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Full-Text Articles in Law
Taxation And Risk-Taking With Multiple Tax Rates, David A. Weisbach
Taxation And Risk-Taking With Multiple Tax Rates, David A. Weisbach
Coase-Sandor Working Paper Series in Law and Economics
This paper extends the Domar and Musgrave results concerning the effect of an income tax on risk taking to the case where different tax rates apply to different types of assets. Although the results depend on exactly how the differential tax rates are imposed, as a general matter, an income tax with differential rates can be seen as a tax only on the risk-free rate of return and a fixed ex ante subsidy for purchasing the lower-taxed assets. There are implications for measuring deadweight loss from differential taxation and for spending resources on accurately measuring capital income.
The End Of Bankruptcy, Robert K. Rasmussen, Douglas G. Baird
The End Of Bankruptcy, Robert K. Rasmussen, Douglas G. Baird
Coase-Sandor Working Paper Series in Law and Economics
The law of corporate reorganizations is conventionally justified as a way to preserve a firm’s going-concern value: Specialized assets in a particular firm are worth more together in that firm than anywhere else. This paper shows that this notion is mistaken. Its flaw is that it lacks a well-developed understanding of the nature of a firm. Initially, it is easy to confuse size with specialization and overstate the extent to which assets are dedicated to a particular enterprise. Even when such dedicated assets exist, they often do not need to stay in the same firm. As Coase taught us, as …
Animals As Objects, Or Subjects, Of Rights, Richard A. Epstein
Animals As Objects, Or Subjects, Of Rights, Richard A. Epstein
Coase-Sandor Working Paper Series in Law and Economics
From the earliest times, animals were understood as object of human rights. That result did not depend on some limited understanding of their capabilities for cognition and sensation, but rather rested on the strong sense that without domestication human beings could not secure their own advancement. The modern claims for animal rights cannot therefore be justified by an appeal to some newer and deeper understanding of the subject, but must rest on the claim that what they share with human beings is more important than what separates them. Those common elements do justify some level of animal protection but does …
In Defense Of "Old" Public Health: The Legal Framework For The Regulation Of Public Health, Richard A. Epstein
In Defense Of "Old" Public Health: The Legal Framework For The Regulation Of Public Health, Richard A. Epstein
Coase-Sandor Working Paper Series in Law and Economics
The traditional forms of public health law were directly largely toward communicable diseases and other externalities, such as pollution, with negative health impacts. The more modern view treats any health issue as one of public health so long as it effects large numbers of individuals, which would include such matters as obesity and diabetes. Historically, this paper examines the constitutional evolution of the public health principle from the narrower to the broader conception. It then argues that the narrower principle better defines the appropriate scope of coercive government intervention than the broader definition, which could easily authorize those forms of …
Into The Frying Pan: Standing And Privity Under The Telecommunications Act Of 1996 And Beyond, Richard A. Epstein
Into The Frying Pan: Standing And Privity Under The Telecommunications Act Of 1996 And Beyond, Richard A. Epstein
Coase-Sandor Working Paper Series in Law and Economics
No abstract provided.
The Principle And Practice Of Women's "Full Citizenship": A Case Study Of Sex-Segregated Public Education, Jill Elaine Hasday
The Principle And Practice Of Women's "Full Citizenship": A Case Study Of Sex-Segregated Public Education, Jill Elaine Hasday
Public Law and Legal Theory Working Papers
No abstract provided.
Truth In Government: Beyond The Tax Expenditure Budget, Julie Roin
Truth In Government: Beyond The Tax Expenditure Budget, Julie Roin
Coase-Sandor Working Paper Series in Law and Economics
No abstract provided.
Criminal Behavior: Sanctions And Income Taxation: An Economic Analysis, Avraham D. Tabbach
Criminal Behavior: Sanctions And Income Taxation: An Economic Analysis, Avraham D. Tabbach
Coase-Sandor Working Paper Series in Law and Economics
No abstract provided.
Rational Custom, Edward T. Swaine
Rational Custom, Edward T. Swaine
Coase-Sandor Working Paper Series in Law and Economics
No abstract provided.
Separation Of Church And State: A Theologically Liberal, Anti-Catholic, And American Principle, Philip Hamburger
Separation Of Church And State: A Theologically Liberal, Anti-Catholic, And American Principle, Philip Hamburger
Occasional Papers
No abstract provided.
Activists Vote Twice, Joseph Isenbergh
Activists Vote Twice, Joseph Isenbergh
Public Law and Legal Theory Working Papers
No abstract provided.
Conformity And Dissent, Cass R. Sunstein
Conformity And Dissent, Cass R. Sunstein
Public Law and Legal Theory Working Papers
Much of the time, human beings do what others do. This is perfectly sensible, because the actions and statements of other people convey valuable information about what should be done. In addition, most people want the good opinion of others, and this desire promotes conformity. But conformity can lead both groups and institutions in unfortunate and even catastrophic directions. The most serious problem is that by following others, people fail to disclose what they know and believe, thus depriving society of important information. Those who dissent, and who reject the pressures imposed by others, perform valuable social functions, often at …
Hazardous Heuristics, Cass R. Sunstein
Hazardous Heuristics, Cass R. Sunstein
Public Law and Legal Theory Working Papers
New work on heuristics and biases has explored the role of emotions and affect; the idea of “dual processing”; the place of heuristics and biases outside of the laboratory; and the implications of heuristics and biases for policy and law. This review-essay focuses on certain aspects of Heuristics and Biases: The Psychology of Intuitive Judgment, edited by Thomas Gilovich, Dale Griffin, and Daniel Kahneman. An understanding of heuristics and biases casts light on many issues in law, involving jury awards, risk regulation, and political economy in general. Some attention is given to the possibility of “moral heuristics”—rules of thumb, for …
Truth In Government: Beyond The Tax Expenditure Budget, Julie Roin
Truth In Government: Beyond The Tax Expenditure Budget, Julie Roin
Public Law and Legal Theory Working Papers
No abstract provided.
Uncertainty And The Standard For Preliminary Relief, Douglas Gary Lichtman
Uncertainty And The Standard For Preliminary Relief, Douglas Gary Lichtman
Coase-Sandor Working Paper Series in Law and Economics
In deciding whether to issue a preliminary injunction, courts today focus on three factors: the likelihood that plaintiff will ultimately prevail on the merits; the harm defendant will suffer if the injunction is wrongly issued; and the harm plaintiff will suffer if the injunction is wrongly denied. The idea is to account for the possibility that the court might err in its prediction on the merits. If wrongful denial would be particularly harmful and there is a real chance of wrongful denial, the court is more reluctant to deny. By contrast, if wrongful issuance poses the greater threat, the court …
Hazardous Heuristics, Cass R. Sunstein
Hazardous Heuristics, Cass R. Sunstein
Coase-Sandor Working Paper Series in Law and Economics
New work on heuristics and biases has explored the role of emotions and affect; the idea of “dual processing”; the place of heuristics and biases outside of the laboratory; and the implications of heuristics and biases for policy and law. This review-essay focuses on certain aspects of Heuristics and Biases: The Psychology of Intuitive Judgment, edited by Thomas Gilovich, Dale Griffin, and Daniel Kahneman. An understanding of heuristics and biases casts light on many issues in law, involving jury awards, risk regulation, and political economy in general. Some attention is given to the possibility of “moral heuristics”—rules of thumb, for …
A Theory Of The Laws Of War, Eric A. Posner
A Theory Of The Laws Of War, Eric A. Posner
Coase-Sandor Working Paper Series in Law and Economics
The laws of war govern the weapons and tactics that belligerents may use against each other. This paper uses a model of conflict to explain and evaluate the laws of war. In the model a nation’s propensity to engage in conflict is a positive function of the effectiveness of military technology, and a negative function of the destructiveness of technology. Accordingly, in theory nations would want to agree to laws of war that permit destructive weapons and tactics but limit their effectiveness. However, nations with different endowments and resources will enjoy differential advantages, and this makes agreement on specific laws …
Charismatic Code, Social Norms, And The Emergence Of Cooperation On The File-Swapping Networks, Lior Strahilevitz
Charismatic Code, Social Norms, And The Emergence Of Cooperation On The File-Swapping Networks, Lior Strahilevitz
Coase-Sandor Working Paper Series in Law and Economics
No abstract provided.
Conformity And Dissent, Cass R. Sunstein
Conformity And Dissent, Cass R. Sunstein
Coase-Sandor Working Paper Series in Law and Economics
Much of the time, human beings do what others do. This is perfectly sensible, because the actions and statements of other people convey valuable information about what should be done. In addition, most people want the good opinion of others, and this desire promotes conformity. But conformity can lead both groups and institutions in unfortunate and even catastrophic directions. The most serious problem is that by following others, people fail to disclose what they know and believe, thus depriving society of important information. Those who dissent, and who reject the pressures imposed by others, perform valuable social functions, often at …
Does The X-Tax Mark The Spot?, David A. Weisbach
Does The X-Tax Mark The Spot?, David A. Weisbach
Coase-Sandor Working Paper Series in Law and Economics
This paper examines the implementation of two-tier consumption taxes, which are business-level VAT-like taxes with a progressive wage tax at the employee level and a wage credit or deduction at the business level. The focus is on a proposal known as the x-tax. The x-tax has many desirable features, and is worth serious attention. Nevertheless, designing a workable two-tier system will be a challenge. The paper examines three issues in particular. First, the x-tax and all two-tier consumption taxes raise implementation problems because they must be origin-based under the GATT yet origin-based systems, it is argued, have significant avoidance problems. …
From Edison To The Broadcast Flag: Mechanisms Of Consent And Refusal And The Propertization Of Copyright, Randal C. Picker
From Edison To The Broadcast Flag: Mechanisms Of Consent And Refusal And The Propertization Of Copyright, Randal C. Picker
Coase-Sandor Working Paper Series in Law and Economics
Encryption propertizes copyright. Prior to the rise of encryption, intellectual property wasn’t really property. Instead, these rights consisted of rights to sue to block use or seek damages for after-the-fact use. Encryption makes possible before-the-fact limits on use of the sort that we associate with physical property. Copyrighted works are becoming real property in a way that will never happen for trademarks or patents. This essay traces the role of consent and refusal for copyrighted works in the context of mass media entertainment. Early phonograph and movie projector manufacturers sought to limit the use of the equipment to specified music …
Probability Errors: Some Positive And Normative Implications For Tort And Contract Law, Eric A. Posner
Probability Errors: Some Positive And Normative Implications For Tort And Contract Law, Eric A. Posner
Coase-Sandor Working Paper Series in Law and Economics
This paper examines the effect of tort rules on behavior if people are optimistic or insensitive relative to true probabilities. The paper shows that under certain conditions both strict liability and negligence cause levels of care that are higher than, or equal to, what is efficient (rather than lower). The paper also shows that under certain conditions strict liability and negligence cause the same level of activity among optimists (more than is efficient). Other implications for tort law are discussed, as are the sensitivity of the results to the choice of how to model probability errors. Implications for contract law, …
The Rights Of Animals: A Very Short Primer, Cass R. Sunstein
The Rights Of Animals: A Very Short Primer, Cass R. Sunstein
Coase-Sandor Working Paper Series in Law and Economics
Do animals have rights? Almost everyone believes in animal rights, at least in some minimal sense; the real question is what that phrase actually means. By exploring that question, it is possible to give a clear sense of the lay of the land—to show the range of possible positions, and to explore what issues, of theory or fact, separate reasonable people. On reflection, the spotlight should be placed squarely on the issue of suffering and well-being. This position requires rejection of some of the most radical claims by animal rights advocates, especially those that stress the "autonomy" of animals, or …
Avoiding Absurdity? A New Canon In Regulatory Law (With Notes On Interpretive Theory), Cass R. Sunstein
Avoiding Absurdity? A New Canon In Regulatory Law (With Notes On Interpretive Theory), Cass R. Sunstein
Coase-Sandor Working Paper Series in Law and Economics
No abstract provided.
Is The Party Over? The Court And The Political Process, Elizabeth Garrett
Is The Party Over? The Court And The Political Process, Elizabeth Garrett
Public Law and Legal Theory Working Papers
No abstract provided.
The Rights Of Animals: A Very Short Primer, Cass R. Sunstein
The Rights Of Animals: A Very Short Primer, Cass R. Sunstein
Public Law and Legal Theory Working Papers
Do animals have rights? Almost everyone believes in animal rights, at least in some minimal sense; the real question is what that phrase actually means. By exploring that question, it is possible to give a clear sense of the lay of the land—to show the range of possible positions, and to explore what issues, of theory or fact, separate reasonable people. On reflection, the spotlight should be placed squarely on the issue of suffering and well-being. This position requires rejection of some of the most radical claims by animal rights advocates, especially those that stress the “autonomy” of animals, or …
Terrorism And Insurance Markets: A Role For The Government As Insurer?, Alan O. Sykes, Anne Gron
Terrorism And Insurance Markets: A Role For The Government As Insurer?, Alan O. Sykes, Anne Gron
Coase-Sandor Working Paper Series in Law and Economics
Since September 11, 2001, insurance markets have been struggling to adjust to new information about the magnitude of risks posed by terrorism, and to the loss of tens of billions of dollars in reserves because of claims relating to the September 11 attacks. Insurance coverage for terror-related losses has become more expensive and for some risks difficult or impossible to obtain. As a result, various interest groups have called for the Federal government to provide coverage for terrorism losses, and proposals for increased government involvement are moving forward in Washington. We question the wisdom of any further measures of this …
Indefinitely Renewable Copyright, Richard A. Posner, William M. Landes
Indefinitely Renewable Copyright, Richard A. Posner, William M. Landes
Coase-Sandor Working Paper Series in Law and Economics
No abstract provided.
Interpretation And Institutions, Cass R. Sunstein, Adrian Vermeule
Interpretation And Institutions, Cass R. Sunstein, Adrian Vermeule
Coase-Sandor Working Paper Series in Law and Economics
To evaluate theories of interpretation, it is necessary to focus on institutional considerations—to ask how actual judges would use any proposed approach, and to investigate the possibility that an otherwise appealing approach will have unfortunate dynamic effects on private and public institutions. Notwithstanding this point, blindness to institutional considerations is pervasive. It can be found in the work of early commentators on interpretation, including that of Jeremy Bentham; in the influential work of H.L.A. Hart, Ronald Dworkin, and Henry Hart and Albert Sacks; and in much contemporary writing. This blindness to institutional considerations creates serious problems for the underlying theories. …
Interpretation And Institutions, Cass R. Sunstein, Adrian Vermeule
Interpretation And Institutions, Cass R. Sunstein, Adrian Vermeule
Public Law and Legal Theory Working Papers
To evaluate theories of interpretation, it is necessary to focus on institutional considerations—to ask how actual judges would use any proposed approach, and to investigate the possibility that an otherwise appealing approach will have unfortunate dynamic effects on private and public institutions. Notwithstanding this point, blindness to institutional considerations is pervasive. It can be found in the work of early commentators on interpretation, including that of Jeremy Bentham; in the influential work of H.L.A. Hart, Ronald Dworkin, and Henry Hart and Albert Sacks; and in much contemporary writing. This blindness to institutional considerations creates serious problems for the underlying theories. …