Law and Economics Commons^™

A Psychology Of Emotional Legal Decision Making: Revulsion And Saving Face In Legal Theory And Practice, Peter H. Huang, Christopher J. Anderson

Publications

Professor Martha C. Nussbaum is an accomplished scholar in an impressive variety of fields. Drawing on her diverse academic backgrounds, Nussbaum has written extensively about emotions and their importance for law from the perspective of her primary specialty, philosophy. Her book Hiding from Humanity criticizes the roles that two particular emotions, disgust and shame, play in the law. Its central thesis is that, as legal actors, we should be wary of disgust and shame because indulging in those emotions allows us to hide from our humanity - both our humanity in the general sense and also those specific features of …

The Next Epidemic: Bubbles And The Growth And Decay Of Securities Regulation, Erik F. Gerding

Publications

This article explores how speculative bubbles undermine the effectiveness of securities regulations and spawn epidemics of securities fraud. A brief historical survey demonstrates that stock market bubbles almost invariably coincide with epidemics of securities fraud, and provides a compelling argument that the outbreak of fraud in the Enron era did not stem merely from factors unique to the 1990s, but from the dynamics of an asset price bubble as well.

Drawing on perspectives from securities law practice and economic theory, the article argues that bubbles dilute the deterrent effect of antifraud rules and promote deregulation. Both effects alter the calculus …

The Unexpected Value Of Litigation: A Real Options Perspective, Joseph A. Grundfest, Peter H. Huang

Publications

In this Article, we suggest that litigation can be analyzed as though it is a competitive research and development project. Developing this analogy, we present a two-stage real option model of the litigation process that involves sequential information revelation and bargaining over the surplus generated by early settlement. Litigants are risk-neutral and have no private information. The model generates results that, we believe, have analytic and normative significance for the economic analysis of litigation

From an analytic perspective, we demonstrate that negative expected value (NEV) lawsuits are analogous to out of the money call options held by plaintiffs and that …

Day 2: Thursday, 18 August 2005: Upper Colorado River Endangered Fish Recovery Program, Bob Muth, Tom Pitts, Dan Luecke

Endangered Species Act Congressional Field Tour (August 17-19)

58 pages (includes illustrations and maps).

Contains references.

Agenda: Endangered Species Act Congressional Field Tour, University Of Colorado Boulder. Natural Resources Law Center

Endangered Species Act Congressional Field Tour (August 17-19)

The Center sponsored its third annual field tour for staff members of the United States Congress, the United States Environmental Protection Agency, and the Colorado state legislature.

Day 1: Wednesday, 17 August 2005: Science And The Esa, Joy Nicholopoulos, William Lewis

Endangered Species Act Congressional Field Tour (August 17-19)

43 pages (includes illustrations and map).

Contains references.

Day 1: Wednesday, 17 August 2005: Biodiversity And Critical Habitat, Charles Bedford, Federico Cheever, Tim Sullivan

Endangered Species Act Congressional Field Tour (August 17-19)

6 pages (includes color illustration).

Contains references.

Capitalism, Social Marginality, And The Rule Of Law's Uncertain Fate In Modern Society, Ahmed A. White

Publications

The rule of law is liberalism's key juridical aspiration. Yet its norms, centered on the principles of legality and legal generality, are being compromised all over the political and legal landscape. For decades, the dominant explanation of this worrying condition has focused mainly on the rise of the welfare state and its apparent incompatibility with the rule of law. But this approach, though shared by a politically diverse range of scholars, is outdated and misconceives the problem. A central function of the modem state has always been to prevent capitalism's inherent tendencies toward social marginalization from devolving into general social …

Lawyers' Bargaining Ethics, Contract, And Collaboration: The End Of The Legal Profession And The Beginning Of Professional Pluralism, Scott R. Peppet

Publications

This Article combines contractarian economics and traditional ethical theory to argue for a radical revision of the legal profession's codes of ethics. That revision would end the legal profession as we know it-one profession, regulated by one set of ethical rules that apply to all lawyers regardless of circumstance. It would replace the existing uniform conception of the lawyer's role with a more heterogeneous profession in which lawyers and clients could contractually choose the ethical obligations under which they wanted to operate. This "contract model" of legal ethics, in which lawyers could opt in and out of various ethical constraints, …

Where There's At-Will, There Are Many Ways: Redressing The Increasing Incoherence Of Employment At Will, Scott A. Moss

Publications

Employment at will, the doctrine holding that employees have no legal remedy for unfair terminations because they hold their jobs at the will of the employer, has become mired in incoherence. State courts praise the common law rule as "essential to free enterprise" and "central to the free market," but in recent years they increasingly have riddled the rule with exceptions, allowing employee claims for whistleblowing, fraud, etc. Yet states have neither rejected employment at will nor shown any consistency in recognizing exceptions. Strikingly, states cite the same rationales to adopt and reject opposite exceptions, as a case study of …

Lawsuit Abandonment Options In Possibly Frivolous Litigation Games, Peter H. Huang

Publications

This paper develops a new theory of possibly frivolous litigation by focusing on a plaintiff's options to unilaterally abandon a lawsuit. Federal Rule of Civil Procedure 41(a)(1)(i) and its various state law counterparts permit, under certain circumstances, a plaintiff to voluntarily dismiss her lawsuit without prejudice. This paper's options approach to litigation, including quite possibly, frivolous litigation is placed in the context of the literature of economic models about litigation in general and frivolous litigation in particular. This paper demonstrates that possibly frivolous lawsuits will be filed and settled when the values of a plaintiff's options to unilaterally abandon litigation …

Contract Formation In Imperfect Markets: Should We Use Mediators In Deals?, Scott R. Peppet

Publications

This Article asks a simple question: Could third-party mediators be helpful in deals, just as they are in disputes? This Article makes a theoretical argument for such interventions, but also presents preliminary empirical evidence suggesting that transactional mediation may already be taking place.

Water Wrongs: Why Can’T We Get It Right The First Time?, David Getches

Publications

No abstract provided.

Women Choosing Diverse Workplaces: A Rational Preference With Disturbing Implications For Both Occupational Segregation And Economic Analysis Of Law, Scott A. Moss

Publications

Despite women's dramatic labor market gains, there remains a striking degree of occupational segregation by gender. Analysts typically blame discrimination or women's work/family priorities. This Article offers a different explanation.

It is hard for women choosing jobs or occupations to know where they will face discrimination, particularly since recent judicial decisions eliminated certain employer signals that once differentiated fair and discriminatory firms. One way women can effectuate a preference for nondiscriminatory workplaces is by choosing gender-diverse workplaces. Nondiverse workplaces often are not female-friendly, and discrimination may be the reason they are nondiverse. In economic terms, women rationally use level of …

Trust, Guilt, And Securities Regulation, Peter H. Huang

Publications

This Article analyzes the importance of trust in securities investing and how guilt about breaching such trust has implications for securities regulation. Both U.S. federal securities laws and the regulations of the National Association of Securities Dealers impose high standards of professional conduct upon securities professionals. But exactly what are and should be the legal responsibilities of securities professionals remain the subject of much debate. In particular, courts disagree over when broker-dealers are fiduciaries of their clients. A legal consequence of a fiduciary relationship is a duty of fair dealing. This Article is the first to analyze the emotional, moral, …

Toward A Next Generation Regulatory Strategy, Philip J. Weiser

Publications

The FCC is now facing a set of issues that will help shape the future evolution of the Internet and the role of government in its development. In particular, the FCC is in the midst of designing a regulatory regime for broadband platforms. To do so, the FCC must decide both on the appropriate regulatory classification for such platforms and what legal rules (if any) should govern access to such platforms. This Article explains how the FCC, using its "ancillary jurisdiction" authority under Title I of the Communications Act, can develop a reactive regulatory regime that examines allegations of discriminatory …

Preferences And Rational Choice: New Perspectives And Legal Implications: Introduction, Matthew D. Adler, Claire Finkelstein, Peter H. Huang

Publications

No abstract provided.

Transactional Mediation: Using Mediators In Deals, Scott Peppet

Publications

This article addresses whether third-party mediators could be helpful in deal-making, just as they are in resolving disputes. It makes a theoretical case for such use of mediators and presents preliminary evidence that transactional mediation already is taking place.

Modularity, Vertical Integration, And Open Access Policies: Towards A Convergence Of Antitrust And Regulation In The Internet Age, Joseph Farrell, Philip J. Weiser

Publications

Antitrust law and telecommunications regulation have long adopted different stances on whether to mandate open access to information platforms. This article aims to help regulators and commentators incorporate both Chicago School and post-Chicago School arguments in evaluating this basic policy choice, suggesting how they can be integrated in an effective manner. In particular, the authors outline three alternative models that the FCC could adopt to guide its regulation of information platforms and facilitate a true convergence between antitrust and regulatory policy.

Contractarian Economics And Mediation Ethics: The Case For Customizing Neutrality Through Contingent Fee Mediation, Scott R. Peppet

Publications

No abstract provided.

The Internet, Innovation, And Intellectual Property Policy, Philip J. Weiser

Publications

The Internet continues to transform the information industries and challenge intellectual property law to develop a competition policy strategy to regulate networked products. In particular, inventors of "information platforms" that support the viewing of content-be they instant messaging systems, media players, or Web browsers-face a muddled set of legal doctrines that govern the scope of available intellectual property protection. This uncertainty reflects a fundamental debate about what conditions will best facilitate innovation in the information industries--a debate most often played out at the conceptual extremes between the "commons" and "proprietary control" approaches to the Internet and intellectual property policy.

This …

International Environmental Law And Emotional Rational Choice, Peter H. Huang

Publications

This paper considers how emotions can foster compliance by rational actors with international environmental law. Many environmental issues are highly emotionally charged. Both supporters of and opponents to international environmental law often feel very strongly about their positions and views. A psychological game-theoretic model focuses on the disciplinary role that losing face may play in compliance with international environmental law. This model implies that non-compliance, especially by high-profile international actors, should be highly and swiftly publicized upon detection and verification. The model also explains why actors care so much about soft, that is, non-binding international environmental law, such as international …

Securities Price Risks And Financial Derivative Markets, Peter H. Huang

Publications

The financial and popular media report almost daily on the volatility of securities market prices. Yet, many people continue to buy securities to hedge against or speculate on certain risks. People can also buy or sell derivatives to hedge against or speculate on fluctuations in securities prices. This Article discusses three regulatory policy implications of utilizing derivatives markets to reallocate the bearing of securities price risks. First, if there are too few non-redundant derivative markets, a competitive market equilibrium allocation of securities price risks is typically constrained Pareto inefficient. This financial economic result means that for typical economies, a regulator …

Issues Associated With New Developments And Transfers: A West Slope Perspective, Eric Kuhn

Water and Growth in the West (Summer Conference, June 7-9)

8 pages.

Chronic And Emerging Water Issues In The South Platte/Front Range Corridor, James S. Lochhead

Water and Growth in the West (Summer Conference, June 7-9)

16 pages.

Municipal Demands As The Stimulus For Innovation: Tales From The Lower Colorado River Basin, Jerome C. Muys

Water and Growth in the West (Summer Conference, June 7-9)

17 pages.

The Water Development-Growth Relationship: Case Studies, Edward F. Harvey

Water and Growth in the West (Summer Conference, June 7-9)

7 pages.

Agenda: Water And Growth In The West, University Of Colorado Boulder. Natural Resources Law Center, The William And Flora Hewlett Foundation

Water and Growth in the West (Summer Conference, June 7-9)

1 v. (various pagings) : ill., maps ; 29 cm. + 1 CD-ROM (4 3/4 in.) + supplement (207 p. ; 29 x 24 cm.)

"Conference co-sponsor The William and Flora Hewlett Foundation."

Conference moderators included University of Colorado School of Law professors Gary C. Bryner, James N. Corbridge, Jr., David H. Getches, Douglas S. Kenney, Kathryn M. Mutz, Peter D. Nichols and Charles F. Wilkinson.

Accompanied by: CD-ROM (4 3/4 in.) and supplement (xiv, 140, [49] p.)

Includes bibliographical references

The event will cover a breadth of issues, including demographics and water-use trends, improved planning and efficient use, implementation …

Growth Pressures And Tmdls, David G. Davis, Jamal M. Kadri, Teresa J. Norfleet

Water and Growth in the West (Summer Conference, June 7-9)

18 pages.

Still Preying On Strategic Reputation Models Of Predation, Peter H. Huang

Publications

No abstract provided.