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Full-Text Articles in Law

The Market As Negotiation, Rebecca E. Hollander-Blumoff, Matthew T. Bodie Jan 2021

The Market As Negotiation, Rebecca E. Hollander-Blumoff, Matthew T. Bodie

All Faculty Scholarship

Our economic system counts on markets to allocate most of our societal resources. The law often treats markets as discrete entities, with a native intelligence and structure that provides clear answers to questions about prices and terms. In reality, of course, markets are much messier—they are agglomerations of negotiations by individual parties. Despite theoretical and empirical work on markets and on negotiation, legal scholars have largely overlooked the connection between the two areas in considering how markets are constructed and regulated.

This Article brings together scholarship in law, economics, sociology, and psychology to better understand the role that negotiation plays …


The Lost Volume Seller In English Law, Victor P. Goldberg Jan 2018

The Lost Volume Seller In English Law, Victor P. Goldberg

Faculty Scholarship

If a buyer breaches a contract but the market price has remained unchanged, English courts and the treatises have treated the seller as a “lost volume seller.” The seller, it is argued, could have had two sales, not one, so it lost the profit on the second sale. This paper recognizes that the buyer has an option to terminate and that the contract prices that option. The implicit option price of the lost volume remedy results in an absurd contract, setting the option price high when it should be low and vice versa. The default rule ought to be the …


Minority Discounts And Control Premiums In Appraisal Proceedings, Richard A. Booth Marbury Research Professor Of Law Oct 2001

Minority Discounts And Control Premiums In Appraisal Proceedings, Richard A. Booth Marbury Research Professor Of Law

Faculty Scholarship

In a merger, a stockholder often has a statutory right of dissent and appraisal under which the stockholder may demand to be paid fair value exclusive of any gain or loss that may arise from the merger itself. Most courts and commentators agree that a dissenting stockholder should ordinarily receive a pro rata share of the fair value of the corporation without any discount simply because minority shares lack control. In several recent cases, the courts have indicated that a minority stockholder is thus entitled to a share of the control value of the corporation even though the merger does …


Survey Of Czechoslovak Laws Affecting East-West Trade, Stephen J. Vasek Jr. Jan 1972

Survey Of Czechoslovak Laws Affecting East-West Trade, Stephen J. Vasek Jr.

Law Faculty Scholarly Articles

Between 1960 and 1967 all of the major codes of Czechoslovak laws were redrafted. The culminating work in the redrafting process was the New Economic Model (NEM) which became effective in January, 1967. Under the NEM, allocation of resources and trade decisions were to be made primarily on the basis of profitability. The key to the implementation of the profit motive was the new market price system, under which prices were eventually to be determined by supply and demand rather than set by administrative fiat. Bonuses were to be paid workers and managers based upon the profitability of their enterprise. …