Law Commons^™

Taxes And Competitiveness, Michael S. Knoll

All Faculty Scholarship

Around the world, the tax laws are shaped by concerns with competitiveness. This paper provides a general theory of how taxes impact competitiveness. As part of that theory, this paper also introduces the concept of tax-based competitiveness neutrality. A tax system is competitively neutral when taxes do not cause competitors to change their relative valuations of any investments. This paper then uses that theory to evaluate tax policy in two high profile and important areas. The paper begins by describing two models of competitiveness, called the conduit or new money model and the investor or old money model. The central …

Housing Affordability For Households Of Color In Massachusetts, Michael E. Stone

Institute for Asian American Studies Publications

While housing is deeply significant for all of us, in our society it tends to pose particular challenges to many, if not most, people of color. For one thing, households of color continue to have considerably lower incomes, on average, than White-headed households. This means that households of color can, on average, afford less and therefore have fewer housing choices available, just for economic reasons alone. Yet we are not in a world where differential housing choices are determined only by ability to pay. Residential segregation by race persists and is not merely a consequence of unacceptable practices of the …

Welfare Polls: A Synthesis, Matthew D. Adler

All Faculty Scholarship

“Welfare polls” are survey instruments that seek to quantify the determinants of human well-being. Currently, three “welfare polling” formats are dominant: contingent-valuation surveys, QALY surveys, and happiness surveys. Each format has generated a large, specialized, scholarly literature, but no comprehensive discussion of welfare polling as a general enterprise exists. This Article seeks to fill that gap. Part I describes the trio of existing formats. Part II discusses the actual and potential uses of welfare polls in government decisionmaking. Part III analyzes in detail the obstacles that welfare polls must overcome to provide useful well-being information, and concludes that they can …

Opposing The Lottery In The U.S.: The Forces Behind Individual Attitudes Towards Legalization In 1975, Andrew J. Economopoulos

Business and Economics Faculty Publications

In the 1970s, opposition to the lottery started to fracture in the US. This study examines causes of the fracture and historical factors that contributed to changes in individual attitudes towards legalization. The opponents at the time held to traditional arguments against legalized lotteries—negative economic effects, costs to others and increased crime. Unlike in the past, however, there was weak religious institutional opposition to lotteries. Individuals with a strong commitment to their religious affiliation were more resistant to pro-lottery arguments, but in most cases could be convinced to support the lottery. The pre-World War II generation remained steadfast against the …

Minding The Gaps: Fairness, Welfare, And The Constitutive Structure Of Distributive Assessment, Robert C. Hockett

Cornell Law Faculty Working Papers

Despite over a century’s disputation and attendant opportunity for clarification, the field of inquiry now loosely labeled “welfare economics” (WE) remains surprisingly prone to foundational confusions. The same holds of work done by many practitioners of WE’s influential offshoot, normative “law and economics” (LE).

A conspicuous contemporary case of confusion turns up in recent discussion concerning “fairness versus welfare.” The very naming of this putative dispute signals a crude category error. “Welfare” denotes a proposed object of distribution. “Fairness” describes and appropriate pattern of distribution. Welfare itself is distributed fairly or unfairly. “Fairness versus welfare” is analytically on all fours …

Reviewed Work: Understanding Institutional Diversity By Elinor Ostrom, Jonathan G.S. Koppell

Publications from President Jonathan G.S. Koppell

No abstract provided.

Measuring Efficiency In Corporate Law: The Role Of Shareholder Primacy, Jill E. Fisch

All Faculty Scholarship

The shareholder primacy norm defines the objective of the corporation as maximization of shareholder wealth. Law and economics scholars have incorporated the shareholder primacy norm into their empirical analyses of regulatory efficiency. An increasingly influential body of scholarship uses empirical methodology to evaluate legal rules that allocate power within the corporation. By embracing the shareholder primacy norm, empirical scholars offer normative assessments about regulatory choices based on the effect of legal rules on measures of shareholder value such as stock price, net profits, and Tobin’s Q.

This Article challenges the foundations of using the shareholder primacy norm to judge corporate …

Reform In Lieu Of Change: Tastes Great, Less Filling, Jonathan G.S. Koppell

Publications from President Jonathan G.S. Koppell

In this response to Light, Koppell argues that the increasing frequency of reform may reflect Congress's inability to make significant changes to the substance of entrenched government programs. Moreover, he observes that the more profound evolution in government has been the movement toward the market-based provision of services, which has created a demand for new competencies in the public sector.

What Counts, And Who's Counting? Maine's Business Climate 2006, Bureau Of Labor Education. University Of Maine

Bureau of Labor Education

Many news articles and opinion pieces continue to argue that Maine has a highly unfavorable business climate, which must be changed if Maine’s economic well-being is to improve. Such analyses raise many important questions about what policies are most likely to benefit Maine’s economy, both as a whole, and among the various areas, communities, and population segments within Maine. Increasingly, the health of Maine’s economy, and the level of the state’s well-being more broadly, seem to be equated with the issue of whether Maine has a “friendly” business climate. In turn, the question of a favorable or unfavorable business climate …

Labor Struggles, New Social Movements, And America's Favorite Pastime: New York Workers Take On New Era Cap Company, Victoria Carty

Sociology Faculty Articles and Research

Contemporary economic globalization, which is driven and regulated primarily by multinational corporations, has a direct impact on workers' lives. Trade agreements such as the North American Free Trade Agreement (NAFTA) tend to be controlled by corporate interests in the wealthy, industrialized nations. Those countries set the agenda to protect the interests of foreign investors and facilitate the mobility of capital, but they do little to protect the interests of labor. In response, workers in both the global North and South have been forced to rely on their own individual efforts to protect themselves against unfair labor practices. This article presents …

Jordan And The World Trading System: A Case Study For Arab Countries, Bashar Hikmet Malkawi

SJD Dissertation Abstracts

Arab countries are attempting to broaden their engagement in the multilateral trading system in a manner that has many implications. Not only have some Arab countries either acceded or are in the pipeline of acceding to the World Trade Organization (WTO), but their new commitments coincides with reorientations in their economic strategies. The purpose of this dissertation is to examine the implications on Arab countries.

Given Jordan's accession to the WTO and its free trade agreement with the United States (U.S.), the country serves as an ideal candidate for other Arab countries. Jordan applied for WTO membership in 1994. After …

Ip's Problem Child: Shifting The Paradigms For Software Protection, Jacqueline D. Lipton

Articles

Computer software is somewhat of a problem child for intellectual property law. Courts and legislatures have struggled to encourage innovations in software development while, at the same time, attempting to avoid undesirable digital information monopolies. Neither the patent nor the copyright system has provided a particularly satisfactory paradigm for software protection. Although patents have received greater attention than copyrights in the software context (consider, for example, the recent BlackBerry case), copyright law arguably creates more insidious undercurrents in today's marketplace. This is partly because we have not yet appreciated the potential impact of recent developments in programming methodology and digital …

It’S Not About The Money: The Role Of Preferences, Cognitive Biases And Heuristics Among Professional Athletes, Michael Mccann

Law Faculty Scholarship

Professional athletes are often regarded as selfish, greedy, and out-of-touch with regular people. They hire agents who are vilified for negotiating employment contracts that occasionally yield compensation in excess of national gross domestic products. Professional athletes are thus commonly assumed to most value economic remuneration, rather than the love of the game or some other intangible, romanticized inclination.

Lending credibility to this intuition is the rational actor model, a law and economic precept which presupposes that when individuals are presented with a set of choices, they rationally weigh costs and benefits, and select the course of action that maximizes their …

The Need For A Reduced Workweek In The United States, Vicki Schultz, Allison K. Hoffman

All Faculty Scholarship

This paper argues that a reduced workweek offers a way to alleviate work-family conflict without exacerbating the sex-based division of labor in paid work and unpaid family work. We distinguish our position from two other approaches: (1) one that compensates unpaid family work directly (through such policies as traditional welfare provision, or alimony), policies we argue can discourage women from labor force attachment and contribute to sex-stereotyping and sex-segregated employment; and (2) an approach that spurs employers to accommodate workers' family responsibilities (through such policies as part-time work for parents), policies workers often avoid out of a well founded fear …

Social Software, Groups, And Governance, Michael J. Madison

Articles

Formal groups play an important role in the law. Informal groups largely lie outside it. Should the law be more attentive to informal groups? The paper argues that this and related questions are appearing more frequently as a number of computer technologies, which I collect under the heading social software, increase the salience of groups. In turn, that salience raises important questions about both the significance and the benefits of informal groups. The paper suggests that there may be important social benefits associated with informal groups, and that the law should move towards a framework for encouraging and recognizing them. …

The Idea Of The Law Review: Scholarship, Prestige, And Open Access, Michael J. Madison

Articles

This Essay was written as part of a Symposium on open access publishing for legal scholarship. It makes the claim that open access publishing models will succeed, or not, to the extent that they account for the existing economy of prestige that drives law reviews and legal scholarship. What may seem like a lot of uncharitable commentary is intended instead as an expression of guarded optimism: Imaginative reuse of some existing tools of scholarly publishing (even by some marginalized members of the prestige economy - or perhaps especially by them) may facilitate the emergence of a viable open access norm.

Putting Humpty Dumpty Back Together: Experimental Evidence Of Anticommons Tragedies, Ben Depoorter, Sven Vanneste

Faculty Scholarship

No abstract provided.

The Market For Change: Community Economic Development On A Wider Stage, Peter R. Pitegoff

Faculty Publications

Community economic development (CED) is distinguished by a specific agenda for broader development and accountability - for building local resources, economic capacity and political clout in lower- and moderate-income communities. Organizing and development of low-income communities must take account of microenterprise as the locus of substantial economic activity.

The Uselessness Of Public Use, Abraham Bell, Gideon Parchomovsky

All Faculty Scholarship

The Supreme Court decision of Kelo v. City of New London has been denounced by legal scholars from the entire political spectrum and given rise to numerous legislative proposals to reverse Kelo's deferential interpretation of the Public Use Clause of the Fifth Amendment, and instead, limit the use of eminent domain when taken property is transferred to private hands. In this Essay we argue that the criticisms of Kelo are ill-conceived and misguided. They are based on a narrow analysis of eminent domain that fails to take into account the full panoply of government powers with respect to property. Given …

The Essential Role Of Securities Regulation, Zohar Goshen, Gideon Parchomovsky

All Faculty Scholarship

This Article posits that the essential role of securities regulation is to create a competitive market for sophisticated professional investors and analysts (information traders). The Article advances two related theses-one descriptive and the other normative. Descriptively, the Article demonstrates that securities regulation is specifically designed to facilitate and protect the work of information traders. Securities regulation may be divided into three broad categories: (i) disclosure duties; (ii) restrictions on fraud and manipulation; and (iii) restrictions on insider trading-each of which contributes to the creation of a vibrant market for information traders. Disclosure duties reduce information traders' costs of searching and …

The "Bad Man" Goes To Washington: The Effect Of Political Influence On Corporate Duty, Jill E. Fisch

All Faculty Scholarship

No abstract provided.

Cisg Article 31: When Substantive Law Rules Affect Jurisdictional Results, Ronald A. Brand

Articles

No abstract provided.

Metaphor, Objects, And Commodities, George H. Taylor, Michael J. Madison

Articles

This Article is a contribution to a Symposium that focuses on the ideas of Margaret Jane Radin as a point of departure, and particularly on her analyses of propertization and commodification. While Radin focuses on the harms associated with commodification of the person, relying on Hegel's idea of alienation, we argue that objectification, and in particular objectification of various features of the digital environment, may have important system benefits. We present an extended critique of Radin's analysis, basing the critique in part on Gadamer's argument that meaning and application are interrelated and that meaning changes with application. Central to this …

Does Falling Smoking Lead To Rising Obesity?, Jonathan Gruber, Michael D. Frakes

Faculty Scholarship

The strong negative correlation over time between smoking rates and obesity have led some to suggest that reduced smoking is increasing weight gain in the U.S.. This conclusion is supported by the findings of Chou et al. (2004), who conclude that higher cigarette prices lead to increased body weight. We investigate this issue and find no evidence that reduced smoking leads to weight gain. Using the cigarette tax rather than the cigarette price and controlling for non-linear time effects, we find a negative effect of cigarette taxes on body weight, implying that reduced smoking leads to lower body weights. Yet …

The Best Puffery Article Ever, David A. Hoffman

All Faculty Scholarship

This Article provides the first extensive legal treatment of an important defense in the law of fraud and contracts: puffery. Legal authorities commonly say they make decisions about whether defendants should be able to utter exaggerated, optimistic, lies based on assumptions about buyer behavior, concluding that consumers do not rely on such speech. However, as the Article shows, such analyses are proxies for a deeper analytical question: does the speech encourage or discourage a type of consumption activity that the court deems welfare maximizing? The Article presents a novel constitutional analysis of puffery doctrine that focuses on the meaning of …

The Equilibrium Content Of Corporate Federalism, William W. Bratton, Joseph A. Mccahery

All Faculty Scholarship

No abstract provided.

Mandatory Waiting Periods For Abortions And Female Mental Health, Jonathan Klick

All Faculty Scholarship

Proponents of laws requiring a waiting period before a woman can receive an abortion argue that these cooling off periods protect against rash decisions on the part of women in the event of unplanned pregnancies. Opponents claim, at best, waiting periods have no effect on decision-making and, at worst, they subject women to additional mental anguish and stress. In this article, I examine these competing claims using adult female suicide rates at the state level as a proxy for mental health. Panel data analyses suggest that the adoption of mandatory waiting periods reduce suicide rates by about 10 percent, and …

Regulatory Responses To Investor Irrationality: The Case Of The Research Analyst, Jill E. Fisch

All Faculty Scholarship

An extensive body of behavioral economics literature suggests that investors do not behave with perfect rationality. Instead, investors are subject to a variety of biases that may cause them to react inappropriately to information. The policy challenge posed by this observation is to identify the appropriate response to investor irrationality. In particular, should regulators attempt to protect investors from bad investment decisions that may be the result of irrational behavior?

This Article considers the appropriate regulatory response to investor irrationality within the concrete context of the research analyst. Many commentators have argued that analyst conflicts of interest led to biased …

Subsidizing Addiction: Do State Health Insurance Mandates Increase Alcohol Consumption?, Jonathan Klick, Thomas Stratmann

All Faculty Scholarship

A model of addiction in which individuals are forward looking implies that as the availability of addiction treatment options grows, individuals will consume more of an addictive good. We test this implication using cross-state variation in the adoption of mental health parity mandates that include substance abuse treatments. We examine the effects of these mandates on the consumption of alcohol and find that parity legislation leads to an increase in alcohol consumption. To account for the possible endogeneity of the adoption of mental health parity mandates, we perform an instrumental variables analysis and find that the ordinary least squares estimation …

Network Neutrality And The Economics Of Congestion, Christopher S. Yoo

All Faculty Scholarship

No abstract provided.