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Articles 1 - 5 of 5
Full-Text Articles in Law
Stalking The Squeeze: Understanding Commodities Market Manipulation, Richard D. Friedman
Stalking The Squeeze: Understanding Commodities Market Manipulation, Richard D. Friedman
Articles
This article addresses the perplexing and important problem of how to distinguish valid, large-scale trading activity from a squeeze. Part I analyzes and reformulates what I will call the price-impact test, according to which manipulation is conduct motivated by its impact on price. This test, I contend, states a necessary but not sufficient condition for characterizing conduct as a squeeze. Part II offers a substantially different test, which I call the modified-sanctions approach. Under this approach, the price-impact test is used as a preliminary safe-harbor standard. The modified-sanctions approach goes further, however, recognizing that the essence of a squeeze is …
Some Implications Of Cognitive Psychology For Risk Regulation, Roger G. Noll, James E. Krier
Some Implications Of Cognitive Psychology For Risk Regulation, Roger G. Noll, James E. Krier
Articles
Beginning with a set of books and articles published in the 1950s, cognitive psychologists have developed a new descriptive theory of how people make decisions under conditions of risk and uncertainty. A dominant theme in the theory is that most people do not evaluate risky circumstances in the manner assumed by conventional decision theory-they do not, that is, seek to maximize the expected value of some function when selecting among actions with uncertain outcomes. The purpose of this article is to consider some implications of the cognitive theory for regulatory policies designed to control risks to life, health, and the …
Generalization In Interpretive Theory, Joseph Vining
Generalization In Interpretive Theory, Joseph Vining
Articles
There are arguments at large about the nature of legal interpretation, proceeding from an implicit proposition that interpretation is the same phenomenon or experience whatever its setting. An assumption that there is one phenomenon can be found in discussions among lawyers of interpretation and in discussions among nonlawyers of legal interpretation-and as often in the work of those who would deny there is any significance to theorizing about interpretation, as of those who think persuasion to a particular theory will have the utmost consequence for law and society. Proceeding from such a proposition, rather than toward it, raises the risk …
Risk And Design, James E. Krier
Risk And Design, James E. Krier
Articles
Risk springs from uncertainty,' uncertainty invites error, and, since error can be costly, we would prefer to avoid it (provided, of course, that avoidance is not more costly yet). While there is much in the Noll and Krier article2 about judgmental error under conditions of risk and uncertainty, there is little about ways to avoid it. So avoidance-more accurately, minimization-of error costs is the topic I want to address very briefly and partially here.
Risk, Courts, And Agencies, Clayton P. Gillette, James E. Krier
Risk, Courts, And Agencies, Clayton P. Gillette, James E. Krier
Articles
Public risks are precisely the risks that have recently captured the attention of the legal community and the world at large, in no small part because they give rise to such novel problems for lawyers and such grave apprehensions among lay people. Public risks have moved the legal system to relax doctrines--regarding, for example, standards of causation and culpability, burdens of proof, sharing of liability--that were designed to deal with the private risks that once dominated the landscape. And public risks have moved lay people to intensify their demands for risk control measures. These developments suggest that public risks are …