipated regret. We show that people experience regret only when they feel responsible for the decision and can mute regret by trading through institutions that let them share responsibility with others. As entitlement-holders typically transact through institutions, we expect most people to make unbiased trading decisions in real markets. We test two common institutions—agency and ...


Does The Endowment Effect Justify Legal Intervention? The Debiasing Effect Of Institutions, Jennifer Arlen, Stephan Tontrup 2014 NELLCO

Does The Endowment Effect Justify Legal Intervention? The Debiasing Effect Of Institutions, Jennifer Arlen, Stephan Tontrup

New York University Public Law and Legal Theory Working Papers

We claim that the endowment effect rarely justifies legal intervention in private ordering. To our knowledge, we present the first theory to explain how institutions inhibit the endowment effect without altering people’s rights to their entitlements. The endowment effect is substantially caused by anticipated regret. We show that people experience regret only when they feel responsible for the decision and can mute regret by trading through institutions that let them share responsibility with others. As entitlement-holders typically transact through institutions, we expect most people to make unbiased trading decisions in real markets. We test two common institutions—agency and ...


Experimental Tests Of Intellectual Property Laws’ Creativity Thresholds, Christopher J. Buccafusco, Zachary C. Burns, Jeanne C. Fromer, Christopher Jon Sprigman 2014 NELLCO

Experimental Tests Of Intellectual Property Laws’ Creativity Thresholds, Christopher J. Buccafusco, Zachary C. Burns, Jeanne C. Fromer, Christopher Jon Sprigman

New York University Law and Economics Working Papers

In the United States, intellectual property (IP) law is intended to encourage the production of new creative works and inventions. Copyright and patent laws do this by providing qualifying authors and inventors with a bundle of exclusive rights relating to the use and development of their creations. Importantly, however, these fields differ greatly in the ways that they determine whether some new creation is sufficiently innovative to merit legal protection. Copyright law sets the creativity bar especially low for new works of authorship, whereas patent law demands that a putative inventor prove that her creation is highly innovative. Relatively little ...


Quantifying Regulatory Benefits, Richard L. Revesz 2014 NELLCO

Quantifying Regulatory Benefits, Richard L. Revesz

New York University Public Law and Legal Theory Working Papers

In Nonquantifiable, the 2013 Jorde Lecture at the University of California at Berkeley, Professor Cass Sunstein makes a persuasive argument that administrative agencies should engage in breakeven analysis when they are not able to quantify or monetize some or all of the benefits of a particular regulation. This technique adds useful structure to regulatory decisions that otherwise would appear to be manipulable and arbitrary.

This Comment argues that breakeven analysis is a second-best technique. The most that it can aspire to do is to create upper and lower bounds that provide useful guidance for the evaluation of a benefit. If ...


Quantifying Regulatory Benefits, Richard L. Revesz 2014 NELLCO

Quantifying Regulatory Benefits, Richard L. Revesz

New York University Law and Economics Working Papers

In Nonquantifiable, the 2013 Jorde Lecture at the University of California at Berkeley, Professor Cass Sunstein makes a persuasive argument that administrative agencies should engage in breakeven analysis when they are not able to quantify or monetize some or all of the benefits of a particular regulation. This technique adds useful structure to regulatory decisions that otherwise would appear to be manipulable and arbitrary.

This Comment argues that breakeven analysis is a second-best technique. The most that it can aspire to do is to create upper and lower bounds that provide useful guidance for the evaluation of a benefit. If ...


Inference Under Stability Of Risk Preferences, Levon Barseghyan, Francesca Molinari, Joshua C. Teitelbaum 2014 Georgetown University Law Center

Inference Under Stability Of Risk Preferences, Levon Barseghyan, Francesca Molinari, Joshua C. Teitelbaum

Georgetown Law Faculty Publications and Other Works

We leverage the assumption that preferences are stable across contexts to partially identify and conduct inference on the parameters of a structural model of risky choice. Working with data on households' deductible choices across three lines of insurance coverage and a model that nests expected utility theory plus a range of non-expected utility models, we perform a revealed preference analysis that yields household-specific bounds on the model parameters. We then impose stability and other structural assumptions to tighten the bounds, and we explore what we can learn about households' risk preferences from the intervals defined by the bounds. We further ...


The Tort Entitlement To Physical Security As The Distributive Basis For Environmental, Health, And Safety Regulations, Mark A. Geistfeld 2014 NELLCO

The Tort Entitlement To Physical Security As The Distributive Basis For Environmental, Health, And Safety Regulations, Mark A. Geistfeld

New York University Public Law and Legal Theory Working Papers

In a wide variety of contexts, individuals face a risk of being physically harmed by the conduct of others in the community. The extent to which the government protects individuals from such harmful behavior largely depends on the combined effect of administrative regulation, criminal law, and tort law. Unless these different departments are coordinated, the government cannot ensure that individuals are adequately secure from the cumulative threat of physical harm. What is adequate for this purpose depends on the underlying entitlement to physical security. What one has lost for purposes of legal analysis depends on what one what was entitled ...


There Are Penalty Defaults Rules In The Colombian Contract Law [En Español], Daniel A. Monroy 2014 SelectedWorks

There Are Penalty Defaults Rules In The Colombian Contract Law [En Español], Daniel A. Monroy

Daniel A Monroy C

In the late 80s, Ian Ayres and Robert Gertner proposed a supplementary and controversial theory about how to fill gaps in incomplete contracts. Specifically, the authors coined the concept of "penalty default rule", this is a default rule that fills a gap with a term that the majority of parties wouldn't have wanted. Based on this theoretical background, the aim of this paper is to show that indeed, there are penalty defaults rules in the Colombian contract law. To this end, our the paper (i) proposes a methodology to identify hypothetical fact situations in which penalty defaults should be ...


When Should Bankruptcy Be An Option (For People, Places, Or Things)?, David A. Skeel Jr. 2014 College of William & Mary Law School

When Should Bankruptcy Be An Option (For People, Places, Or Things)?, David A. Skeel Jr.

William & Mary Law Review

When many people think about bankruptcy, they have a simple left-to-right spectrum of possibilities in mind. The spectrum starts with personal bankruptcy, moves next to corporations and other businesses, and then to municipalities, states, and finally countries. We assume that bankruptcy makes the most sense for individuals; that it makes a great deal of sense for corporations; that it is plausible but a little more suspect for cities; that it would be quite odd for states; and that bankruptcy is unimaginable for a country.

In this Article, I argue that the left-to-right spectrum is sensible but mistaken. After defining “bankruptcy ...


The Tort Entitlement To Physical Security As The Distributive Basis For Environmental, Health, And Safety Regulations, Mark A. Geistfeld 2014 NELLCO

The Tort Entitlement To Physical Security As The Distributive Basis For Environmental, Health, And Safety Regulations, Mark A. Geistfeld

New York University Law and Economics Working Papers

In a wide variety of contexts, individuals face a risk of being physically harmed by the conduct of others in the community. The extent to which the government protects individuals from such harmful behavior largely depends on the combined effect of administrative regulation, criminal law, and tort law. Unless these different departments are coordinated, the government cannot ensure that individuals are adequately secure from the cumulative threat of physical harm. What is adequate for this purpose depends on the underlying entitlement to physical security. What one has lost for purposes of legal analysis depends on what one what was entitled ...


Consequências Da Alteração Do Cdc, Bruno Meyerhof Salama, Vicente Braga 2014 Latin American and Caribbean Law and Economics Association

Consequências Da Alteração Do Cdc, Bruno Meyerhof Salama, Vicente Braga

Bruno Meyerhof Salama

O Projeto de Lei nº 36 de 2014 propõe uma alteração no Código de Defesa do Consumidor (CDC). Visa obrigar o fornecedor a notificar previamente o consumidor sobre a cessão do crédito, dando preferência ao consumidor para pagamento da dívida. Se aprovado, esse projeto tende a gerar efeitos bastante distintos daqueles que ostensivamente pretende promover. Pode desajustar o mercado de cessão de créditos, aumentar as exigências para a concessão de créditos e pressionar ainda mais as taxas de juros. Ou seja, tendencialmente, os próprios consumidores seriam os maiores prejudicados por uma regulação que alegadamente os visa beneficiar. Segue que o ...


The Impact Of Right To Carry Laws And The Nrc Report: The Latest Lessons For The Empirical Evaluation Of Law And Policy, John J. Donohue, Abhay Aneja, Alexandria Zhang 2014 SelectedWorks

The Impact Of Right To Carry Laws And The Nrc Report: The Latest Lessons For The Empirical Evaluation Of Law And Policy, John J. Donohue, Abhay Aneja, Alexandria Zhang

John Donohue

For over a decade, there has been a spirited academic debate over the impact on crime of laws that grant citizens the presumptive right to carry concealed handguns in public – so-called right-to-carry (RTC) laws. In 2004, the National Research Council (NRC) offered a critical evaluation of the “More Guns, Less Crime” hypothesis using county-level crime data for the period 1977-2000. 15 of the 16 academic members of the NRC panel essentially concluded that the existing research was inadequate to conclude that RTC laws increased or decreased crime. One member of the panel thought the NRC's panel data regressions showed ...


The Impact Of Right To Carry Laws And The Nrc Report: The Latest Lessons For The Empirical Evaluation Of Law And Policy, John J. Donohue, Abhay Aneja, Alexandria Zhang 2014 SelectedWorks

The Impact Of Right To Carry Laws And The Nrc Report: The Latest Lessons For The Empirical Evaluation Of Law And Policy, John J. Donohue, Abhay Aneja, Alexandria Zhang

John Donohue

For over a decade, there has been a spirited academic debate over the impact on crime of laws that grant citizens the presumptive right to carry concealed handguns in public – so-called right-to-carry (RTC) laws. In 2004, the National Research Council (NRC) offered a critical evaluation of the “More Guns, Less Crime” hypothesis using county-level crime data for the period 1977-2000. 17 of the 18 NRC panel members essentially concluded that the existing research was inadequate to conclude that RTC laws increased or decreased crime. One member of the panel thought the NRC's panel data regressions showed that RTC laws ...


Cuestionario Examen Final Cátedra 2014 I, Mario A. Pinzón MAPC 2014 SelectedWorks

Cuestionario Examen Final Cátedra 2014 I, Mario A. Pinzón Mapc

Mario A Pinzón Camargo

No abstract provided.


Digital Commons powered by bepress