Law Commons^™

Inefficient Efficiency: Crying Over Spilled Water, Vanessa Casado-Pérez

Faculty Scholarship

As the drought in Western states worsens, the agricultural sector is being criticized for failing to adopt technical responses, such as shifting to less water-demanding crops and state-of-the-art irrigation systems, in a timely manner. However, these responses can have the reverse effect: they can increase water consumption. Technological responses alone are insufficient to reduce water consumption if unaccompanied by changes in how the law defines and allocates water rights. This paper proposes a redefinition of water rights to ensure that changes in crops or irrigation techniques are socially efficient.

In the West, which uses the doctrine of prior appropriation to …

Inefficient Inequality, Shi-Ling Hsu

Indiana Journal of Law and Social Equality

For the past several decades, much American lawmaking has been animated by a concern for economic efficiency. At the same time, broad concerns over wealth and income inequality have roiled American politics, and still loom over lawmakers. It can be reasonably argued that a tension exists between efficiency and equality, but that argument has had too much purchase over the past few decades of lawmaking. What has been overlooked is that inequality itself can be allocatively inefficient when it gives rise to collectively inefficient behavior. Worse still, some lawmaking only masquerades as being efficiency-promoting; upon closer inspection, some of this …

Should The Law Do Anything About Economic Inequality?, Matthew Dimick

Journal Articles

What should be done about rising income and wealth inequality? Should the design and adoption of legal rules take into account their effects on the distribution of income and wealth? Or should the tax-and-transfer system be the exclusive means to address concerns about inequality? A widely-held view argues for the latter: only the tax system, and not the legal system, should be used to redistribute income. While this argument comes in a variety of normative arguments and has support across the political spectrum, there is also a well-known law-and-economics version. This argument, known as the “double-distortion” argument, is simply stated. …

Aesthetic Nondiscrimination & Fair Use, Brian L. Frye

Law Faculty Scholarly Articles

While courts do not consider the aesthetic value of an element of a work in determining whether it is protected by copyright, they do consider the aesthetic value of the use of a copyrighted element of a work in determining whether that use is a fair use. This asymmetry improperly and inefficiently discriminates in favor of copyright protection and against fair use. Moreover, the fair use “transformativeness” inquiry discriminates against marginalized authors, because courts are less likely to appreciate the aesthetic value of their uses of copyrighted works.

Courts should apply the aesthetic nondiscrimination principle to both copyright and fair …

Un Environment Guide For Energy Efficiency And Renewable Energy Laws, Richard L. Ottinger

Elisabeth Haub School of Law Faculty Publications

This Guide is written as a sequel to the 2007 UN Environment Programme Handbook for Legal Draftsmen on Environmentally Sound Management of Energy Efficiency and Renewable Energy Resources.

This Guide, as the Handbook, is written in response to needs expressed, particularly by energy efficiency and renewable energy project initiators, government officials, energy managers, project developers and particularly developing country energy legal draftsmen, asking for assistance in drafting legislative provisions for promotion and implementation of sound energy efficiency and renewable energy programs.

The Guide describes the key legal issues associated with efficiency and renewable energy resource development, and presents legislative options …

Taking Finance Seriously: How Debt Financing Distorts Bidding Outcomes In Corporate Takeovers, Robert P. Bartlett Iii

Robert Bartlett

Economic analysis of corporate takeovers has traditionally advocated legal doctrines that ensure a target company in a takeover contest is acquired by the bidder willing to pay the most for it. The reason stems from the conventional assumption that a bidder's offer price should reflect its ability to put a target's assets to productive use. This Article challenges this assumption by turning to the success of private equity firms in outbidding publicly traded, strategic bidders during the takeover wave of 2004 to 2007. Using standard valuation modeling, this Article reveals how a critical component of any bidder's valuation of a …

Economic Solutions To Nuclear Energy's Financial Challenges, Zachary Robock

Michigan Journal of Environmental & Administrative Law

This Note presents a legal, economic, and regulatory roadmap to drive long-term innovation in sustainable energy generation. Next-generation nuclear power, which fundamentally mitigates many safety and nuclear waste issues, is the focus of this Note; however, the economic concepts can be applied to encourage solar, wind, advanced battery, and other sustainable technologies with high upfront costs and low long-term variable costs. Advanced nuclear energy generation is economically competitive on a long-term levelized cost basis, but suffers from a timing issue—a large amount of capital is needed upfront, with repayment over several decades, during which time significant capital costs can accrue …

Happiness, Efficiency, And The Promise Of Decisional Equity: From Outcome To Process, Jeffrey L. Harrison

Jeffrey L Harrison

This article explains why outcome-oriented goals like efficiency, happiness, or well-being are ultimately of limited use as goals for law. Part II places happiness research in the context of past efforts to assess efficiency standards. Part III outlines the schism between efficiency and happiness and examines whether they can be reconciled. Part IV discusses the problems of relying on direct measures of happiness. The concept of decisional equity is described and examined in Part V.

Where Kafka Reigns: A Call For Metamorphosis In Unlawful Detainer Law, John Campbell

University of Michigan Journal of Law Reform

This story reflects a new reality in which nonjudicial foreclosure, combined with draconian unlawful detainer laws, concretizes the injuries associated with wrongful foreclosure, degrades the perceived legitimacy of the courts, and suppresses valid claims of wrongful foreclosure. Indeed, this very scenario happens regularly in a variety of states. This story is a very real tale of how homeowners are harmed by a foreclosure process that has largely escaped scholarly review. Rooted in the belief that sunshine is a powerful disinfectant, this Article aims to shed light on states that hogtie homeowners and makes a normative argument that such a process …

Richard A. Posner: A Study In Judicial Entrepreneurship, Sean J. Shannon

Dissertations, Theses, and Capstone Projects

This dissertation analyzes the role of Richard Posner, one of the most prolific and innovative legal thinkers over the past forty years, as a judicial entrepreneur in his efforts to persuade the legal academy and judiciary to incorporate economic principles into the judicial decision making process in market and non-market areas of the law and legal discourse and thereby to re-examine the role of the judge. Though political scientists have explored the entrepreneurial activities of policy makers and political actors, they have given little attention to the role of judges as judicial entrepreneurs. This dissertation develops a comprehensive theoretical understanding …

What We Talk About When We Talk About Voting: Efficiency And The Error In Empty Voting, Patricia Beck

Fordham Journal of Corporate & Financial Law

Under the shareholder primacy model, shareholders exercise voting power because their votes are wealth maximizing and efficient. The practice of decoupling, or the strategic separation of the right to vote on a share from the economic ownership of that share, undermines this efficiency. The decoupled investor’s interests are not aligned with maximizing the value of the corporation and decoupled investors have, to the detriment of all other shareholders, used their voting power to dictate inefficient corporate decisions. This Note advocates for proxy card disclosure of decoupled shares and subsequent voiding of the decoupled votes. In this way, only those shares …

Waive Goodbye To Appellate Review Of Plea Bargaining: Specific Performance Of Appellate Waiver Provisions Should Be Limited To Extraordinary Circumstances, Holly P. Pratesi

Brooklyn Law Review

In the federal criminal justice system, plea bargaining remains the predominant method for disposing of cases. An important provision in most plea agreements consists of the waiver of the defendant’s right to appeal the conviction or sentence. This note explores the constitutional, contractual, and policy implications of a recent Third Circuit decision that would allow specific performance as a remedy where a defendant’s only breach of the plea agreement consists of filing an appeal arguably precluded by an appellate waiver provision. This note argues that the approach taken by the Third Circuit in United States v. Erwin could effectively preclude …

Should The United States Create Trading Markets For Energy Efficiency?, Noah M. Sachs

Law Faculty Publications

This Comment examines whether the vision for energy efficiency markets matches the reality. It explains how energy efficiency markets work, examines the handful of energy efficiency markets that have been established to date, and explores the policy challenges inherent in commodifying energy efficiency and making it a tradable good.

The Limits Of Energy Efficiency Markets In Climate-Change Law, Noah M. Sachs

Law Faculty Publications

This Article examines whether market-based policies, deployed in many areas of environmental law, should be harnessed to promote energy efficiency. Several countries in Europe and Asia have experimented with this new approach to energy efficiency, establishing markets that involve mandatory energy savings targets for firms and inter-firm trading of certificates that represent quantified energy savings. Many analysts contend that these new markets can unlock overlooked opportunities for energy efficiency improvements and could be a critical policy tool for addressing climate change. After describing the rationale for these new markets and their operation in other countries, this Article concludes that the …

A Socio-Economic Approach To Antitrust: Unpacking Competition, Consumer Surplus, And Allocative Efficiency, Jeffrey L. Harrison

UF Law Faculty Publications

This Article demonstrates the relationship between socio-economics and antitrust law. It uses socio-economics to both deconstruct the current economic foundation of antitrust policy and to suggest ways to improve that policy. There are four steps in this presentation. Part II examines the core elements of the economic approach to antitrust and its shortcomings, if any. For those even moderately versed in economics, it will note that the analysis begins at the most basic level. Obviously, antitrust is designed to make markets more competitive. But that goal is merely a means to the end of greater consumer surplus and allocative efficiency. …

Health Care And The Myth Of Self-Reliance, Nicole Huberfeld, Jessica L. Roberts

Law Faculty Scholarly Articles

King v. Burwell asked the Supreme Court to decide if, in providing assistance to purchase insurance “through an Exchange established by the State,” Congress meant to subsidize policies bought on the federally run exchange. With its ruling, the Court saved the Patient Protection and Affordable Care Act’s low-income subsidy. But King is only part of a longer, more complex story about health care access for the poor. In a move toward universal coverage, two pillars of the ACA facilitate health insurance coverage for low-income Americans, one private and one public: (1) the subsidy and (2) Medicaid expansion. Although both have …

The Paperless Chase, Steven J. Mulroy

Touro Law Review

No abstract provided.

The Modern Administrative State: Why We Have ‘Big Government’ And How To Run And Reform Bureaucratic Organizations, Sean Y. Sakaguchi

CMC Senior Theses

This work asserts that bureaucratic organization is not only an inevitable part of the modern administrative state, but that a high quality bureaucracy within a strongly empowered executive branch is an ideal mechanism for running government in the modern era. Beginning with a philosophical inquiry into the purpose of American government as we understand it today, this paper responds to criticisms of the role of expanded government and develops a framework for evaluating the quality of differing government structures. Following an evaluation of the current debate surrounding bureaucracies (from both proponents and critics), this thesis outlines the lessons and principles …