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Law and Economics

University of Colorado Law School

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Full-Text Articles in Law

Pandemic Emotions: The Good, The Bad, And The Unconscious —Implications For Public Health, Financial Economics, Law, And Leadership, Peter H. Huang Jan 2021

Pandemic Emotions: The Good, The Bad, And The Unconscious —Implications For Public Health, Financial Economics, Law, And Leadership, Peter H. Huang

Articles

Pandemics lead to emotions that can be good, bad, and unconscious. This Article offers an interdisciplinary analysis of how emotions during pandemics affect people’s responses to pandemics, public health, financial economics, law, and leadership. Pandemics are heart-breaking health crises. Crises produce emotions that impact decision-making. This Article analyzes how fear and anger over COVID-19 fueled anti-Asian and anti-Asian American hatred and racism. COVID-19 caused massive tragic economic, emotional, mental, physical, and psychological suffering. These difficulties are interconnected and lead to vicious cycles. Fear distorts people’s decision readiness, deliberation, information acquisition, risk perception, and thinking. Distortions affect people’s ...


Copyright And Economic Viability: Evidence From The Music Industry, Kristelia García, James Hicks, Justin Mccrary Jan 2020

Copyright And Economic Viability: Evidence From The Music Industry, Kristelia García, James Hicks, Justin Mccrary

Articles

Copyright provides a long term of legal excludability, ostensibly to encourage the production of new creative works. How long this term should last, and the extent to which current law aligns with the economic incentives of copyright owners, has been the subject of vigorous theoretical debate. We investigate the economic viability of content in a major content industry—commercial music—using a novel longitudinal dataset of weekly sales and streaming counts. We find that the typical sound recording has an extremely short commercial half-life—on the order of months, rather than years or decades—but also see evidence that subscription ...


Can You Hear Me Later And Believe Me Now? Behavioral Law And Economics Of Chronic Repeated Ambient Acoustic Pollution Causing Noise-Induced (Hidden) Hearing Loss, Peter H. Huang, Kelly J. Poore Jan 2020

Can You Hear Me Later And Believe Me Now? Behavioral Law And Economics Of Chronic Repeated Ambient Acoustic Pollution Causing Noise-Induced (Hidden) Hearing Loss, Peter H. Huang, Kelly J. Poore

Articles

This Article analyzes the public health issues of Noise-Induced Hearing Loss (“NIHL”) and Noise-Induced Hidden Hearing Loss (“NIHHL”) due to Chronic Repeated Ambient Acoustic Pollution (“CRAAP”). This Article examines the clinical and empirical medical data about NIHL and NIHHL and its normative implications. It applies behavioral law and economics and information economics to advance legal policies to reduce CRAAP. Finally, this Article advocates changing individual and social attitudes about deafness and hearing loss to raise political awareness and social consciousness about NIHL and NIHHL. One way to change our attitudes is by practicing compassion, empathy, and kindness, including Loving-Kindness Mindfulness ...


Monetizing Infringement, Kristelia García Jan 2020

Monetizing Infringement, Kristelia García

Articles

The deterrence of copyright infringement and the evils of piracy have long been an axiomatic focus of both legislators and scholars. The conventional view is that infringement must be curbed and/or punished in order for copyright to fulfill its purported goals of incentivizing creation and ensuring access to works. This Essay proves this view false by demonstrating that some rightsholders don’t merely tolerate, but actually encourage infringement, both explicitly and implicitly, in a variety of different situations and for one common reason: they benefit from it. Rightsholders’ ability to monetize infringement destabilizes long-held but problematic assumptions about both ...


Against Regulatory Stimulus, Erik F. Gerding Jan 2020

Against Regulatory Stimulus, Erik F. Gerding

Articles

With political constraints on fiscal responses and monetary policy confronting the zero lower bound, policymakers may be tempted to turn to financial deregulation as a tool to stimulate economic growth in a recession, a strategy I label “regulatory stimulus.” This article creates a framework for answer two questions: first, whether and when regulatory stimulus is effective in promoting macroeconomic growth, particularly in a severe recession or liquidity trap; and second, if regulatory stimulus is effective, whether it is worth the potential trade-offs in terms of longer-term macroeconomic policy objectives.

Ultimately, I find grounds for skepticism that financial deregulation can effectively ...


Super-Statutory Contracting, Kristelia García Jan 2020

Super-Statutory Contracting, Kristelia García

Articles

The conventional wisdom is that property rules induce more—and more efficient—contracting, and that when faced with rigid property rules, intellectual property owners will contract into more flexible liability rules. A series of recent, private copyright deals show some intellectual property owners doing just the opposite: faced with statutory liability rules, they are contracting for more protection than that dictated by law, something this Article calls “super-statutory contracting”—either by opting for a stronger, more tailored liability rule, or by contracting into property rule protection. Through a series of deal analyses, this Article explores this counterintuitive phenomenon, and updates ...


Remutualization, Erik F. Gerding Jan 2020

Remutualization, Erik F. Gerding

Articles

Policymakers need to rediscover the organizational form of business entity as a tool of financial regulation. Recent and classic scholarship has produced evidence that financial institutions organized as alternative entity forms – including investment bank partnerships and banks and insurance companies organized as mutual or cooperatives – tend to take less risk, exploit customers/consumer less, or commit less misconduct compared to counterparts organized as investor-owned corporations. This article builds off the work of Hill and Painter on investment banks organized as partnerships, Hansmann on the history and economics of banks and insurance companies organized as mutuals and cooperatives, and other scholars ...


A Reconsideration Of Copyright's Term, Kristelia A. García, Justin Mccrary Jan 2019

A Reconsideration Of Copyright's Term, Kristelia A. García, Justin Mccrary

Articles

For well over a century, legislators, courts, lawyers, and scholars have spent significant time and energy debating the optimal duration of copyright protection. While there is general consensus that copyright’s term is of legal and economic significance, arguments both for and against a lengthy term are often impressionistic. Utilizing music industry sales data not previously available for academic analysis, this Article fills an important evidentiary gap in the literature. Using recorded music as a case study, we determine that most copyrighted music earns the majority of its lifetime revenue in the first five to ten years following its initial ...


Privatizing The Reservation?, Kristen A. Carpenter, Angela R. Riley Jan 2019

Privatizing The Reservation?, Kristen A. Carpenter, Angela R. Riley

Articles

The problems of American Indian poverty and reservation living conditions have inspired various explanations. One response advanced by some economists and commentators, which may be gaining traction within the Trump Administration, calls for the “privatization” of Indian lands. Proponents of this view contend that reservation poverty is rooted in the federal Indian trust arrangement, which preserves the tribal land base by limiting the marketability of lands within reservations. In order to maximize wealth on reservations, policymakers are advocating for measures that would promote the individuation and alienability of tribal lands, while diminishing federal and tribal oversight.

Taking a different view ...


Savior Of Rural Landscapes Or Solomon's Choice? Colorado's Experiment With Alternative Water Transfer Methods For Water (Atms), Lisa Dilling, John Berggren, Jennifer Henderson, Douglas Kenney Jan 2019

Savior Of Rural Landscapes Or Solomon's Choice? Colorado's Experiment With Alternative Water Transfer Methods For Water (Atms), Lisa Dilling, John Berggren, Jennifer Henderson, Douglas Kenney

Articles

This article focuses on the emerging landscape for Alternative Transfer Methods (ATMs) in Colorado, USA. ATMs are developing within a legal landscape of water rights governed by prior appropriation law, growing demand for water in urban centers driven by population growth, and an aging rural farm population whose most valuable asset may include senior water rights. Rural-urban water transfers in the past have been linked to the collapse of rural economies if pursued to the extreme extent of “buy-and-dry,” where water rights were purchased outright and permanently removed from agricultural land (e.g. Crowley County). This article focuses on the ...


Copyright Arbitrage, Kristelia A. Garcia Jan 2019

Copyright Arbitrage, Kristelia A. Garcia

Articles

Regulatory arbitrage—defined as the manipulation of regulatory treatment for the purpose of reducing regulatory costs or increasing statutory earnings—is often seen in heavily regulated industries. An increase in the regulatory nature of copyright, coupled with rapid technological advances and evolving consumer preferences, have led to an unprecedented proliferation of regulatory arbitrage in the area of copyright law. This Article offers a new scholarly account of the phenomenon herein referred to as “copyright arbitrage.”

In some cases, copyright arbitrage may work to expose and/or correct for an extant gap or inefficiency in the regulatory regime. In other cases ...


Mandatory Disclosure In Primary Markets, Andrew A. Schwartz Jan 2019

Mandatory Disclosure In Primary Markets, Andrew A. Schwartz

Articles

Mandatory disclosure—the idea that companies must be legally required to disclose certain, specified information to public investors—is the first principle of modern securities law. Despite the high costs it imposes, mandatory disclosure has been well defended by legal scholars on two theoretical grounds: ‘Agency costs’ and ‘information underproduction.’ While these two concepts are a good fit for secondary markets (where investors trade securities with one another), this Article shows that they are largely irrelevant in the context of primary markets (where companies offer securities directly to investors). The surprising result is that primary offerings—such as an IPO ...


The Gatekeepers Of Crowdfunding, Andrew A. Schwartz Jan 2018

The Gatekeepers Of Crowdfunding, Andrew A. Schwartz

Articles

Securities crowdfunding is premised on two core policy goals: inclusivity and efficiency. First, crowdfunding is conceived as an inclusive system where all entrepreneurs are given a chance to pitch their idea to the "crowd." Second, crowdfunding is supposed to be an efficient way to channel funds from public investors to promising startup companies. There is a fundamental tension between these two policy goals, however. A totally inclusive system would ensure that platforms list any and every company that wants to participate. But platforms need to curate and select the companies they list in order to establish a reputation as a ...


Adventures In Higher Education, Happiness, And Mindfulness, Peter H. Huang Jan 2018

Adventures In Higher Education, Happiness, And Mindfulness, Peter H. Huang

Articles

This Article recounts my unique adventures in higher education, including being a Princeton University freshman mathematics major at age 14, Harvard University applied mathematics graduate student at age 17, economics and finance faculty at multiple schools, first-year law student at the University of Chicago, second- and third-year law student at Stanford University, and law faculty at multiple schools. This Article also candidly discusses my experiences as student and professor and openly shares how I achieved sustainable happiness by practicing mindfulness to reduce fears, rumination, and worry in facing adversity, disappointment, and setbacks. This Article analyzes why law schools should teach ...


Beyond Brooke Group: Bringing Reality To The Law Of Predatory Pricing, C. Scott Hemphill, Philip J. Weiser Jan 2018

Beyond Brooke Group: Bringing Reality To The Law Of Predatory Pricing, C. Scott Hemphill, Philip J. Weiser

Articles

This Feature offers a roadmap for bringing and deciding predatory pricing cases under the Supreme Court’s restrictive Brooke Group decision. Brooke Group requires a plaintiff to show that the defendant set a price below cost and had a sufficient likelihood of recouping its investment in predation. This framework, which was adopted without any contested presentation of its merits, has endured despite its flaws. Beyond this framework, the Court opined in dicta that predation is implausible.

We identify points of flexibility within the Court’s framework that permit an empirically grounded evaluation of the predation claim. Under the price-cost test ...


Boost: Improving Mindfulness, Thinking, And Diversity, Peter H. Huang Jan 2018

Boost: Improving Mindfulness, Thinking, And Diversity, Peter H. Huang

Articles

Many important decisions can be difficult; require focused, cognitive attention; produce delayed, noisy feedback; benefit from careful and clear thinking; and quite often trigger anxiety, stress, and other strong, negative emotions. Much empirical, experimental, and field research finds that we often make decisions leading to outcomes we judge as suboptimal. These studies have contributed to the popularity of the idea of nudging people to achieve better outcomes by changing how choices and information are framed and presented (also known as choice architecture and information architecture). Although choice architecture and information architecture can nudge people into better outcomes, choice architecture and ...


Feeding The Eco-Consumer, Alexia Brunet Marks Jan 2018

Feeding The Eco-Consumer, Alexia Brunet Marks

Articles

There is a lot of talk about making our food system more “sustainable,” and eco-consumers — those who consider environmental sustainability as an important purchasing priority — are making themselves heard. This growing consumer segment is rapidly gaining national attention for moving more sustainable products to the market, and for its willingness to pay more for these options. However, while economists normally predict that higher prices lead profit-minded suppliers to enter a market to meet a new and growing demand, this transition is not occurring at the pace one would expect.

This Article argues that land tenure status — whether a farmer rents ...


The Economics Of American Higher Education In The New Gilded Age, Paul Campos Jan 2018

The Economics Of American Higher Education In The New Gilded Age, Paul Campos

Articles

No abstract provided.


The Evolution Of Entrepreneurial Finance: A New Typology, J. Brad Bernthal Jan 2018

The Evolution Of Entrepreneurial Finance: A New Typology, J. Brad Bernthal

Articles

There has been an explosion in new types of startup finance instruments. Whereas twenty years ago preferred stock dominated the field, startup companies and investors now use at least eight different instruments—six of which have only become widely used in the last decade. Legal scholars have yet to reflect upon the proliferation of instrument types in the aggregate. Notably missing is a way to organize instruments into a common framework that highlights their similarities and differences.

This Article makes four contributions. First, it catalogues the variety of startup investment forms. I describe novel instruments, such as revenue-based financing, which ...


Disruptive Platforms, Margot Kaminski Jan 2017

Disruptive Platforms, Margot Kaminski

Articles

No abstract provided.


Entrepreneurial Administration, Philip J. Weiser Jan 2017

Entrepreneurial Administration, Philip J. Weiser

Articles

A core failing of today’s administrative state and modern administrative law scholarship is the lack of imagination as to how agencies should operate. On the conventional telling, public agencies follow specific grants of regulatory authority, use the traditional tools of notice-and-comment rulemaking and adjudication, and are checked by judicial review. In reality, however, effective administration depends on entrepreneurial leadership that spearheads policy experimentation and trial-and-error problem-solving, including the development of regulatory programs that use non-traditional tools.

Entrepreneurial administration takes place both at public agencies and private entities, each of which can address regulatory challenges and earn regulatory authority as ...


Achieving American Retirement Prosperity By Changing Americans' Thinking About Retirement, Peter H. Huang Jan 2017

Achieving American Retirement Prosperity By Changing Americans' Thinking About Retirement, Peter H. Huang

Articles

There are many decisions that Americans have to make about retirement before, at, and after retirement. For example, Americans have to decide when to start saving for retirement, how much to save, how to invest those savings, when to retire, when to claim social security, and how to take required minimum distributions from 401(k) plans or Individual Retirement Accounts. Different things can go wrong at each of these decisions for different reasons. Many Americans, for various reasons, including insufficient energy, money, motivation, time, and understanding, do no retirement planning. Some Americans do some retirement planning, yet worry they are ...


The Energy Prosumer, Sharon B. Jacobs Jan 2016

The Energy Prosumer, Sharon B. Jacobs

Articles

Decentralization is becoming a dominant trend in many industries, and the electricity industry is no exception. Increasing numbers of energy consumers generate their own electricity and/or provide essential grid services such as storage, efficiency, and demand response. This Article offers a positive account of the emergence of these new energy actors, which it calls "energy prosumers. " It then frames several doctrinal and procedural puzzles that prosumers create, including jurisdictional puzzles, distributional concerns, and democratic challenges. Ultimately, it concludes that prosumers can be a positive disruptive force in the electricity industry if courts and regulators can manage these challenges effectively ...


Facilitating Competition By Remedial Regulation, Kristelia A. García Jan 2016

Facilitating Competition By Remedial Regulation, Kristelia A. García

Articles

In music licensing, powerful music publishers have begun—for the first time ever— to withdraw their digital copyrights from the collectives that license those rights, in order to negotiate considerably higher rates in private deals. At the beginning of the year, two of these publishers commanded a private royalty rate nearly twice that of the going collective rate. This result could be seen as a coup for the free market: Constrained by consent decrees and conflicting interests, collectives are simply not able to establish and enforce a true market rate in the new, digital age. This could also be seen ...


Inside Safe Assets, Anna Gelpern, Erik F. Gerding Jan 2016

Inside Safe Assets, Anna Gelpern, Erik F. Gerding

Articles

“Safe assets” is a catch-all term to describe financial contracts that market participants treat as if they were risk-free. These may include government debt, bank deposits, and asset-backed securities, among others. The International Monetary Fund estimated potential safe assets at more than $114 trillion worldwide in 2011, more than seven times the U.S. economic output that year.

To treat any contract as if it were risk-free seems delusional after apparently super-safe public and private debt markets collapsed overnight. Nonetheless, safe asset supply and demand have been invoked to explain shadow banking, financial crises, and prolonged economic stagnation. The economic ...


The Dialectics Of Bank Capital: Regulation And Regulatory Capital Arbitrage, Erik F. Gerding Jan 2016

The Dialectics Of Bank Capital: Regulation And Regulatory Capital Arbitrage, Erik F. Gerding

Articles

This article outlines the reasons that banks and other financial institutions engage in regulatory capital arbitrage and the techniques they use to do so. Regulatory capital arbitrage describes transactions and structures that firms use to lower the effective regulatory “tax rate” of regulatory capital requirements. To the extent that these regulations force financial institutions to internalize the externalities created by their potential insolvency (including systemic risk externalities), the incentives to engage in regulatory capital arbitrage will persist. Financial institutions employ a range of complex transactions and structures, including securitization, to engage in regulatory capital arbitrage.

The article briefly sketches how ...


The Right To Regulate (Cooperatively), Alexia Brunet Marks Jan 2016

The Right To Regulate (Cooperatively), Alexia Brunet Marks

Articles

The growing number of new technologies in food production— such as nanotechnology, genetic modification, animal cloning, and irradiation—are garnering different regulatory responses around the world. Based on their threshold for tolerating risk, countries are asserting their national right to regulate at home using labeling, quarantine, and outright bans on foods. But domestic regulation has its limits in a free trade environment. Countries that are not mindful of treaty obligations could face legal liability, as seen in the recent litigation between Uruguay and Philip Morris International. In short, traditional models of international regulatory cooperation (IRC) are failing to provide countries ...


Closing Fireside Chat With The Assistant Attorney General For The U.S. Department Of Justice Antitrust Division, William Baer, Philip J. Weiser Jan 2016

Closing Fireside Chat With The Assistant Attorney General For The U.S. Department Of Justice Antitrust Division, William Baer, Philip J. Weiser

Articles

This Closing Fireside Chat was the final session of the 16th annual Silicon Flatirons Center conference, The Digital Broadband Migration: The Evolving Industry Structure of the Digital Broadband Landscape, held on Feb. 1, 2016 in the Wittemyer Courtroom of the University of Colorado Law School.

"At the time this conference was held, William J. Baer was Assistant Attorney General for Antitrust in the United States Department of Justice. On April 17, 2016, President Obama asked Mr. Baer to become Acting Associate Attorney General of the United States. Video of this interview with Assistant Attorney General Baer is available at https ...


Meta-Mindfulness: A New Hope, Peter H. Huang Jan 2016

Meta-Mindfulness: A New Hope, Peter H. Huang

Articles

This Essay starts by tracing its humble origins to an earlier, related and unique law review article, namely, Tiger Cub Strikes Back: Memoirs of an Ex-Child Prodigy About Legal Education and Parenting. This Essay describes various professional responses to Tiger Cub Strikes Back, provides an update of some developments in research about parenting and legal education since Tiger Cub Strikes Back, and recounts a few personal stories about mindfulness and related to being an ex-child prodigy. This Essay then analyzes meta-mindfulness, defined as mindfulness about mindfulness. This Essay discusses how mindfulness about mindfulness can help facilitate the positive transformation of ...


The Forgotten Core Of The Telecommunications Act Of 1996, Philip J. Weiser Jan 2016

The Forgotten Core Of The Telecommunications Act Of 1996, Philip J. Weiser

Articles

No abstract provided.