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- New Sources of Water for Energy Development and Growth: Interbasin Transfers: A Short Course (Summer Conference, June 7-10) (29)
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- Groundwater: Allocation, Development and Pollution (Summer Conference, June 6-9) (17)
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- Challenging Federal Ownership and Management: Public Lands and Public Benefits (October 11-13) (11)
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- Moving the West's Water to New Uses: Winners and Losers (Summer Conference, June 6-8) (10)
- Natural Gas Symposium: Contract Solutions for the Future of Regulatory Environment (March 24-25) (10)
- Boundaries and Water: Allocation and Use of a Shared Resource (Summer Conference, June 5-7) (7)
- Water and Growth in the West (Summer Conference, June 7-9) (6)
- Biodiversity Protection: Implementation and Reform of the Endangered Species Act (Summer Conference, June 9-12) (5)
- Endangered Species Act Congressional Field Tour (August 17-19) (4)
- Evolving Regional Frameworks for Ag-to-Urban Water Transfers (December 11) (4)
- Instream Flow Protection in the Western United States: A Practical Symposium (March 31-April 1) (4)
- Conversation with Water Management Reps from Colorado and Australia: "Adapting to Climate Change: Lessons Learned from Australia" (February 14) (2)
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Articles 31 - 60 of 286
Full-Text Articles in Law and Economics
Inside Safe Assets, Anna Gelpern, Erik F. Gerding
Inside Safe Assets, Anna Gelpern, Erik F. Gerding
Publications
“Safe assets” is a catch-all term to describe financial contracts that market participants treat as if they were risk-free. These may include government debt, bank deposits, and asset-backed securities, among others. The International Monetary Fund estimated potential safe assets at more than $114 trillion worldwide in 2011, more than seven times the U.S. economic output that year.
To treat any contract as if it were risk-free seems delusional after apparently super-safe public and private debt markets collapsed overnight. Nonetheless, safe asset supply and demand have been invoked to explain shadow banking, financial crises, and prolonged economic stagnation. The economic literature …
The Right To Regulate (Cooperatively), Alexia Brunet Marks
The Right To Regulate (Cooperatively), Alexia Brunet Marks
Publications
The growing number of new technologies in food production— such as nanotechnology, genetic modification, animal cloning, and irradiation—are garnering different regulatory responses around the world. Based on their threshold for tolerating risk, countries are asserting their national right to regulate at home using labeling, quarantine, and outright bans on foods. But domestic regulation has its limits in a free trade environment. Countries that are not mindful of treaty obligations could face legal liability, as seen in the recent litigation between Uruguay and Philip Morris International. In short, traditional models of international regulatory cooperation (IRC) are failing to provide countries with …
The Energy Prosumer, Sharon B. Jacobs
The Energy Prosumer, Sharon B. Jacobs
Publications
Decentralization is becoming a dominant trend in many industries, and the electricity industry is no exception. Increasing numbers of energy consumers generate their own electricity and/or provide essential grid services such as storage, efficiency, and demand response. This Article offers a positive account of the emergence of these new energy actors, which it calls "energy prosumers. " It then frames several doctrinal and procedural puzzles that prosumers create, including jurisdictional puzzles, distributional concerns, and democratic challenges. Ultimately, it concludes that prosumers can be a positive disruptive force in the electricity industry if courts and regulators can manage these challenges effectively. …
The Forgotten Core Of The Telecommunications Act Of 1996, Philip J. Weiser
The Forgotten Core Of The Telecommunications Act Of 1996, Philip J. Weiser
Publications
No abstract provided.
Slides: Practicing Sustainability In Natural Resource Industries, Gary D. Libecap
Slides: Practicing Sustainability In Natural Resource Industries, Gary D. Libecap
Natural Resource Industries and the Sustainability Challenge (Martz Winter Symposium, February 27-28)
Presenter: Gary D. Libecap, Bren School of Environmental Science and Management and Economics Department, University of California, Santa Barbara, National Bureau of Economic Research (NBER)
10 slides
How To Do Things With Hohfeld, Pierre Schlag
How To Do Things With Hohfeld, Pierre Schlag
Publications
Wesley Newcomb Hohfeld’s 1913 article, Fundamental Legal Conceptions as Applied in Judicial Reasoning, is widely viewed as brilliant. A thrilling read, it is not. More like chewing on sawdust. The arguments are dense, the examples unfriendly, and the prose turgid.
“How to Do Things With Hohfeld” is an effort to provide an accessible and sawdust-free account of Hohfeld’s article, as well as to show how and why his analysis of “legal relations” (e.g., right/duty, etc.) matters. Perhaps the principal reason is that the analysis furnishes a discriminating platform to discern the economic and political import of legal rules and …
The Digital Shareholder, Andrew A. Schwartz
The Digital Shareholder, Andrew A. Schwartz
Publications
Crowdfunding, a new Internet-based securities market, was recently authorized by federal and state law in order to create a vibrant, diverse, and inclusive system of entrepreneurial finance. But will people really send their money to strangers on the Internet in exchange for unregistered securities in speculative startups? Many are doubtful, but this Article looks to first principles and finds reason for optimism.
Well-established theory teaches that all forms of startup finance must confront and overcome three fundamental challenges: uncertainty, information asymmetry, and agency costs. This Article systematically examines this “trio of problems” and potential solutions in the context of crowdfunding. …
How Improving Decision-Making And Mindfulness Can Improve Legal Ethics And Professionalism, Peter H. Huang
How Improving Decision-Making And Mindfulness Can Improve Legal Ethics And Professionalism, Peter H. Huang
Publications
Lawyers who behave unethically and unprofessionally do so for various reasons, ranging from intention to carelessness. Lawyer misconduct can also result from decision-making flaws. Psychologist Chip Heath and his brother Dan Heath, in their best-selling book, Decisive: How to Make Better Decisions in Life and Work, suggest a process to improve people’s decision-making. They introduce the acronym WRAP as the mnemonic for these decision-making heuristics: (1) Widen your options, (2) Reality-test your assumptions, (3) Attain distance before deciding, and (4) Prepare to be wrong. The WRAP process mitigates these cognitive biases: (1) narrow framing of a decision problem, (2) …
Public Utility And The Low-Carbon Future, William Boyd
Public Utility And The Low-Carbon Future, William Boyd
Publications
Substantial reductions in global power sector emissions will be needed by midcentury to avoid significant disruption of the climate system. Achieving these reductions will require greatly increased levels of financing, technological innovation, and policy reform. In the United States, the scale and complexity of the overall challenge have raised important questions regarding prevailing regulatory and business models, with much scrutiny directed at the traditional practice of public utility regulation. Recognizing the many valid criticisms leveled against public utility regulation and the important questions raised about the viability of traditional utility business models, particularly in the face of substantial growth in …
Classcrits Mission Statement, Justin Desautels-Stein, Angela P. Harris, Martha Mccluskey, Athena Mutua, James Pope, Ann Tweedy
Classcrits Mission Statement, Justin Desautels-Stein, Angela P. Harris, Martha Mccluskey, Athena Mutua, James Pope, Ann Tweedy
Publications
No abstract provided.
Penalty Default Licenses: A Case For Uncertainty, Kristelia A. García
Penalty Default Licenses: A Case For Uncertainty, Kristelia A. García
Publications
Research on the statutory license for certain types of copyright-protected content has revealed an unlikely symbiosis between uncertainty and efficiency. Contrary to received wisdom, which tells us that in order to increase efficiency, we must increase stability, this Article suggests that uncertainty can actually be used to increase efficiency in the marketplace. In the music industry, the battle over terrestrial performance rights--that is, the right of a copyright holder to collect royalties for plays of a sound recording on terrestrial radio--has raged for decades. In June 2012, in a deal that circumvented the statutory license for sound recordings for the …
The Corporate Preference For Trade Secret, Andrew A. Schwartz
The Corporate Preference For Trade Secret, Andrew A. Schwartz
Publications
Many inventions can be legally protected either by patent or by trade secrecy, and a conventional wisdom exists on how to select between them. This Article adds to that literature by showing that corporations should have an inherent preference for trade secret over patent for reasons relating to their legal form. Among them is the idea that corporations are perpetual entities and therefore perfectly suited to reap the perpetual returns that only a trade secret can offer. The Article also addresses the potential for a conflict between the inherent corporate preference for trade secret and the preferences of corporate managers, …
Keep It Light, Chairman White: Sec Rulemaking Under The Crowdfund Act, Andrew A. Schwartz
Keep It Light, Chairman White: Sec Rulemaking Under The Crowdfund Act, Andrew A. Schwartz
Publications
Title III of the JOBS Act, known as the CROWDFUND Act, authorizes the “crowdfunding” of securities, defined as raising capital online from many investors, each of whom contributes only a small amount. The Act was signed into law in April 2012, and will go into effect once the Securities and Exchange Commission (“SEC”) promulgates rules and regulations to govern the new marketplace for crowdfunded securities. This Essay offers friendly advice to the SEC as to how to exercise its rulemaking authority in a manner that will enable the Act to achieve its goals of creating an ultralow-cost method for raising …
Coase Minus The Coase Theorem--Some Problems With Chicago Transaction Cost Analysis, Pierre Schlag
Coase Minus The Coase Theorem--Some Problems With Chicago Transaction Cost Analysis, Pierre Schlag
Publications
In law as well as economics, the most well-known aspect of Coase's "The Problem of Social Cost," is the Coase Theorem. Over the decades, that particular notion has morphed into a crucial component of Chicago law and economics--namely, transaction cost analysis.
In this Article, I deliberately bracket the Coase Theorem to show that "The Problem of Social Cost" contains far more interesting and unsettling lessons--both for law as well as for economics. Indeed, while Coase's arguments clearly target the Pigouvian attempts to "improve on the market" through government correctives, there is, lurking in those arguments, a much more profound critique …
Technological Cost As Law In Intellectual Property, Harry Surden
Technological Cost As Law In Intellectual Property, Harry Surden
Publications
Changes in the scope of IP legal rights are generally thought to be linked to changes in positive law. This Article argues that shifts in the scope of IP laws are often driven by changes in technological feasibility and not by changes in positive law. Diminishing technological constraint is an under-acknowledged factor driving changes in substantive IP law.
More specifically, there are certain activities that are core to IP law. Such activities include, for example, the copying of creative works in copyright (e.g. duplicating books or music), or the manufacturing of products in patent law. Traditionally, IP legal theory has …
Check Please: Using Legal Liability To Inform Food Safety Regulation, Alexia Brunet Marks
Check Please: Using Legal Liability To Inform Food Safety Regulation, Alexia Brunet Marks
Publications
Food safety is a hotly debated issue. While food nourishes, sustains, and enriches our lives, it can also kill us. At any given meal, our menu comes from a dozen different sources. Without proper incentives to encourage food safety, microbial pathogens can, and do enter the food source--so much so that according to the Centers for Disease Control and Prevention (CDC), each year roughly one in six Americans (or forty-eight million people) gets sick, 128,000 are hospitalized, and 3,000 die of foodborne diseases. What is the optimal way to prevent unsafe foods from entering the marketplace?
Safety in the food …
A Structuralist Approach To The Two State Action Doctrines, Justin Desautels-Stein
A Structuralist Approach To The Two State Action Doctrines, Justin Desautels-Stein
Publications
By all accounts, the constitutional and antitrust state-action doctrines are strangers. Courts and scholars see the constitutional state-action doctrine as about the applicability of constitutional rights in private disputes, and the antitrust state-action doctrine as a judicial negotiation between the scope of the Sherman Act and the demands of federalism. In this conventional view, the only thing the doctrines share in common is that they are both an awful mess. This Article challenges the conventional wisdom and argues that the two state-action doctrines are fundamentally connected, and when viewed in a certain light, not even that messy. It is not …
Agenda: A Low-Carbon Energy Blueprint For The American West, University Of Colorado Boulder. Natural Resources Law Center, University Of Colorado Boulder. Renewable And Sustainable Energy Institute, Western Resource Advocates, Rocky Mountain Research Station (Fort Collins, Colo.)
Agenda: A Low-Carbon Energy Blueprint For The American West, University Of Colorado Boulder. Natural Resources Law Center, University Of Colorado Boulder. Renewable And Sustainable Energy Institute, Western Resource Advocates, Rocky Mountain Research Station (Fort Collins, Colo.)
A Low-Carbon Energy Blueprint for the American West (Martz Summer Conference, June 6-8)
The future of the planet may depend upon our ability to increase energy supplies even as we reduce carbon emissions. This conference will address how a low-carbon energy program might evolve with a particular focus on the American West. It will focus on the future of energy in the West--on a “managed transition” to a different energy mix, on the need to nest this effort in a framework that acknowledges interconnections, and on identifying the most salient opportunities to consider the legal, political, financial, and technical challenges.
Genealogies Of Risk: Searching For Safety, 1930s-1970s, William Boyd
Genealogies Of Risk: Searching For Safety, 1930s-1970s, William Boyd
Publications
Health, safety, and environmental regulation in the United States are saturated with risk thinking. It was not always so, and it may not be so in the future. But today, the formal, quantitative approach to risk provides much of the basis for regulation in these fields, a development that seems quite natural, even necessary. This particular approach, while it drew on conceptual and technical developments that had been underway for decades, achieved prominence during a relatively short timeframe; roughly, between the mid-1970s and the early 1980s--a time of hard looks and regulatory reform. Prior to this time, formal conceptions of …
Economic Development And The Problem With The Problem-Solving Approach, Justin Desautels-Stein
Economic Development And The Problem With The Problem-Solving Approach, Justin Desautels-Stein
Publications
Scholars and practitioners alike have recently pointed to the idea of a "new moment" in the field of law and economic development, as well as a hope for a fruitful rethinking of political economy. The idea is that we have passed out of the period of high "neoliberalism," associated at one time with Reagan, Thatcher, and the so-called Washington Consensus and now eclipsed by the ascendance of the Obama Administration. The hope attending the new consensus is that, in the wake of neoliberal law and policy, the field of law and development might be on the verge of a new …
Four Conceptualizations Of The Relations Of Law To Economics (Tribulations Of A Positivist Social Science), Pierre Schlag
Four Conceptualizations Of The Relations Of Law To Economics (Tribulations Of A Positivist Social Science), Pierre Schlag
Publications
This brief essay sketches the ways in which four leading economic thinkers (Knight, Coase, Posner and Sunstein) have dealt with a vexing tension in the relations of economics to law, the state, and the social. The tension arises as microeconomists address (or fail to address) the relations of their theories to “soft factors” such as psychology, politics, social institutions, etc. These soft factors are at once clearly consequential for economic behavior (and thus arguably should be included in the theories). At the same time, these soft factors are not self-evidently subject to determination by any known economic laws (and thus …
The Market As A Legal Concept, Justin Desautels-Stein
The Market As A Legal Concept, Justin Desautels-Stein
Publications
In the wake of the recent financial crisis of 2008, and in the run-up to what some are calling a perfect fiscal storm, there is no shortage of commentary on the need for fundamental market reform. Though there are certainly disagreements about where the real problems are and what to do, almost all the commentary remains wedded to an old and entirely false image of “free competition.” Of course, there is hardly consensus about whether markets require the heavy hand of regulative control, or are better left to regulate themselves, but a belief in the distinction between these two images …
The Crisis Of The American Law School, Paul Campos
The Crisis Of The American Law School, Paul Campos
Publications
The economist Herbert Stein once remarked that if something cannot go on forever, it will stop. Over the past four decades, the cost of legal education in America has seemed to belie this aphorism: it has gone up relentlessly. Private law school tuition increased by a factor of four in real, inflation-adjusted terms between 1971 and 2011, while resident tuition at public law schools has nearly quadrupled in real terms over just the past two decades. Meanwhile, for more than thirty years, the percentage of the American economy devoted to legal services has been shrinking. In 1978 the legal sector …
Understanding The United States' Incarceration Rate, William T. Pizzi
Understanding The United States' Incarceration Rate, William T. Pizzi
Publications
What has caused prison sentences to climb so sharply and consistently in the last four decades?
Freedom Of Contract In An Augmented Reality: The Case Of Consumer Contracts, Scott R. Peppet
Freedom Of Contract In An Augmented Reality: The Case Of Consumer Contracts, Scott R. Peppet
Publications
This Article argues that freedom of contract will take on different meaning in a world in which new technology makes information about places, goods, people, firms, and contract terms available to contracting parties anywhere, at any time. In particular, our increasingly "augmented reality" calls into question leading justifications for distrusting consumer contracts and strengthens traditional understandings of freedom of contract. This is largely a descriptive and predictive argument: This Article aims to introduce contract law to these technologies and consider their most likely effects. It certainly has normative implications, however. Given that the vast majority of consumer contracting occurs in …
Tax Neutrality And Tax Amenities, David Hasen
Tax Neutrality And Tax Amenities, David Hasen
Publications
Efforts to identify and implement an appropriate tax neutrality benchmark have been persistent themes in scholarly and policy debates on international taxation for fifty years. This paper questions whether the concept of tax neutrality has been adequately specified for analyzing the efficiency properties of international tax systems. As distinct from the closed-economy setting, in the open-economy setting, neither tax revenues received nor the burdens that tax revenues pay for may be taken as fixed. Because tax revenues finance infrastructure and other productivity-enhancing goods - so-called "tax amenities" - and because capital burdens infrastructure, the reallocation of tax revenues among jurisdictions …
Computable Contracts, Harry Surden
Computable Contracts, Harry Surden
Publications
This Article explains how and why firms are representing certain contractual obligations as computer data. The reason is so that computers can read and process the substantive aspects of contractual obligations. The representation of contractual obligations in data instead of (or in addition to) the traditional written language form - what this Article calls "data-oriented contracting" - allows for the application of advanced computer processing abilities to substantive contractual obligations. Certain financial contracts exemplify this model. Equity option contracts are routinely represented not as contract documents written in ordinary language - but as data records intended to be processed by …
Slides: Environmental Water In Australia, Chris Arnott
Slides: Environmental Water In Australia, Chris Arnott
Conversation with Water Management Reps from Colorado and Australia: "Adapting to Climate Change: Lessons Learned from Australia" (February 14)
Presenter: Chris Arnott, Managing Director, Alluvium Consulting
30 slides
Slides: Adapting To Climate Change: Lessons Learnt From The Australian Water Experience, Will Fargher
Slides: Adapting To Climate Change: Lessons Learnt From The Australian Water Experience, Will Fargher
Conversation with Water Management Reps from Colorado and Australia: "Adapting to Climate Change: Lessons Learned from Australia" (February 14)
Presenter: Will Fargher, National Water Commission, Australian Government
18 slides [4 have titles only and are missing images]
The Curious Case Of Greening In Carbon Markets, William Boyd, James Salzman
The Curious Case Of Greening In Carbon Markets, William Boyd, James Salzman
Publications
Over the last several years, so-called carbon markets have emerged around the world to facilitate trading in greenhouse gas credits. This Article takes a close look at an unexpected and unprecedented development in some of these markets--premium "green" currencies have emerged and, in some cases, displaced standard compliance currencies. Past experiences with other environmental compliance markets, such as the sulfur dioxide and wetlands mitigation markets, suggest the exact opposite should be occurring. Indeed, buyers in such markets should only be interested in buying compliance, not in the underlying environmental integrity of the compliance unit. In some of the compliance carbon …