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2014

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Economics

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Articles 1 - 30 of 94

Full-Text Articles in Law

Interest Groups In The Teaching Of Legal History, Herbert J. Hovenkamp Nov 2014

Interest Groups In The Teaching Of Legal History, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

One reason legal history is more interesting than it was several decades ago is the increased role of interest groups in our accounts of legal change. Diverse movements including law and society, critical legal theory, comparative law, and public choice theory have promoted this development, even among writers who are not predominantly historians. Nonetheless, in my own survey course in American legal history I often push back. Taken too far, interest group theorizing becomes an easy shortcut for assessing legal movements and developments without fully understanding the ideas behind them.

Intellectual history in the United States went into decline because ...


Reverse Cross-Listings -- The Coming Race To List In Emerging Markets And An Enhanced Understanding Of Classical Bonding, Nicholas C. Howson, Vikramaditya S. Khanna Nov 2014

Reverse Cross-Listings -- The Coming Race To List In Emerging Markets And An Enhanced Understanding Of Classical Bonding, Nicholas C. Howson, Vikramaditya S. Khanna

Law & Economics Working Papers

This paper examines the implications for the traditional "legal bonding" hypothesis arising from future "reverse" cross-listings, meaning the cross-listing by issuers from jurisdictions with stronger investor protections into capital markets and on exchanges where investor protections are deemed less robust. We use as examples the first "Indian Depositary Receipt" or IDR IPO in May 2010, and IPOs we believe will complete on a future Shanghai Stock Exchange "international board". This analysis serves to dilute one of the long-standing negative implications of the traditional legal bonding account -- that reverse cross-listings by issuers from jurisdictions with stronger investor protections into weaker investor ...


Social Support Substitution And The Earnings Rebound: Evidence From A Regression Discontinuity In Disability Insurance Reform, Lex Borghans, Anne C. Gielen, Erzo F. P. Luttmer Nov 2014

Social Support Substitution And The Earnings Rebound: Evidence From A Regression Discontinuity In Disability Insurance Reform, Lex Borghans, Anne C. Gielen, Erzo F. P. Luttmer

Dartmouth Scholarship

We exploit a cohort discontinuity in the stringency of Dutch disability reforms to estimate the effects of decreased DI (disability insurance) generosity on behavior of existing recipients. We find evidence of social support substitution: individuals on average offset €1.00 of lost DI benefits by collecting €0.30 more from other social assistance programs, but this benefit-substitution effect declines over time. Individuals also exhibit a rebound in earnings: earnings increase by €0.62 on average per euro of lost DI benefits and this effect remains roughly constant over time. This is strong evidence of substantial remaining earnings capacity among long-term ...


New Payment Models For Asthma, Katharine London Oct 2014

New Payment Models For Asthma, Katharine London

Commonwealth Medicine Publications

This presentation discusses new payment models for asthma and provides an overview of the Massachusetts Children's High-risk Asthma Bundled Payment (CHABP) Demonstration Program. It also discusses opportunities and challenges of the new payment models.


Teece's Competing Through Innovation, Herbert J. Hovenkamp Oct 2014

Teece's Competing Through Innovation, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

This essay reviews David J. Teece's book, Competing Through Innovation: Technological Strategies and Antitrust Policies (2013).


Empirical Law And Economics, Jonah B. Gelbach, Jonathan Klick Oct 2014

Empirical Law And Economics, Jonah B. Gelbach, Jonathan Klick

Faculty Scholarship at Penn Law

Empirical work has grown in importance in law and economics. This growth coincides with improvements in research designs in empirical microeconomics more generally. In this essay, we provide a stylized discussion of some trends over the last two or three decades, linking the credibility revolution in empirical micro to the ascendancy of empirical work in law and economics. We then provide some methodological observations about a number of commonly used approaches to estimating policy effects. The literature on the economics of crime and criminal procedure illustrates the ways in which many of these techniques have been used successfully. Other fields ...


Overview Of A Hepatitis C Medication Monitoring Program In A State Medicaid Program, Pavel Lavitas, Kimberly J. Lenz, Tasmina Hydery, Mark Tesell, J. Gagnon, Paul L. Jeffrey Oct 2014

Overview Of A Hepatitis C Medication Monitoring Program In A State Medicaid Program, Pavel Lavitas, Kimberly J. Lenz, Tasmina Hydery, Mark Tesell, J. Gagnon, Paul L. Jeffrey

Commonwealth Medicine Publications

This presentation outlines a successful hepatitis C medication monitoring program instituted by Clinical Pharmacy Services for MassHealth, the Massachusetts Medicaid program. The program used outreach and education strategies to communicate with prescribers about regimens that were the most effective in treating the virus and containing costs. Member adherence to the regimen was monitored and hepatitis C cure rates were tracked through the program.


Vermont Price Variation Analysis, Katharine London, Michael G. Grenier, Carol Gyurina Gyurina, Rebecca Kushner, Tami Ohler Oct 2014

Vermont Price Variation Analysis, Katharine London, Michael G. Grenier, Carol Gyurina Gyurina, Rebecca Kushner, Tami Ohler

Commonwealth Medicine Publications

Presentation to Vermont's Green Mountain Care Board about a Price Variation Analysis undertaken in partnership with the University of Vermont College of Medicine and Wakely Consulting Group. The presentation outlined price variations across the state and suggested a process and methodology that the Board could use to set standard rates.


Invisible No More: Domestic Workers Organizing In Massachusetts And Beyond, Natalicia Tracy, Tim Sieber, Susan Moir Scd Oct 2014

Invisible No More: Domestic Workers Organizing In Massachusetts And Beyond, Natalicia Tracy, Tim Sieber, Susan Moir Scd

Labor Studies Faculty Publication Series

Domestic workers across the country are making it clear that, even in a difficult political environment, it is possible to make gains for low-wage workers. For the first time in many, many decades, domestic workers are finding ways to win. They are creat
ing policy change that will improve the lives of hundreds of thousands of workers in tangible and substantial ways. The 2014 Massachusetts Domestic Workers’ Bill of Rights is the most expansive codification of rights for this long-overlooked part of the labor force ever to be enacted. In one sense, there is nothing new about domestic workers organizing ...


Actavis And Error Costs: A Reply To Critics, Aaron S. Edlin, C. Scott Hemphill, Herbert J. Hovenkamp, Carl Shapiro Oct 2014

Actavis And Error Costs: A Reply To Critics, Aaron S. Edlin, C. Scott Hemphill, Herbert J. Hovenkamp, Carl Shapiro

Faculty Scholarship at Penn Law

The Supreme Court’s opinion in Federal Trade Commission v. Actavis, Inc. provided fundamental guidance about how courts should handle antitrust challenges to reverse payment patent settlements. In our previous article, Activating Actavis, we identified and operationalized the essential features of the Court’s analysis. Our analysis has been challenged by four economists, who argue that our approach might condemn procompetitive settlements.

As we explain in this reply, such settlements are feasible, however, only under special circumstances. Moreover, even where feasible, the parties would not actually choose such a settlement in equilibrium. These considerations, and others discussed in the reply ...


Downstream Securities Regulation, Anita Krug Oct 2014

Downstream Securities Regulation, Anita Krug

All Faculty Scholarship

Securities regulation wears two hats. Its “upstream” side governs firms in connection with their obtaining financing in the securities markets. That is, it regulates firms’ and issuers’ offers and sales of securities, whether in public offerings to retail investors or in private offerings to institutional investors. Its “downstream” side, by contrast, governs financial services providers, who assist with investors’ activities in those markets. Their services include providing advice regarding securities investments, as investment advisers do; aggregating investors’ assets for purposes of enabling those investors to invest their assets collectively, as mutual funds do; and acting as “middlemen” between buyers and ...


Amicus Brief In Maryland Comptroller V. Wynne, Michael S. Knoll, Ruth Mason Sep 2014

Amicus Brief In Maryland Comptroller V. Wynne, Michael S. Knoll, Ruth Mason

Faculty Scholarship at Penn Law

The internal consistency test reveals that Maryland applies systematically higher “county” taxes to interstate commerce than to in-state commerce.

Economic analysis of Maryland’s tax regime — including its taxes on inbound, outbound, and domestic activities — confirms what the internal consistency test suggests, namely, that the Maryland “county” tax discourages interstate commerce. Specifically, the Maryland tax regime discourages Maryland residents from earning income outside of Maryland, and it simultaneously discourages nonresidents from earning income in Maryland. Maryland alone causes this distortion; the distortion does not depend on the taxes imposed by any other state.

Petitioner’s argument that Maryland’s outbound ...


Advancing Behavioral Health Integration Within Ncqa Recognized Patient-Centered Medical Homes, Judith Steinberg Sep 2014

Advancing Behavioral Health Integration Within Ncqa Recognized Patient-Centered Medical Homes, Judith Steinberg

Commonwealth Medicine Publications

This report details the behavioral health elements required in achieving recognition as a patient-centered medical home (PCMH) by the National Committee for Quality Assurance (NCQA). Advancing Behavioral Health Integration Within NCQA Recognized Patient-Centered Medical Homes aims to support safety-net providers across the country by outlining the newest NCQA PCMH standards as they relate to integrating behavioral health into primary care.


Vermont Price Variation Analysis, Katharine London, Michael G. Grenier Aug 2014

Vermont Price Variation Analysis, Katharine London, Michael G. Grenier

Commonwealth Medicine Publications

This analysis documents price variations across the state and suggests a process and methodology that the Vermont Green Mountain Care Board could use to set standard rates. The report determined that inpatient prices among Vermont's 14 hospitals and Dartmouth-Hitchcock Medical Center in New Hampshire vary from 71 to 130 percent of the state average. The analysis identified a number of factors that explain some variation in professional prices among providers and also showed there is no consistency in the share of variation explained by each factor across health services.


Public Good Economics And Standard Essential Patents, Christopher S. Yoo Aug 2014

Public Good Economics And Standard Essential Patents, Christopher S. Yoo

Faculty Scholarship at Penn Law

Standard essential patents have emerged as a major focus in both the public policy and academic arenas. The primary concern is that once a patented technology has been incorporated into a standard, the standard can effectively insulate it from competition from substitute technologies. To guard against the appropriation of quasi-rents that are the product of the standard setting process rather than the innovation itself, standard setting organizations (SSOs) require patentholders to disclose their relevant intellectual property before the standard has been adopted and to commit to license those rights on terms that are fair, reasonable, and non-discriminatory (FRAND).

To date ...


The Political Economy Of Oil Spill Damage Assessment: Nrda And Deepwater Horizon, Matt Nichols, Judith T. Kildow Dr Aug 2014

The Political Economy Of Oil Spill Damage Assessment: Nrda And Deepwater Horizon, Matt Nichols, Judith T. Kildow Dr

Working Papers

The federal effort to quantify and capture non-market damages to coastal ecosystems from the 2010 Deepwater Horizon oil spill, Phase II of United States of America v. BP Exploration and Production, centers on the Natural Resource Damage Assessment (NRDA) process. This paper makes the case that the current NRDA process has done a poor job protecting the public interest and resolving the issues surrounding oil spills from deep water drilling activities. After 5 years, the findings of the NRDA still remain sealed from both affected maritime communities and academic researchers until litigation is settled with civil and criminal fines for ...


New York Stock Exchange, Bert Chapman Jul 2014

New York Stock Exchange, Bert Chapman

Libraries Faculty and Staff Scholarship and Research

Provides a historical overview of the origins and early development of the New York Stock Exchange.


Trade, Bert Chapman Jul 2014

Trade, Bert Chapman

Libraries Faculty and Staff Scholarship and Research

Provides a historical overview of analysis of U.S. foreign trade policy during the early decades of the country's history. Examines bilateral U.S. trade relations with France and Great Britain, provides import and export statistics, details on commodities and products imports and exported, trade statistics, and information on the political and economic factors shaping U.S. trade during this period.


Revenue, U.S. Government, Bert Chapman Jul 2014

Revenue, U.S. Government, Bert Chapman

Libraries Faculty and Staff Scholarship and Research

Provides a historical overview of U.S. Government revenue receipts and spending during the early years of national history. Presents revenue generation statistics, information on revenue sources, and information on domestic and international political and economic factors affecting government revenue receipts.


Framing A Purpose For Corporate Law, William W. Bratton Jul 2014

Framing A Purpose For Corporate Law, William W. Bratton

Faculty Scholarship at Penn Law

This article seeks to frame a short statement of purpose for corporate law on which all reasonable observers can agree. The statement, in order to succeed at its intended purpose, must satisfy two strict conditions: first, it must have enough content to be meaningful; second, it must be completely uncontroversial, both descriptively and normatively. The exercise, thus described, involves avoiding the issues that occupy center stage in discussions about corporate law while at the same time highlighting the discussants’ generally held presuppositions. Three closely interconnected issues arise. First, whether the statement of the purpose of corporate law should speak in ...


Relevance Of The Regulatory State In North/South Intersections, Mark Findlay, Si Wei Lim Jul 2014

Relevance Of The Regulatory State In North/South Intersections, Mark Findlay, Si Wei Lim

Research Collection Yong Pung How School Of Law

Purpose – What seems like a new social anthropology of global regulation is an endeavour much too grand for this paper, even though it has much merit. To contain the analysis which follows, the discussion of social embeddedness will be restricted to a comparison of markets which retain some local or regional integrity from those which have become largely removed from cultural or communal social bonds. An example is between markets trading in goods and services with a consumer base which is local and subsistence, and markets in derivative products that are inextricably dependent on supranational location. The paper aims to ...


Limiting The Duration Of Medication Assisted Treatment For Opioid Addiction: Will New State Policies Help Or Hurt?, Robin E. Clark, Jeffrey D. Baxter, Bruce A. Barton, Gideon Aweh, Elizabeth O'Connell, William H. Fisher Jun 2014

Limiting The Duration Of Medication Assisted Treatment For Opioid Addiction: Will New State Policies Help Or Hurt?, Robin E. Clark, Jeffrey D. Baxter, Bruce A. Barton, Gideon Aweh, Elizabeth O'Connell, William H. Fisher

Commonwealth Medicine Publications

This presentation details the impact of state Medicaid programs placing lifetime limits on buprenorphine therapy for individuals with opioid dependence. The research reveals that setting limits does not save money or help the patient.


Competition Policy And The Technologies Of Information, Herbert J. Hovenkamp Jun 2014

Competition Policy And The Technologies Of Information, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

When we speak about information and competition policy we are usually thinking about oral or written communications that have an anticompetitive potential, and mainly in the context of collusion of exclusionary threats. These are important topics. Indeed, among the most difficult problems that competition policy has had to confront over the years is understanding communications that can be construed as either threats to exclude or as offers to collude or facilitators of collusion.

My topic here, however, is the relationship between information technologies and competition policy. Technological change can both induce and undermine the use of information to facilitate anticompetitive ...


Antitrust And The Close Look: Transaction Cost Economics In Competition Policy, Herbert J. Hovenkamp May 2014

Antitrust And The Close Look: Transaction Cost Economics In Competition Policy, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

This paper briefly examines the contributions of Transaction Cost Economics (TCE) to antitrust analysis, focusing on vertical integration and its contractual substitutes, mainly, minimum and maximum resale price maintenance, vertical nonprice restraints, tying, bundled discounts and exclusive dealing and related exclusionary contracts.

TCE generally assumes that business firms organize their activities so as to maximize their value, which they can do both by economizing and also by obtaining higher prices. Sensible antitrust policy recognizes that both advantageous contracting and monopoly can be profitable to a firm, and it can be expected to pursue both when they are available. Nevertheless, the ...


Real Estate Investment By Bank Holding Companies And Their Risk And Return: Nonparametric And Garch Procedures, Scott Deacle, Elyas Elyasiani May 2014

Real Estate Investment By Bank Holding Companies And Their Risk And Return: Nonparametric And Garch Procedures, Scott Deacle, Elyas Elyasiani

Business and Economics Faculty Publications

We investigate the association between real estate investment by US Bank Holding Companies (BHCs) and their return, risk and risk-adjusted returns. Three portfolios are formed of BHCs according to whether they do or do not invest in real estate, strictness of the regulation on real estate investment and the ratio of real estate investment to assets. Wilcoxon tests of differences in portfolio returns, risk, risk-adjusted returns and value at risk between each pair of portfolios are conducted to determine how engagement in real estate, stricter regulation and increased real estate investment affect BHC performance. These effects are also investigated within ...


Understanding And Analyzing The New Federal Reporting Requirements: Performance Indicators Of State Medicaid & Chip Programs, Michael Chin May 2014

Understanding And Analyzing The New Federal Reporting Requirements: Performance Indicators Of State Medicaid & Chip Programs, Michael Chin

Commonwealth Medicine Publications

This presentation describes Medicaid and CHIP requirements to report performance indicators, describes the marketplace federal reporting requirements, describes and analyzes initial results from the reporting requirements, and reviews the future of federal reporting for Medicaid and CHIP.


A Psychological Account Of Consent To Fine Print, Tess Wilkinson-Ryan May 2014

A Psychological Account Of Consent To Fine Print, Tess Wilkinson-Ryan

Faculty Scholarship at Penn Law

The moral and social norms that bear on contracts of adhesion suggest a deep ambivalence. Contracts are perceived as serious moral obligations, and yet they must be taken lightly or everyday commerce would be impossible. Most people see consent to boilerplate as less meaningful than consent to negotiated terms, but they nonetheless would hold consumers strictly liable for both. This Essay aims to unpack the beliefs, preferences, assumptions, and biases that constitute our assessments of assent to boilerplate. Research suggests that misgivings about procedural defects in consumer contracting weigh heavily on judgments of contract formation, but play almost no role ...


Demand For Breach, Tess Wilkinson-Ryan Apr 2014

Demand For Breach, Tess Wilkinson-Ryan

Faculty Scholarship at Penn Law

These studies elicit behavioral evidence for how people weigh monetary and non-monetary incentives in efficient breach. Study 1 is an experimental game designed to capture the salient features of the efficient breach decision. Subjects in a behavioral lab were offered different amounts of money to break the deal they had made with a partner. 18.6% of participants indicated willingness to break a deal for any amount of profit, 27.9% were unwilling to breach for the highest payout, and the remaining subjects identified a break-point in between. Study 2 is an online questionnaire asking subjects to take the perspectives ...


Addressing Health Disparities In Lep Communities Through Language Access, Rachel Gershon, Lisa Morris, Medha Makhlouf, Shena Elrington Apr 2014

Addressing Health Disparities In Lep Communities Through Language Access, Rachel Gershon, Lisa Morris, Medha Makhlouf, Shena Elrington

Commonwealth Medicine Publications

A presentation exploring how health reform will impact access to interpreters for individuals with Limited English Proficiency and individuals who are deaf with a focus on barriers to care and payment reform.


The Incoherent Role Of Bargaining Power In Contract Law, Max Helveston, Michael Jacobs Apr 2014

The Incoherent Role Of Bargaining Power In Contract Law, Max Helveston, Michael Jacobs

College of Law Faculty

Contracts that result from the abuse of unequal bargaining power have long been a concern of contract law. Courts have proscribed efforts by the "powerful" to take unfair advantage of the "weak" through contracts of adhesion and standard form contracts. Certain kinds of clauses — liability waivers, and covenants not to compete, among others — regularly attract judicial suspicion because their appearance is deemed indicative of such advantage-taking. In books, symposia, and journal articles, generations of legal scholars have debated the role of bargaining power considerations in the analysis of contracts and contractual terms. The "bargaining power" construct has become deeply embedded ...