Open Access. Powered by Scholars. Published by Universities.®

Law Commons

Open Access. Powered by Scholars. Published by Universities.®

2007

Economics

Discipline
Institution
Publication
Publication Type
File Type

Articles 1 - 30 of 98

Full-Text Articles in Law

Exclusionary Bundling And The Effects Of A Competitive Fringe, Bart Wilson, Anil Caliskan, David Porter, Stephen Rassenti, Vernon Smith Aug 2014

Exclusionary Bundling And The Effects Of A Competitive Fringe, Bart Wilson, Anil Caliskan, David Porter, Stephen Rassenti, Vernon Smith

Bart J Wilson

No abstract provided.


Experimental Economics And Antitrust: What Can We Learn From Laboratory Markets?, Bart Wilson Aug 2014

Experimental Economics And Antitrust: What Can We Learn From Laboratory Markets?, Bart Wilson

Bart J Wilson

No abstract provided.


December 23, 2007: The Evangelical Stance On Global Warming, Bruce Ledewitz Dec 2007

December 23, 2007: The Evangelical Stance On Global Warming, Bruce Ledewitz

Hallowed Secularism

The Evangelical Stance on Global Warming


The Puzzle Of Delegated Revenge, Kenworthey Bilz Dec 2007

The Puzzle Of Delegated Revenge, Kenworthey Bilz

Kenworthey Bilz

Why should people ever be satisfied when a third party punishes in their name, as opposed to having the opportunity to exact revenge personally? When theories of delegated revenge are offered at all, they explain why a well-ordered society needs centralized punishment as a matter of practicality. But this doesn’t adequately explain why they actually the public actually prefers it, and why they accept some forms of delegated agents more than others. Moreover, these theories do not have a good explanation for why or when delegated revenge will fail to satisfy victims, nor when the state will indulge this preference, …


Paying To Save: Tax Withholding And Asset Allocation Among Low- And Moderate-Income Taxpayers, Michael S. Barr, Jane Dokko Nov 2007

Paying To Save: Tax Withholding And Asset Allocation Among Low- And Moderate-Income Taxpayers, Michael S. Barr, Jane Dokko

Law & Economics Working Papers Archive: 2003-2009

We analyze the phenomenon that low- and moderate-income (LMI) tax filers exhibit a “preference for over-withholding” their taxes, a measure we derive from a unique set of questions administered in a dataset of 1,003 households, which we collected through the Survey Research Center at the University of Michigan. We argue that the relationship between their withholding preference and portfolio allocation across liquid and illiquid assets is consistent with models with present-biased preferences, and that individuals exhibit self-control problems when making their consumption and saving decisions. Our results support a model in which individuals use commitment devices to constrain their consumption. …


Proposal For A Market-Based Solution To Airport Delays, Oliver Richard Nov 2007

Proposal For A Market-Based Solution To Airport Delays, Oliver Richard

Oliver Richard

With the clamor rising over airport delays and with both the Congress and the Administration considering remedies, this paper advocates the use of market mechanisms, specifically slot auctions, to promote efficient usage of airport capacity, reduce airport delays, and, more generally, promote competition.


November 1, 2007: The Limits Of Materialism, Bruce Ledewitz Nov 2007

November 1, 2007: The Limits Of Materialism, Bruce Ledewitz

Hallowed Secularism

The Limits of Materialism


Using The Unidroit Principles To Fill Gaps In The Cisg, John Y. Gotanda Oct 2007

Using The Unidroit Principles To Fill Gaps In The Cisg, John Y. Gotanda

Working Paper Series

The United Nations Convention on the International Sale of Goods (CISG) sets forth only a basic framework for the recovery of damages, thereby giving a court of tribunal broad authority to determine an aggrieved party’s loss based on circumstances of the particular case. Unfortunately, the lack of specificity has resulted in much litigation, and seemingly conflicting results. To remedy this problem, some have argued that the gaps in the CISG damages provisions should be filled with the UNIDROIT Principles of International Commercial Contracts. In this paper, I argue that the gap-filling rules of CISG preclude the UNIDROIT Principles from being …


Intermittent Currents: The Failure Of Renewable Electricity Requirements, Robert J. Michaels Oct 2007

Intermittent Currents: The Failure Of Renewable Electricity Requirements, Robert J. Michaels

Robert J. Michaels

Concern over emissions and climate change has led over half of the states to enact “renewable portfolio standard” legislation requiring regulated electric utilities to obtain some fraction of their power requirements from sources defined as “renewable.” Legislation to institute a federal RPS may follow. In reality RPS is a policy in search of a rationale, at odds with principles of efficient environmental regulation and poorly suited to promote other policies favored by its supporters. The actual record of state implementations has been largely symbolic. Only one state with a binding RPS requirement is currently in compliance with its own program, …


The Rise Of Customary Businesses In International Financial Markets: An Introduction To Islamic Finance And The Challenges Of International Integration, Ali A. Ibrahim Oct 2007

The Rise Of Customary Businesses In International Financial Markets: An Introduction To Islamic Finance And The Challenges Of International Integration, Ali A. Ibrahim

Ali A Ibrahim

This paper demonstrates theoretical foundations of Islamic finance and their correlation with the Islamic finance industry. In this respect, the paper presents an over-all survey of the Islamic finance industry, Islamic-law injunctions pertaining to Islamic finance, quasi regulatory institutions, financial engineering, transaction structures and the evolving practices. The paper also highlights various areas of further research, a comprehensive treatment of which is critical to the continuing growth of Islamic finance in the international financial markets.


Partially Odious Debts?, Omri Ben-Shahar, Mitu Gulati Oct 2007

Partially Odious Debts?, Omri Ben-Shahar, Mitu Gulati

Law and Contemporary Problems

Ben-Shahar borrows from a rich private-law tradition to explore the treatment of odious debt as a problem analogous to allocation of liability in private law. Drawing on the economic analysis of private law, it develops insights as to the structure of an optimal liability scheme. Under this approach, liability is imposed not on the basis of some intrinsic judgment as to the parties' relative blameworthiness, but rather in a forward-looking fashion, on parties who are best suited to take actions to prevent the loss. In addition, liability is imposed on a magnitude tailored to induce an optimal level of precautionary …


Incorporating Emergy Synthesis Into Environmental Law: An Integration Of Ecology, Economics, And Law, Mary Jane Angelo, Mark T. Brown Oct 2007

Incorporating Emergy Synthesis Into Environmental Law: An Integration Of Ecology, Economics, And Law, Mary Jane Angelo, Mark T. Brown

UF Law Faculty Publications

Emergy synthesis, flrst developed by Dr. Howard T. Odum in the 1970s, and further expanded and refined by other scholars over the past thirty years, has the potential to transform environmental decisionmaking by providing a methodology that can integrate ecology, economics, and law. Virtually all areas of environmental law are concerned in some way with both the ecological and the economic impacts of environmental decision making. Unfortunately, existing environmental law statutes tend to incorporate ecological and economic considerations in a simplistic, piecemeal, and awkward fashion. Emergy synthesis incorporates both ecological and economic considerations through a sophisticated scientiic methodology.

Emergy synthesis …


Will Marriage Promotion Work?, Vivian E. Hamilton Oct 2007

Will Marriage Promotion Work?, Vivian E. Hamilton

Faculty Publications

No abstract provided.


Emerging Market Competition Policy: The Brazilian Experience, Joseph Silvia Sep 2007

Emerging Market Competition Policy: The Brazilian Experience, Joseph Silvia

Joseph Silvia

Abstract: Emerging Market Competition Policy: The Brazilian Experience Brazilian competition policy has developed over decades into a policy system that has allowed Brazil to lead South American nations in generating economic growth and sustainability, as well as the development of a “fully functioning market economy” in Brazil. The Brazilian Competition Policy System regulates merger control, competitive behavior among Brazilian firms, antitrust issues, and economic stability within regulation. Brazil’s policies have been crucial to the nation’s development from mostly state-owned enterprise and government interference in the markets after World War II. Brazil’s status as an emerging economy has also required that …


The Debate Over An Economic Interpretation Of The Constitution: Where Has Beard Taken Us And Where Are We After Mcguire’S “New” Interpretation?, Joseph Silvia Sep 2007

The Debate Over An Economic Interpretation Of The Constitution: Where Has Beard Taken Us And Where Are We After Mcguire’S “New” Interpretation?, Joseph Silvia

Joseph Silvia

The Debate over an Economic Interpretation of the Constitution: Where has Beard taken us and where are we after McGuire’s “New” Interpretation? Since 1913, developing a complete analysis on the creation of the American Constitution necessarily requires a thorough consideration of economics. Until Charles A. Beard published his An Economic Interpretation of the Constitution of the United States (1913), the standard account of the Founding Era was that the Framers acted out of idealism – a disinterested, public-regarding impulse to promote democratic ideals for which the Revolution was fought and the American Republic was founded. Beard challenged this idealistic view …


The Human Factor: Globalizing Ethical Standards In Drug Trials Through Market Exclusion, Fazal R. Khan Sep 2007

The Human Factor: Globalizing Ethical Standards In Drug Trials Through Market Exclusion, Fazal R. Khan

Fazal Khan

This paper proposes a framework of international soft law and domestic drug regulations to a priori remove incentives for unethical clinical drug research in developing nations. The globalization of drug testing is very problematic from a bioethics perspective. While stringent regulations in the U.S. or E.U. may pose an adequate check on unethical research practices, many multinational corporations are engaging in regulatory arbitrage by outsourcing ethically questionable research to countries with less restrictive regulations. Given the tremendous financial reward a blockbuster therapy might generate, there is a strong incentive to move more research and development to countries with even looser …


The "Carrot" Approach To Accounting Standard Setting, Neal F. Newman Sep 2007

The "Carrot" Approach To Accounting Standard Setting, Neal F. Newman

Neal F Newman

For years, accounting standard setters have been waging a battle against financial fraud and obfuscated and distorted financial reporting. The standard setters, however, have been steadily losing ground as accounting fraud and obfuscated financial reporting continues to proliferate the public company landscape. The ongoing battle between financial information prepares and regulators has resulted in an accounting and financial reporting regime that is fragmented, overly complex and allows for accounting results that are devoid of economic substance. Poor financial reporting has been deemed to be of such significance, that the Securities and Exchange Commission has formed an advisory committee whose purpose …


The Legal Periphery Of Dominant Firm Conduct, Herbert J. Hovenkamp Sep 2007

The Legal Periphery Of Dominant Firm Conduct, Herbert J. Hovenkamp

All Faculty Scholarship

This essay explores two different but related problems and how U.S. antitrust law and EU competition law approach them. The first is the offense of attempt to monopolize, which concerns the acts that a firm that is not yet dominant might undertake in order to become dominant. The second is the offense of monopoly or dominant firm leveraging, which occurs when a firm uses its dominant position in one market to cause some kind of harm in a different market where it also does business.

The language of EU and U.S. provisions concerning dominant firms provokes one to think that …


The Harvard And Chicago Schools And The Dominant Firm, Herbert J. Hovenkamp Sep 2007

The Harvard And Chicago Schools And The Dominant Firm, Herbert J. Hovenkamp

All Faculty Scholarship

The Chicago School has produced many significant contributions to the antitrust literature of the last half century. Thanks in part to Chicago School efforts today we have an antitrust policy that is more rigorously economic, less concerned with protecting noneconomic values that are impossible to identify and weigh, and more confident that markets will correct themselves without government intervention. This Chicago School revolution came at the expense of the Harvard structural school, which flourished from the 1930s through the 1950s. That school rested on a fairly rigid theory of Cournot oligopoly, exaggerated notions about barriers and impediments to entry, and …


September 6, 2007: Hallowed Secularism And Economics, Bruce Ledewitz Sep 2007

September 6, 2007: Hallowed Secularism And Economics, Bruce Ledewitz

Hallowed Secularism

Hallowed Secularism and Economics


The Hidden Harm Of Law And Economics, Daniel Cohen Sep 2007

The Hidden Harm Of Law And Economics, Daniel Cohen

Daniel Cohen

The paper deals with the adverse psychodynamic consequences to an individual and to society, immediately and in the long run, of dissolving individual responsibility for fault as in the doctrine of Law and economics.


Making The Sale On Contingent Valuation, Sameer H. Doshi Sep 2007

Making The Sale On Contingent Valuation, Sameer H. Doshi

Sameer H Doshi

Scholarship and jurisprudence have not seriously considered the question of whether the contingent valuation (CV) technique of monetizing preferences for non-tradeable public goods is consistent with the Daubert standards for scientific evidence. The greatest difficulty is in establishing that CV is testable and has measurable error rates; this problem is consonant with criticisms that economists have leveled at the CV method more generally. Additionally, the “state of the art” of contingent valuation practice has recommended the use of the willingness-to-pay question format for CV, rather than willingness-to-accept. This is misplaced in many cases, particularly in calculating damages in environmental tort …


Predatory Buying And The Antitrust Laws, John E. Lopatka, Roger D. Blair Sep 2007

Predatory Buying And The Antitrust Laws, John E. Lopatka, Roger D. Blair

John E Lopatka

No abstract provided.


The Fortunes & Foibles Of Exchange-Traded Funds, William A. Birdthistle Aug 2007

The Fortunes & Foibles Of Exchange-Traded Funds, William A. Birdthistle

William Birdthistle

One of the most dynamic and complex new investment vehicles on the market today is the exchange-traded fund, a security that provides the diversification of a mutual fund but trades on an exchange like a stock. In just over a decade, the number of ETFs has proliferated to well over 500, attracting almost half a trillion dollars in investment. Most of that growth has occurred in just the past two years, and ETFs are projected to continue growing at a pace far faster than hedge funds and mutual funds in the coming years. Yet for all this extraordinary growth, legal …


Renting The Good Life, Jim Hawkins Aug 2007

Renting The Good Life, Jim Hawkins

Jim Hawkins

Academic literature and court decisions are replete with calls to ban or severely inhibit the rent-to-own industry. The argument is simple enough: Rent-to-own firms charge exorbitant prices to the most needy and vulnerable segments of society. The case for burdensome regulations, however, is much more difficult to make out than past scholarship has admitted. For the most part, academics have proceeded directly to propose specific regulations for the industry without first carefully analyzing the rent-to-own business or the reasons for imposing drastic regulations. This Article examines the theoretical justifications for regulating the rent-to-own industry against the backdrop of interviews I …


Piercing The Corporate Veil In Regulated Industries, Douglas G. Smith Aug 2007

Piercing The Corporate Veil In Regulated Industries, Douglas G. Smith

Douglas G Smith

This article addresses the theoretical justifications for limited liability and the exceptions to limited liability under the various veil piercing doctrines. In particular, the article considers whether veil piercing is appropriate in regulated industries such as insurance and banking, which have comprehensive regulatory structures that are designed to prevent much of the conduct that veil piercing is designed to remedy. The article concludes that veil piercing is not justified under such circumstances because the economic costs outweigh any benefits.


Virtual World Taxation: Theories Of Income Taxation Applied To The Second Life Virtual Economy, Timothy J. Miano Aug 2007

Virtual World Taxation: Theories Of Income Taxation Applied To The Second Life Virtual Economy, Timothy J. Miano

Timothy J Miano

A virtual world is a computer simulated environment in which users interact with each other via graphical representations of themselves. Second Life is one such virtual world released by Linden Lab in 2003. One of the most important and interesting aspects of virtual worlds is the depth and sophistication of the economies that develop among the users. In fact, some virtual worlds, including Second Life, have currency exchanges where users can trade real-world currencies for virtual-world currency and vice versa. This means that the currency, goods, and services within the virtual-world marketplace have a corresponding real-world monetary value. The implication …


Scenarios For Sustainable Peace In Colombia By Year 2019, Gustavo A. Gomez-Sorzano Aug 2007

Scenarios For Sustainable Peace In Colombia By Year 2019, Gustavo A. Gomez-Sorzano

GUSTAVO A GOMEZ-SORZANO Jr.

This paper presents the simulation results of the model of cyclical terrorist murder for Colombia (Gómez-Sorzano 2005) on the purpose of doing sensitivity analysis to help the country in the design of a national policy bringing sustainable peace before year 2019. The first part presents 11 scenarios 2005-2010. The final section shows 18 additional scenarios 2006-2019. According to them sustainable peace will be granted before year 2019.


Race Specific Patents, Commercialization, & Intellectual Property Policy, Shubha Ghosh Aug 2007

Race Specific Patents, Commercialization, & Intellectual Property Policy, Shubha Ghosh

Shubha Ghosh

This Article examines the phenomenon of “race specific patents,” defined as patented inventions for which the claims or the disclosure is written using racial categories. Motivated by the grant of a patent in 2002 to a hypertension drug designed for used by “black patients,” as expressly stated in the patent claims, the study looks at race specific patents in several areas, including patents for pharmaceuticals, cosmetics, toys, and devices for determining personal identity. After cataloguing the over thousand patents that were discovered, the author presents an analysis of the use of racial categories in patent law that focuses on both …


The Public Network, Thomas B. Nachbar Aug 2007

The Public Network, Thomas B. Nachbar

Thomas B Nachbar

This article addresses the timely yet persistent question of how best to regulate access to telecommunications networks. Concerns that private firms may use their ownership of communications networks to their own economic advantage has led many to propose restrictions, variously referred to as “network neutrality” or “open access” proposals, on network operators. To date, the network neutrality debate has focused almost exclusively on economic arguments for or against such regulation. Taking a step back from current debates, this paper seeks to derive from established law the accepted bases for imposing nondiscrimination rules and then to work forward to ask whether …