Law Commons^™

An Economic Theory Of The Duty To Bargain, Keith N. Hylton

Faculty Scholarship

Professor Hylton's paper presents an economic theory of the duty to bargain in good faith under the National Labor Relations Act. The duty to bargain alters bargaining incentives in two ways. First, it imposes a duty to disclose relevant information on the informationally advantaged party. Second, by conditioning the right to act unilaterally on satisfaction of bargaining obligations, the duty to bargain brings about a partial reallocation of the parties' entitlements. This partial reallocation increases the potential gains from honest contracting relative to the benefits of exploiting an informational advantage and thus alters incentives in a way that makes honest …

Designing A Hybrid Income-Consumption Tax, Michael S. Knoll

All Faculty Scholarship

No abstract provided.

Tax Harmonization And Coordination In Europe And America, Stephen Utz

Faculty Articles and Papers

No abstract provided.

Way We Live Now: A Discussion Of Contracts And Domestic Arrangements, The, Carol Weisbrod

Faculty Articles and Papers

No abstract provided.

"A Nation Of Thieves": Securing Black People's Right To Shop And To Sell In White America, Regina Austin

All Faculty Scholarship

No abstract provided.

Controlling The Dark Side Of Relational Investing, Edward B. Rock

All Faculty Scholarship

No abstract provided.

Urban Revitalization And Community Finance: An Introduction, Peter R. Pitegoff

Faculty Publications

"In his 1933 poem Burn the Cities, Nathanael West, the iconoclastic American novelist and urban radical, portrays the city as a focal point of discontent and of anguish for the world's predicament.2 From Jerusalem to Paris and finally to London, the poem winds through distressing urban imagery with scant opportunity for escape. The implicit modicum of hope is an overthrow of the present order. From older cities abroad, West imports an apocalyptic vision of cities at home."

Legal Foundations And Institutional Framework Of The Monetary Union In Europe And In The United States, Johan Van Den Cruijce

LLM Theses and Essays

An economic and monetary union (EMU) is an area where there is complete freedom of movement of persons, goods, services, and capital. The financial markets in an EMU are completely integrated while the national currencies are conventional and have fixed exchange rates. Ultimately the national currencies may be replaced by a common currency and there will be one monetary policy. The EMU is considered to be the highest form of economic integration. This paper examines two examples of a monetary union; the first part focuses on the blueprint for a European monetary union as laid out in the Treaty on …

Liberalization Of India’S Trade And Investment Policies: Pitfalls And Advantages For U.S. Firms Doing Business In India, Sanjiv Verma

LLM Theses and Essays

A rich history of trade and commerce ties America to India. This paper examines the contemporary trade issues between America and India, particularly in light of recent economic reforms in India. It inquires into and analyzes the various advantages India can provide for US businesses as a foreign investment destination. Various barriers to trade between these two nations are identified, such as tariff and nontariff barriers, quota restrictions, and infrastructural and social barriers. This paper gives a brief overview of some of the recent economic policy changes in India, suggests legislative and policy improvements required to attract more US investments …

Authority, Community And The Civil Law Commentary: An Example From German Competition Law, David J. Gerber

All Faculty Scholarship

No abstract provided.

Constitutionalizing The Economy: German Neo-Liberalism, Competition Law And The "New" Europe, David J. Gerber

All Faculty Scholarship

No abstract provided.

Rethinking The Line Between Corporate Law And Corporate Bankruptcy, David A. Skeel Jr.

All Faculty Scholarship

No abstract provided.

"An Honest Living": Street Vendors, Municipal Regulation, And The Black Public Sphere, Regina Austin

All Faculty Scholarship

No abstract provided.

State Succession And The International Financial Institutions: Political Criteria V. Protection Of Outstanding Financial Obligations, Paul Williams

Articles in Law Reviews & Other Academic Journals

No abstract provided.

Searching For Gatt's Environmental Miranda, William Snape

Articles in Law Reviews & Other Academic Journals

INTRODUCTION: While the clairvoyant may have anticipated it earlier, the policy struggle between environmental protection and liberal trade effectively began in August 1991. That month, as has been recounted numerous times, a General Agreement on Tariffs and Trade (GATT) arbitral panel declared that provisions of the U.S. Marine Mammal Protection Act (MMPA) were contrary to existing GATT rules. Although the panel's decision had several distinct legal elements, the crux of the dispute brought by the government of Mexico-and the basis of the panel's decision-was the U.S. executive's mandate to ban the importation of certain tuna caught by a fishing technique …

Thinking To Be Paid Versus Being Paid To Think, Merritt B. Fox

Faculty Scholarship

In the first chapter of The Economic Structure of Corporate Law, Frank Easterbrook and Daniel Fischel make an arresting statement:

... [P]eople who are backing their beliefs with cash are correct; they have every reason to avoid mistakes, while critics (be they academics or regulators) are rewarded for novel rather than accurate beliefs. Market professionals who estimate these things wrongly suffer directly; academics and regulators who estimate wrongly do not pay a similar penalty. Persons who wager with their own money may be wrong, but they are less likely to be wrong than are academics and regulators, who are wagering …

Chaos And The Law Of Borrowed Servant: An Argument For Consistency, J. Dennis Hynes

Publications

No abstract provided.

Appendix: The Sleeves From Our Vest: Naming A Perpetuities Non-Event, Mark Reutlinger, John Weaver

Faculty Articles

Professors Mark Reutlinger and John Weaver examine the conceptual dilemma that Professor Reutlinger encountered in the course of developing the series of diagrams to illustrate the Rule Against Perpetuities described in the accompanying article. To describe it briefly (if not simply), the perpetuities period for a special or testamentary power of appointment begins when the power is created (not exercised), and it ends when the appointed interest vests. Applying the "relation back" doctrine, the appointment is treated, for perpetuities purposes, as if it were a gift by the donor, rather than the donee. Under the "second look" doctrine, however, one …

Comment On Jana Singer's Alimony And Efficiency, Margaret F. Brinig

Journal Articles

I propose to make three comments on Professor Singer's article. First, I will present my views on the limitations of law and economics when applied to family law. Second, I will discuss why specialization between husbands and wives is not necessarily efficient, and perhaps not even the best use of law and economics in the study of the family. Finally, and perhaps most controversially, I will question whether there are gender differences that should impact alimony law.

Systemische Und Fallbezogene Losungsansatze Fur Marktversagen Bei Immaterialgutern (Systemic And Case-By-Case Responses To Failures In Markets For Tangible Goods), Wendy J. Gordon

Faculty Scholarship

Diese Abhandlung versucht, verschiedene Probleme des Immaterialgüterrechts zu vereinheitlichen, indem von einer einzigen Perspektive ausgegangen wird, nämlich der des Marktversagens. Aus ökonomischer Sicht sollte die Frage, ob Immaterialgüterschutz für eine bestimmte Branche oder ein bestimmtes lmmaterialgut gewährt werden sollte, zum Großteil von einem komparativen Institutionen- Ansatz abhängen. Mit anderen Worten, eine Analyse, ob die Einführung von Immaterialgüterrechten allokationseffizient ist, befaßt sich mit der Frage, ob die Unvollkommenheiten einer Rechtsordnung mit Immaterialgüterschutz mehr oder weniger kostspielig wären als jene Unvollkommenheiten, die ansonsten bestünden. Obwohl es sich hierbei letztlich um eine empirische Frage handelt, ist es doch möglich, einige plausible Hypothesen aufzustellen. …

The Limits Of Preference-Based Legal Policy, Herbert J. Hovenkamp

All Faculty Scholarship

America's political institutions are built on the principle that individual preferences are central to the formation of policy. The two most important institutions in our system, democracy and the market, make individual preference decisive in the formation of policy and the allocation of resources. American legal traditions have always reflected the centrality of preference in policy determination. In private law, the importance of preference is reflected mainly in the development and persistence of common-law rules, which are intended to facilitate private transactions over legal entitlements. In constitutional law, the centrality of preference is reflected in the high position we assign …

Relationship Investing: Will It Happen? Will It Work?, Jill E. Fisch

All Faculty Scholarship

No abstract provided.

A Property-Based Theory Of Security Interests: Taking Debtor's Choices Seriously, Steven L. Harris, Charles W. Mooney Jr.

All Faculty Scholarship

No abstract provided.

Multiple Litigants With A Public Good Remedy, Robert Marshall, Michael J. Meurer, Jean-Francois Richard

Faculty Scholarship

Potential bidders are frequently excluded from participation in a federal procurement by the mandatory specifications or evaluation criteria in the bid solicitation. For certain procurements aggrieved bidders can protest inappropriate exclusions to a quasi-judicial board. We present a model where there are multiple potential litigants and the remedy is a public good. Equilibrium litigation can arise without decision errors by the court or information asymmetries. We show that protests can deter inappropriate exclusions but can also lead to undesirable settlement agreements. The free-rider problem created by the public good remedy can also cause voluntary revisions of an excessively restrictive bid …

A Contractual Approach To Data Privacy, Stephanos Bibas

All Faculty Scholarship

No abstract provided.

Solving The Judgment-Proof Problem, Kyle D. Logue

Articles

A tortfeasor who cannot fully pay for the harms that it causes is said to be "judgment proof." Commentators have long recognized that the existence of judgment-proof tortfeasors seriously undermines the deterrence and insurance goals of tort law. The deterrence goal is undermined because, irrespective of the liability rule, judgment-proof tortfeasors will not fully internalize the costs of the accidents they cause. The insurance goal will be undermined to the extent that the judgment-proof tortfeasor will not be able to compensate fully its victims and that first-party insurance markets do not provide an adequate response. Liability insurance can ameliorate these …

Criminal Penalties Under The Sherman Act: A Study Of Law And Economics, Kenneth G. Dau-Schmidt, Joseph Gallo, Charles Parker, Joseph Craycraft

Articles by Maurer Faculty

This paper presents an empirical analysis of criminal antitrust prosecutions undertaken by the Department of Justice during the period 1955-1993. The authors report data on the number of criminal cases, the type of offense alleged, whether the defendants were individuals or firms, the position individual defendants held in their firm, the Department of Justice's won/lost record and the nature and amount of any sanctions imposed. A brief discussion of whether the reported sanctions have been adequate to promote efficient deterrence is also presented.

Recovery For Economic Loss Following The Exxon Valdez Oil Spill, Victor P. Goldberg

Faculty Scholarship

The physical cleanup following one of the worst oil spills in history, that of the Exxon Valdez, is done. The legal cleanup, however, has barely begun. Over 100 law firms participating in over 200 suits in federal and state courts involving more than 30,000 claims are presently engaged in litigation. Fishermen, cannery workers, fishing lodges, tour boat operators, oil companies whose shipments were delayed, and even California motorists facing higher gasoline prices have filed claims against Exxon and its fellow defendants.

Most claimants face a formidable roadblock, the so-called Robins doctrine. Under Robins Dry Dock & Repair Co. v. Flint …

Contract Renegotiation, Mechanism Design, And The Liquidated Damages Rule, Eric L. Talley

Faculty Scholarship

The common law practice of refusing to enforce contractual penalties has long mystified law and economics scholars. After critiquing the prevailing law and economics analyses of the common law rule, Eric L. Talley reevaluates the penalty doctrine using the game theoretic technique of mechanism design, which facilitates the analysis of multiparty bargaining situations under various assumptions. Using this technique to model the allocational consequences of various enforcement regimes that courts might adopt with respect to stipulated damages clauses, Mr. Talley finds that penalty nonenforcement can increase economic efficiency by discouraging strategic behavior by the parties, thereby inducing more efficient contract …

Solomonic Bargaining: Dividing A Legal Entitlement To Facilitate Coasean Trade, Ian Ayres, Eric Talley

Faculty Scholarship

It is a common argument in law and economics that divided ownership can create or exacerbate strategic behavior. For instance, when several persons own the land designated for a proposed stadium, individual sellers may "hold out" for a disproportionate share of the gains from trade. Alternatively, when building a public library would benefit multiple residents, individual buyers may "free ride" on the willingness of others to pay for its construction. Such transaction costs of collective action fall under a variety of analytic rubrics, including the "tragedy of the commons" and the theory of "public goods." Nonetheless, each example of market …