Law and Economics Commons^™

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

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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

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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

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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

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No abstract provided.

Transactional Mediation: Using Mediators In Deals, Scott Peppet

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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

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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

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No abstract provided.

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

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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

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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

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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 …

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

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No abstract provided.

Reasons Within Passions: Emotions And Intentions In Property Rights Bargaining, Peter H. Huang

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This article discusses the role of emotions (or feelings or affects) in property rights bargaining. Real world people choose bargaining strategies based upon not only rational calculations, but also their gut feelings. This article considers the impact of anger and shame on bargaining over property rights and the Coase theorem. Such emotions may depend on beliefs (expectations or assessments) about whether particular strategic decisions should or will occur. Such beliefs can be viewed as attributions over the intentions of others.

Delaware As Demon: Twenty-Five Years After Professor Cary's Polemic, Mark J. Loewenstein

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No abstract provided.

The Conundrum Of Executive Compensation, Mark J. Loewenstein

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Much of the scholarship on executive compensation that appears in law reviews assumes that large U.S. corporations overpay their chief executive officers ("CEOs"). This assumption is understandable, as many of these compensation packages are indeed stunning. The question of whether CEOs are overpaid, however, is complicated. Some scholars in other disciplines, principally in economics and management science, have studied the issue but, as this Article demonstrates, this literature does not confirm the assumption. Indeed, some studies suggest that CEO pay is competitive. Moreover, efforts to reduce the level of executive compensation may have the unintended consequence of achieving the opposite …

A Normative Analysis Of New Financially Engineered Derivatives, Peter H. Huang

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This Article analyzes whether the introduction of new derivative assets makes a society better or worse off. Because trading such non-redundant derivatives produces new distributions of income across time and over possible future contingencies, individuals can utilize such financial instruments to hedge risks not possible before the introduction of these assets. Thus, it may seem that new derivatives unambiguously benefit society. In fact, introducing sufficiently many new derivatives completes asset markets. Asset markets are complete if trading on them can attain every possible payoff pattern of wealth across time and over possible future contingencies. The first fundamental theorem of welfare …

Herd Behavior In Designer Genes, Peter H. Huang

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The ability of individuals to choose their children's genes has increased over time and may ultimately culminate in a world involving free market reprogenetic technologies. Reprogenetic technologies combine advances in reproductive biology and genetics to provide humans increased control over their children's genes. This Article offers economic perspectives that are helpful in understanding the possibly unexpected ethical, legal, and social issues at stake in using reprogenetic technologies for trait enhancement selection. The Appendix analyzes two competitive games that might arise in such a biotechnological society. Specifically, the Article focuses on herd behavior, caused by either a popularity contest or positional …

A New Options Theory For Risk Multipliers Of Attorney's Fees In Federal Civil Rights Litigation, Peter H. Huang

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Given the importance of private enforcement of federal civil rights laws, Congress and the courts have attempted to encourage plaintiffs' attorneys to accept meritorious civil rights cases through fee shifting and risk multipliers. Recently, however, the Supreme Court has essentially prohibited the use of risk multipliers, thus undercompensating attorneys for the risk of losing civil rights actions and discouraging the filing of such cases. In this Article, Professor Huang develops a new options-based theory of calculating attorney's fees. Professor Huang argues that a lawsuit consists of a sequence of options to continue with the case rather than a once-and-for-all irreversible …

Book Review, Lakshman D. Guruswamy

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No abstract provided.

Dangers Of Monetary Commensurability: A Psychological Game Model Of Contagion, Peter H. Huang

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No abstract provided.

Legislative Development, The Attorney Accountability Act: A Case Study Of The Complexities Of Incentive-Based Legal Reform, Jamie S. Henikoff, Scott R. Peppet

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No abstract provided.

In-Kind Class Action Settlements, Scott R. Peppet

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No abstract provided.

Alienation Of Conservation Easements, Richard B. Collins

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No abstract provided.

Foreword, J. Dennis Hynes

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No abstract provided.

Chaos And The Law Of Borrowed Servant: An Argument For Consistency, J. Dennis Hynes

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No abstract provided.

Normativity And The Politics Of Form, Pierre Schlag

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No abstract provided.

The Problem Of Transaction Costs, Pierre Schlag

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No abstract provided.

Aldo Leopold And Western Water Law: Thinking Perpendicular To The Prior Appropriation Doctrine, Charles F. Wilkinson

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No abstract provided.

Cannibal Moves: An Essay On The Metamorphoses Of The Legal Distinction, Pierre Schlag

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No abstract provided.

Economic Union As A Constitutional Value, Richard B. Collins

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Professor Collins presents an in-depth defense of the dormant commerce power doctrine. He maintains that the text of the commerce clause, the original intent behind it, and a century of congressional acquiescence to broad judicial enforcement of the dormant commerce power lend sufficient legitimacy to the doctrine to support its continued existence. After examining the textual and historical bases for the doctrine, Professor Collins concludes that the primary purpose behind the commerce clause is the promotion of economic integration and interstate harmony. Based upon his discussion of the doctrine's origins and development, he contends that critics of the doctrine who …

The Brilliant, The Curious, And The Wrong, Pierre Schlag

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No abstract provided.