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Articles 1 - 17 of 17
Full-Text Articles in Law
The Mythology Of Game Theory, Mathew D. Mccubbins, Mark Turner, Nick Weller
The Mythology Of Game Theory, Mathew D. Mccubbins, Mark Turner, Nick Weller
Faculty Scholarship
Non-cooperative game theory is at its heart a theory of cognition, specifically a theory of how decisions are made. Game theory's leverage is that we can design different payoffs, settings, player arrays, action possibilities, and information structures, and that these differences lead to different strategies, outcomes, and equilibria. It is well-known that, in experimental settings, people do not adopt the predicted strategies, outcomes, and equilibria. The standard response to this mismatch of prediction and observation is to add various psychological axioms to the game-theoretic framework. Regardless of the differing specific proposals and results, game theory uniformly makes certain cognitive assumptions …
Designing Incentives For Inexpert Human Raters, Daniel L. Chen, John J. Horton, Aaron D. Shaw
Designing Incentives For Inexpert Human Raters, Daniel L. Chen, John J. Horton, Aaron D. Shaw
Faculty Scholarship
The emergence of online labor markets makes it far easier to use individual human raters to evaluate materials for data collection and analysis in the social sciences. In this paper, we report the results of an experiment - conducted in an online labor market - that measured the effectiveness of a collection of social and financial incentive schemes for motivating workers to conduct a qualitative, content analysis task. Overall, workers performed better than chance, but results varied considerably depending on task difficulty. We find that treatment conditions which asked workers to prospectively think about the responses of their peers - …
Reputation As Property In Virtual Economies, Joseph Blocher
Reputation As Property In Virtual Economies, Joseph Blocher
Faculty Scholarship
No abstract provided.
Keynote Address: The Case For A Market Liquidity Provider Of Last Resort, Steven L. Schwarcz
Keynote Address: The Case For A Market Liquidity Provider Of Last Resort, Steven L. Schwarcz
Faculty Scholarship
This short paper, prepared as a keynote address, explains why the credit crunch is fundamentally a story about financial markets, not banks. Its cause was a collapse of securitization and other debt markets, which have become major sources of financing for consumers and companies. Deprived of this financing, consumers have had difficulty purchasing homes and automobiles, and companies have had difficulty purchasing inventory and making capital investments, causing the real economy to shrink. This paper examines how these financial markets should be protected. Although already subject to many prescriptive regulatory protections, these markets evolve faster than regulation can adapt. The …
Corn Futures: Consumer Politics, Health, And Climate Change, Jedediah Purdy, James Salzman
Corn Futures: Consumer Politics, Health, And Climate Change, Jedediah Purdy, James Salzman
Faculty Scholarship
The Mexicans have long been known as the Corn People, but that label perhaps provides a better fit for modern day Americans. The simple seeds of corn play a fundamental role unprecedented in the history of human agriculture. Corn now underpins two major sectors, arguably the two most important sectors, of our modern economy - food supply and energy supply. How we choose to consume this seed has far-ranging consequences for pressing issues as far apart as climate change and diabetes, energy policy and immigration, tropical deforestation and food riots.
Partially Odious Debts?, Omri Ben-Shahar, Mitu Gulati
Partially Odious Debts?, Omri Ben-Shahar, Mitu Gulati
Law and Contemporary Problems
Ben-Shahar borrows from a rich private-law tradition to explore the treatment of odious debt as a problem analogous to allocation of liability in private law. Drawing on the economic analysis of private law, it develops insights as to the structure of an optimal liability scheme. Under this approach, liability is imposed not on the basis of some intrinsic judgment as to the parties' relative blameworthiness, but rather in a forward-looking fashion, on parties who are best suited to take actions to prevent the loss. In addition, liability is imposed on a magnitude tailored to induce an optimal level of precautionary …
The Law And Economics Of Identity, Rafael Gely
The Law And Economics Of Identity, Rafael Gely
Duke Journal of Gender Law & Policy
"24 Social norms, for example, have long had an important impact on gender roles in employment specifically with respect to work/family concerns.25 Moreover, one of the central conclusions of the famous Hawthorne experiments of the 1930s26 was that employee work effort is significantly influenced by the norms of the employee's workgroup with respect to what constitutes an appropriate work level or output.27 Applying this analysis, employees are deemed not "irrational" when they don't increase output in response to increased employer incentive pay; they are simply responding to workplace social norms-i.e., they don't want to be ostracized by fellow employees as …
An Economic Analysis Of The Religious Freedom Restoration Act, Travis C. Wheeler
An Economic Analysis Of The Religious Freedom Restoration Act, Travis C. Wheeler
Law and Contemporary Problems
As an attempt by Congress to overturn a Supreme Court ruling by statute, the Religious Freedom Restoration Act (RFRA), although passed by a congressional landslide, was one of the most controversial pieces of legislation passed during Bill Clinton's presidency. Wheeler examines RFRA from a law and economics perspective to show that, as a method by which Congress attempted to impose its definition of a constitutional right upon the courts, the Act was inefficient.
Cruel, Mean, Or Lavish? Economic Analysis, Price Discrimination And Digital Intellectual Property, James Boyle
Cruel, Mean, Or Lavish? Economic Analysis, Price Discrimination And Digital Intellectual Property, James Boyle
Faculty Scholarship
No abstract provided.
Dealing With A Non-Ergodic World: Institutional Economics, Property Rights, And The Global Environment, Douglass C. North
Dealing With A Non-Ergodic World: Institutional Economics, Property Rights, And The Global Environment, Douglass C. North
Duke Environmental Law & Policy Forum
No abstract provided.
Damages, Deterrence, And Antitrust—A Comment On Cooter, A. Douglas Melamed
Damages, Deterrence, And Antitrust—A Comment On Cooter, A. Douglas Melamed
Law and Contemporary Problems
Melamed offers a comment on Robert D. Cooter's article on punitive damages. Melamed relates the concept of antitrust to Cooter's valuable insights.
Punitive Damages, Social Norms, And Economic Analysis, Robert D. Cooter
Punitive Damages, Social Norms, And Economic Analysis, Robert D. Cooter
Law and Contemporary Problems
Cooter offers an economic analysis of punitive damages, keeping in mind the role of social norms. Liability for compensatory damages provides efficient incentives for self-monitoring.
Of Characterization And Other Matters: Thoughts About Multiple Damages, G. Robert Blakey
Of Characterization And Other Matters: Thoughts About Multiple Damages, G. Robert Blakey
Law and Contemporary Problems
Blakey argues that economic analysis in the courts must be substantially supported by other insights, say from ethics or history.
Commodity Exchanges And The Privatization Of The Agricultural Sector In The Commonwealth Of Independent States—Needed Steps In Creating A Market Economy, Alexander Belozertsev, Jerry W. Markham
Commodity Exchanges And The Privatization Of The Agricultural Sector In The Commonwealth Of Independent States—Needed Steps In Creating A Market Economy, Alexander Belozertsev, Jerry W. Markham
Law and Contemporary Problems
Pre-revolutionary commodities exchanges in Russia and their extinguishment by the Bolsheviks are examined, and the role thereafter by Soviet central planners in the distribution, import and export of agricultural commodities is described. It is argued that the privatization process in the CIS must include incentives for the development of an exchange system for agricultural goods.
The Role Of Economic Analysis In Shaping Environmental Policy, Arthur Fraas
The Role Of Economic Analysis In Shaping Environmental Policy, Arthur Fraas
Law and Contemporary Problems
The experience of the US in using economic analysis to develop environmental policy is examined. Regulatory actions needed to create environmental benefits often impose substantial costs--both direct costs and indirect effects on other social goals--so it is important to consider all the effects of proposed initiatives Before imposing regulations.
Fairness And A Consumption-Type Or Cash Flow Personal Income Tax, Alvin C. Warren Jr.
Fairness And A Consumption-Type Or Cash Flow Personal Income Tax, Alvin C. Warren Jr.
Faculty Scholarship
No abstract provided.
Book Review, Paul D. Carrington