Law Commons^™

An Identity Theory Of The Short- And Long-Term Investor Debate, Claire A. Hill

Seattle University Law Review

Economics famously treats market actors as homogeneous. People are homo economicus, rational self-interested maximizers of their own utility. So far, so good, notwithstanding supposed behavioral “deviations” from rationality (more on those later). That people can view their own utility very differently from one another is recognized in theory, but not so much in practice. Also not sufficiently recognized is the extent to which people’s views of their own utility reflect their theories of who they are and how the world works, and that they hold such views and theories not just atomistically, but also collectively—that is, socially.

A Pragmatist’S View Of Promissory Law With A Focus On Consent And Reliance, Robert A. Hillman

William & Mary Business Law Review

This Article discusses Professor Nate Oman’s excellent new book, The Dignity of Commerce, which makes an impressive case for how markets can produce “desirable” outcomes for society. In addition to a comprehensive account of what he calls “virtues” of markets, such as their tendency to produce cooperation, trust, and wealth, the book is full of useful and persuasive supporting information and discussions.

Oman is not only a fan of markets, but he asserts that markets are the “center” of contract theory, and provide its normative foundation. Elaborating, Oman concludes that “contract law exists primarily to support markets” and that …

Contract, Promise, And The Right Of Redress, Andrew S. Gold

William & Mary Business Law Review

This Essay reviews Nathan Oman’s recent book, The Dignity of Commerce. The book is compelling, and it makes an important and original contribution to contract theory—a contribution that insightfully shows how markets matter. Yet, in the course of developing a market-centered justification for contract law, The Dignity of Commerce also downplays the significance of consent and promissory morality. In both cases, the book’s argument is problematic, but this Essay will address questions of promissory morality. Oman contends that promise-based accounts struggle with contract law’s bilateralism and with its private standing doctrine. Yet, promissory morality is a very good fit …

Does Contract Law Need Morality?, Kimberly D. Krawiec, Wenhao Liu

William & Mary Business Law Review

In The Dignity of Commerce, Nathan Oman sets out an ambitious market theory of contract, which he argues is a superior normative foundation for contract law than either the moralist or economic justifications that currently dominate contract theory. In doing so, he sets out a robust defense of commerce and the marketplace as contributing to human flourishing that is a refreshing and welcome contribution in an era of market alarmism. But the market theory ultimately falls short as either a normative or prescriptive theory of contract. The extent to which law, public policy, and theory should account for values …

Spite: Legal And Social Implications, Jeffrey L. Harrison

UF Law Faculty Publications

Spite is not a simple concept. The same actions may be motivated by a desire to harm others as a source of the actor’s satisfaction. They may also be a reaction to a personal sense of injustice. Finally, spite-like actions are consistent with simply righting a wrong. This Article makes the case that spite, in its worst from, is comparable to theft. It is a taking of someone’s sense of well-being without consent. It also claims that the purchase of positional goods is ultimately spite driven. It canvasses tort law, contracts, tax law, trademark, and criminal law in an effort …

Intellectual Property And The Prisoner’S Dilemma: A Game Theory Justification Of Copyrights, Patents, And Trade Secrets, Adam D. Moore

Fordham Intellectual Property, Media and Entertainment Law Journal

In this article, I will offer an argument for the protection of intellectual property based on individual self-interest and prudence. In large part, this argument will parallel considerations that arise in a prisoner’s dilemma game. In brief, allowing content to be unprotected in terms of free access leads to a sub-optimal outcome where creation and innovation are suppressed. Adopting the institutions of copyright, patent, and trade secret is one way to avoid these sub-optimal results.

March 30, 2012: A Fundamental Rights Case Masquerading As A Commerce Clause Case, Bruce Ledewitz

Hallowed Secularism

Blog post, “A Fundamental Rights Case Masquerading as a Commerce Clause Case“ discusses politics, theology and the law in relation to religion and public life in the democratic United States of America.

November 5, 2010: “Let The Free Market Reign”, Bruce Ledewitz

Hallowed Secularism

Blog post, ““Let the Free Market Reign”“ discusses politics, theology and the law in relation to religion and public life in the democratic United States of America.

September 23, 2010: Why Global Warming Cannot Be Happening, Bruce Ledewitz

Hallowed Secularism

Blog post, “Why Global Warming Cannot be Happening“ discusses politics, theology and the law in relation to religion and public life in the democratic United States of America.

February 11, 2010: Economic Life Under Hallowed Secularism, Bruce Ledewitz

Hallowed Secularism

Blog post, “Economic Life Under Hallowed Secularism“ discusses politics, theology and the law in relation to religion and public life in the democratic United States of America.

December 13, 2009: Time To Buy An American Car, Bruce Ledewitz

Hallowed Secularism

Blog post, “Time to Buy an American Car“ discusses politics, theology and the law in relation to religion and public life in the democratic United States of America.

September 9, 2009: How Did Corporations Get Constitutional Rights?, Bruce Ledewitz

Hallowed Secularism

Blog post, “How Did Corporations Get Constitutional Rights?“ discusses politics, theology and the law in relation to religion and public life in the democratic United States of America.

September 4, 2009: Blurring Of Church And State On Healthcare, Bruce Ledewitz

Hallowed Secularism

Blog post, “Blurring of Church and State on Healthcare“ discusses politics, theology and the law in relation to religion and public life in the democratic United States of America.

August 29, 2009: Declare Healthcare Victory And Go Home?, Bruce Ledewitz

Hallowed Secularism

Blog post, “Declare Healthcare Victory and Go Home?“ discusses politics, theology and the law in relation to religion and public life in the democratic United States of America.

August 8, 2009: End Of Life Counseling, Bruce Ledewitz

Hallowed Secularism

Blog post, “End of Life Counseling“ discusses politics, theology and the law in relation to religion and public life in the democratic United States of America.

March 26, 2009: The Economic Failure Of Our Religions, Bruce Ledewitz

Hallowed Secularism

Blog post, “The Economic Failure of Our Religions“ discusses politics, theology and the law in relation to religion and public life in the democratic United States of America.

March 13, 2009: Stem Cell Research, Bruce Ledewitz

Hallowed Secularism

Blog post, “Stem Cell Research“ discusses politics, theology and the law in relation to religion and public life in the democratic United States of America.

February 24, 2009: Cost Of Hallowed Secularism, Bruce Ledewitz

Hallowed Secularism

Blog post, “Cost of Hallowed Secularism“ discusses politics, theology and the law in relation to religion and public life in the democratic United States of America.

January 12, 2009: The End Of Market Economics, Bruce Ledewitz

Hallowed Secularism

Blog post, “The End of Market Economics“ discusses politics, theology and the law in relation to religion and public life in the democratic United States of America.

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.

March 29, 2008: Secularists And Tibet, Bruce Ledewitz

Hallowed Secularism

Secularists and Tibet

December 23, 2007: The Evangelical Stance On Global Warming, Bruce Ledewitz

Hallowed Secularism

The Evangelical Stance on Global Warming

November 1, 2007: The Limits Of Materialism, Bruce Ledewitz

Hallowed Secularism

The Limits of Materialism

September 6, 2007: Hallowed Secularism And Economics, Bruce Ledewitz

Hallowed Secularism

Hallowed Secularism and Economics

Beyond Tinkering: Economics After Behavioral Economics, Stephen E. Ellis, Grant M. Hayden

Faculty Journal Articles and Book Chapters

This paper assesses the current state of law and economics, standard and behavioral, and proposes an additional element to the basic belief-desire apparatus of economic theory in order to create a more unified theory of behavior.

The first part of the paper assesses the current status of standard economic theory. While standard models have had their successes, a large and growing body of empirical evidence reveals that people often fail to live up its rational-actor ideal. In response, economists usually stick with standard consumer theory and attempt to explain the anomalous results by referring to some overlooked input (e.g., some …

Preferences And Rational Choice: New Perspectives And Legal Implications: Introduction, Matthew D. Adler, Claire Finkelstein, Peter H. Huang

Publications

No abstract provided.

Linking The Visions, Donald H. Regan

Articles

In my case, which may be unusual, the importance of my non-law training and commitments is not in specific contributions they make to my work in law. Rather, it is in their contributions to my being me.

The Origin, Development, And Regulation Of Norms, Richard H. Mcadams

Michigan Law Review

For decades, sociologists have employed the concept of social norms to explain how society shapes individual behavior. In recent years, economists and rational choice theorists in philosophy and political science have started to use individual behavior to explain the origin and function of norms. For many in this group, the focus of study is the interaction of law and norms, of formal and informal rules. Exemplified by Robert Ellickson's Order Without Law, this literature uses norms to develop more robust explanations of behavior and to predict more accurately the effect of legal rules. Norms turn out to matter in legal …