Law Commons^™

Behavioral Public Finance, Edward J. Mccaffery

Edward J McCaffery

These are slides from a presentation to the Gruter Institute for Law and Behavioral Research, Squaw Valley Conference, May, 2008 (at which event Michael Jensen got me to agree to post these slides as a pdf on SSRN . . . ). The task is to give an overview of what I hope to be an emerging field of behavioral public finance. Behavioral finance, as per Barberis and Thaler 2003 (and others), consists of two parts: (1) individual level heuristics and biases, which can lead to sub-optimal (inconsistent) judgment and decision-making, and (2) institutional arbitrage mechanisms. In private finance and …

Comments On Liebman And Zeckhauser, Simple Humans, Complex Insurance, Subtle Subsidies, Edward J. Mccaffery

Edward J McCaffery

These are brief comments on an excellent paper by Jeffrey Liebman and Richard Zeckhauser, prepared for a conference sponsored by the Urban Institute and Brookings on tax and health care policy. Liebman and Zeckhauser summarize the complexities involved in making optimal health insurance decisions, and offer generally cautionary notes about conflating these with tax law (a theme of the conference). Most importantly, Liebman and Zeckhauser suggest a positive role for employers in health care and insurance decisions, as better setters or framers of choice sets—witness 401(k) plans. In this Commentary, I applaud Leibman and Zeckhauser’s general work and particular observation, …

Taking Distribution Seriously, Robert C. Hockett

Cornell Law Faculty Working Papers

It is common for legal theorists and policy analysts to think and communicate mainly in maximizing terms. What is less common is for them to notice that each time we speak explicitly of socially maximizing one thing, we speak implicitly of distributing another thing and equalizing yet another thing. We also, moreover, effectively define ourselves and our fellow citizens by reference to that which we equalize; for it is in virtue of the latter that our social welfare formulations treat us as “counting” for purposes of socially aggregating and maximizing.

To attend systematically to the inter-translatability of maximization language on …

Less Than Fundamental: The Myth Of Voter Fraudand The Coming Of The Second Great Disenfranchisement, David A. Schultz

David A Schultz

This article examines the issue of voter fraud and efforts to regulate it through new photo identification requirements. The overall thesis is that voting fraud is a pretext for a broader agenda to disenfranchise Americans and rig elections. However, the more specific focus of this article is both to examine the evidence of fraud and the litigation around voter IDs thus far, and what supporters of voting rights can learn from both as they move forward and challenge these laws in the future. The Article will argue that the evidence being offered for the photo IDs does not justify the …

Assuming Bosnia: Democracy After Srebrenica, Timothy W. Waters

Timothy W Waters

Assuming Bosnia: Democracy after Srebrenica Timothy William Waters Associate Professor, Indiana University School of Law (Bloomington) This essay is a reflection on democracy, justice and intervention. It focuses on the Bosnian experience, which requires one to consider several actors: Bosnia as a state, Bosnians as a people or peoples, and the international community. For since Dayton, the indispensable context for reform in Bosnia has been the international protectorate, which is to say the deliberate abrogation of autonomous, democratic, domestic processes for some defined, and hopefully higher, set of purposes. These purposes are expressed in the Dayton Accords, though increasingly the …

Assuming Bosnia: Taking The Polity Seriously In Ethnically Divided Societies, Timothy W. Waters

Timothy W Waters

This essay is a reflection on democracy, justice and intervention. It focuses on the Bosnian experience, where since the Dayton Accords the indispensable context for reform has been the international protectorate. This essay examines the assumptions used by the international community to govern Bosnia, which suggest a policy premised upon resistance to the fragmentation of the state under any circumstances, and a belief that the international intervention is simultaneously morally justified and a purely technical process for increasing efficiency. How necessary – indeed, how related at all – are those commitments to the dictates of justice? What is their relationship …

The Cy Pres Problem And The Role Of Damages In Tort Law, Goutam U. Jois

Goutam U Jois

Class action litigation presents a common problem that has received little discussion in the academic literature. In almost every case, the plaintiff class’s recovery is not fully distributed. For example, all possible plaintiffs may not come forward with their claims, the plaintiffs may not be ascertainable, or claims may not be timely submitted. Administrators are regularly posed with the problem of what to do with these residual funds. Currently, courts are free to do virtually anything with such funds. The system is ad hoc, unpredictable, and unguided by any normative principle. In these cases, I propose that the funds should …