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Articles 1 - 26 of 26
Full-Text Articles in Law and Economics
The Living Commerce Clause: Federalism In Progressive Political Theory And The Commerce Clause After Lopez And Morrison, Eric R. Claeys
The Living Commerce Clause: Federalism In Progressive Political Theory And The Commerce Clause After Lopez And Morrison, Eric R. Claeys
William & Mary Bill of Rights Journal
"Living Constitution " ideas are most often associated with individual-rights guarantees like equal protection and due process, but they were originally developed in the early twentieth century to revolutionize the law of the structural Constitution - including the Commerce Clause. In this Article, Professor Claeys interprets Progressive political theory, which played a crucial role in legitimating the expansion of the national government. As applied to federalism, Progressive living-Constitution theory required that the Commerce Clause be interpreted as a constitutional transmitter letting the national government regulate whatever the American people deem to be a national problem. He suggests that this notion …
Internalizing Outsider Trading, Ian Ayres, Stephen Choi
Internalizing Outsider Trading, Ian Ayres, Stephen Choi
Michigan Law Review
Investing in the United States has become a hobby for many. Individual ownership of equity, moreover, has increased over the past decade due in part to the introduction of internet-based trading. While providing the possibility for greater returns compared with bank savings accounts, among other investment alternatives, the public capital markets also pose greater risks for investors. Many individual investors lack both the resources and the incentive to analyze the value of any particular security in the market. Such investors thus trade at a systematic disadvantage relative to more informed parties. In response, regulators have asserted that certain informational disparities …
The Fable Of Entry: Bounded Rationality, Market Discipline, And Legal Policy, Avishalom Tor
The Fable Of Entry: Bounded Rationality, Market Discipline, And Legal Policy, Avishalom Tor
Michigan Law Review
Legal scholars have recently advanced a behavioral approach to the law and economics school of thought in an attempt to improve its external validity and predictive power. The hallmark of this new approach is the replacement of the perfectly rational actor with a "boundedly rational" decisionmaker who, apart from being affected by emotion and motivation, has only limited cognitive resources. To function effectively in a complex :world, boundedly rational individuals must rely on cognitive heuristics - simplifying mental shortcuts - that inevitably lead people to make some systematic decision errors; as a result, their behavior necessarily deviates from that predicted …
The Stumbling Block: Freedom, Rationality, And Legal Scholarship, Jeanne L. Schroeder
The Stumbling Block: Freedom, Rationality, And Legal Scholarship, Jeanne L. Schroeder
William & Mary Law Review
No abstract provided.
Theorizing Behavioral Law And Economics: A Defense Of Evolutionary Analysis And The Law, Neel P. Parekh
Theorizing Behavioral Law And Economics: A Defense Of Evolutionary Analysis And The Law, Neel P. Parekh
University of Michigan Journal of Law Reform
Behavioral law and economics (BLE) provides a steady stream of empirical evidence that counters the predictions of law and economics. Despite this research and data, however, many theorists argue that BLE ultimately fails because it posits no underlying theory. This Note argues that perspectives from evolutionary biology, evolutionary psychology, and the brain sciences can provide the missing motivational theory for BLE's empirical findings. The Note also examines the implications a more consistent and reasoned consideration of evolutionary analysis and the law (EA) has for our legal regime. In theorizing BLE and defending EA, this Note aims to show how evolutionary …
Regret Theory - Explanation, Evaluation And Implications For The Law, Grant B. Gelberg
Regret Theory - Explanation, Evaluation And Implications For The Law, Grant B. Gelberg
University of Michigan Journal of Law Reform
This Note discusses regret theory, which offers an alternative explanation of rational behavior in risky or uncertain situations. Unlike traditional law and economics, which is based on expected utility theory, regret theory posits that individuals either rejoice or experience regret after making a decision, and that the anticipation of these feelings influences choices ex ante. In recent years, studies have shown the robustness of regret theory, particularly when individuals compare action to inaction, in disparate feedback environments, and when decisional agency is altered. These, and other factors, influence regret theory's impact on litigant behavior, as well as on the …
Paradigm Shifts And Access Controls: An Economic Analysis Of The Anticircumvention Provisions Of The Digital Millennium Copyright Act, Melissa A. Kern
Paradigm Shifts And Access Controls: An Economic Analysis Of The Anticircumvention Provisions Of The Digital Millennium Copyright Act, Melissa A. Kern
University of Michigan Journal of Law Reform
This Note addresses the broadened scope of protection granted to copyright holders under the anticircumvention provisions of the Digital Millennium Copyright Act of 1998 (DMCA). This broadened scope extends to copyright holders the right to control access to their works, diminishing the consumer's 'fair use" of those works that previously served as a defense to alleged copyright infringements. While access controls are supported by economists who believe they are useful in correcting market inefficiencies and excluding free riders, this Note suggests that access controls cannot correct all market inefficiencies. Furthermore, such access controls deny access and use of copyrighted material …
Behavioral Finance And Investor Governance, Lawrence A. Cunningham
Behavioral Finance And Investor Governance, Lawrence A. Cunningham
Washington and Lee Law Review
No abstract provided.
A Life In The Craft Of Comparative Law, John C. Reitz
A Life In The Craft Of Comparative Law, John C. Reitz
Michigan Law Review
It is obvious to specialists in the law of the European Union ("E.U.") - a relatively small but steadily growing group in the United States - that a "retrospective" collection of Eric Stein's writings would be of great interest. From his 1955 article in the Columbia Law Review, the first article about the Court of Justice of the European Coal and Steel Community to appear in English (p. 473), he has been one of the dominant U.S. scholars of what was initially called "European Community" ("E.C.") law after the three original European Communities2 and more recently has been rechristened "European …
Accountability Conceptions And Federalism Tales: Disney's Wonderful World?, William W. Buzbee
Accountability Conceptions And Federalism Tales: Disney's Wonderful World?, William W. Buzbee
Michigan Law Review
Richard Foglesong's Married to the Mouse: Walt Disney World and Orlando, may not offer the thrills of an entertainment park, but it is an uncommonly good read. In a book focused on approximately four decades of Disney's interactions with Orlando and state officials, political scientist Foglesong tells the tale of how Walt Disney ended up locating his new East Coast entertainment park in Orlando, Florida and what happened in subsequent government-Disney company interactions. Using chapter headings based on stages in a personal relationship's progression ("Serendipity" to "Seduction" through "Marriage," and ultimately, after interim stages, "Therapy"), Foglesong shows that while the …
The Team Production Theory Of Corporate Law: A Critical Assessment, Alan J. Meese
The Team Production Theory Of Corporate Law: A Critical Assessment, Alan J. Meese
William & Mary Law Review
No abstract provided.
Venture Capital On The Downside: Preferred Stock And Corporate Control, William W. Bratton
Venture Capital On The Downside: Preferred Stock And Corporate Control, William W. Bratton
Michigan Law Review
When stock indices drop precipitously, when the startup companies fizzle out, and when it stops raining money on places like Wall Street and Silicon Valley, attention turns to downside contracting. Law and business lawyers, sitting in the back seat as mere facilitators on the upside, move up to the front and sometimes even take the wheel. The job is the same on both the upside and downside: to maximize the value of going concern assets. But what comes easily on the upside can be dirty work on the down, where assets need to be separated from dysfunctional teams of business …
A Safety Net In The E-Marketplace: The Safe Harbor Principles Offer Comprehensive Privacy Protection Without Stopping Data Flow, William J. Kambas
A Safety Net In The E-Marketplace: The Safe Harbor Principles Offer Comprehensive Privacy Protection Without Stopping Data Flow, William J. Kambas
ILSA Journal of International & Comparative Law
In May of 2000, the FTC, under Chairman Robert Pitofsky, concluded that industry self-regulation was not effective in protecting consumer privacy and in a report to Congress the FTC expressed the view "that legislation [was] necessary to ensure further implementation of consumer data protection devices."
Women And Pension Reform: Economic Insecurity And Old Age, 35 J. Marshall L. Rev. 673 (2002), Lorraine Schmall
Women And Pension Reform: Economic Insecurity And Old Age, 35 J. Marshall L. Rev. 673 (2002), Lorraine Schmall
UIC Law Review
No abstract provided.
Cultural Tourism: Exploration Or Exploitation Of American Indians?, Kristal Markowitz
Cultural Tourism: Exploration Or Exploitation Of American Indians?, Kristal Markowitz
American Indian Law Review
No abstract provided.
Grouping Towards Utopia: Capitalism, Public Policy, And Rawls' Theory Of Justice, James Ottavio Castagnera
Grouping Towards Utopia: Capitalism, Public Policy, And Rawls' Theory Of Justice, James Ottavio Castagnera
Florida State University Journal of Transnational Law & Policy
No abstract provided.
The Globalization Of Law: International Merger Control And Competition Law In The United States, The European Union, Latin America And China, Kenneth J. Hamner
The Globalization Of Law: International Merger Control And Competition Law In The United States, The European Union, Latin America And China, Kenneth J. Hamner
Florida State University Journal of Transnational Law & Policy
No abstract provided.
International Economic Conflict And Resolution, C. O'Neal Taylor
International Economic Conflict And Resolution, C. O'Neal Taylor
Northwestern Journal of International Law & Business
Conflict and their resolutions contribute to the development of the law. Organizations and systems are structured or restructured and policies are formulated in response to them. In the case of international economic law, conflict comes in a variety of forms and is resolved in a number of ways and in different forums.' The 2001 Conference of the International Economic Law Group focused on the issue of conflict resolution.2 The two plenary sessions of the conference were held at the Warwick Hotel in Houston. This symposium issue of the Northwestern Journal of International Law and Business contains three of the articles …
Knowledge, Legitimacy, Efficiency And The Institutionalization Of Dispute Settlement Procedures At The World Trade Organization And The World Intellectual Property Organization, Michael P. Ryan
Northwestern Journal of International Law & Business
International legal research regarding international economic dispute settlement tends to be a-theoretical. A theoretically-grounded analytic framework is employed in this article which draws from scholarship from political science, sociology, and economics regarding institutions and international governmental organizations. The knowledge-legitimacy-efficiency analytic framework is applied in this article to studies of General Agreement on Tariffs and Trade (GA TT)/World Trade Organization (WTO) dispute settlement in order to relate this relevant scholarship to the economic field under primary study, Internet domain names. GA TT/WTO knowledge regarding international trade law has thickened through multi-lateral trade negotiations and dispute settlement decisions. The WTO's legitimacy is …
Turning Competition On Its Head: Economic Analysis Of The Ec's Decision To Bar The Ge-Honeywell Merger, Paul Jin
Northwestern Journal of International Law & Business
On July 3, 2001, the Commission of the European Communities ("Commission") rejected the proposed $45 billion merger between The General Electric Company ("GE") and Honeywell International, Inc. ("Honeywell"), which U.S. antitrust regulators had approved. Of the some 400 mergers involving U.S. companies reviewed by the Commission since 1990, only one had ever been barred. In that instance, however, U.S. authorities had also blocked the proposed transaction. Thus, the failed GE-Honeywell merger marked the first time the Commission had blocked a merger involving U.S. companies that had been approved by U.S. authorities. The Commission's move to block the GE-Honeywell merger brought …
Implications For Foreign Direct Investment In Sub-Saharan Africa Under The African Growth Opportunity Act, Rebecca Trent
Implications For Foreign Direct Investment In Sub-Saharan Africa Under The African Growth Opportunity Act, Rebecca Trent
Northwestern Journal of International Law & Business
In the wake of the September 11th attacks on the United States, there has been an outcry in the media over the economic, social, and political rights of individuals in less developed nations. The need to integrate developing nations into the global economy has been called for, not only for sheer humanitarian reasons, but also as a means to prevent catastrophic actions by those who feel left out when it comes to globalization. It is said that "rich countries will pay a price" if they cannot find ways to integrate developing nations into the international economy and that "security depends …
How The Corporation Conquered John Bull, A.W. Brian Simpson
How The Corporation Conquered John Bull, A.W. Brian Simpson
Michigan Law Review
This is a study of the evolution of the forms of business organization during the industrial revolution. Historians never fully agree about anything at all, and often with good reason, but there is really no doubt that the period covered by this book is one that saw major changes in agricultural and industrial production, and in commercial practice and organization. It is convenient to refer broadly to the changes which took place in terms of a revolution, industrial, agricultural, or less commonly, commercial in nature. Long before the starting date for this study, which is the date of the Bubble …
Pragmatism Regained, Christopher Kutz
Pragmatism Regained, Christopher Kutz
Michigan Law Review
Jules Coleman's The Practice of Principle serves as a focal point for current, newly intensified debates in legal theory, and provides some of the deepest, most sustained reflections on methodology that legal theory has seen. Coleman is one of the leading legal philosophers in the Anglo-American world, and his writings on tort theory, contract theory, the normative foundations of law and economics, social choice theory, and analytical jurisprudence have been the point of departure for much of the most interesting activity in the field for the last three decades. Indeed, the origin of this book lies in Oxford University's invitation …
Poverty And Equality: A Distant Mirror, Gene R. Nichol
Poverty And Equality: A Distant Mirror, Gene R. Nichol
Michigan Law Review
In one sense, Joel Schwartz's new effort, Fighting Poverty with Virtue, is tremendously timely. Bill Clinton's Personal Responsibility and Work Opportunity Reconciliation Act of 1996 was designed to "end welfare as we know it," turning greater attention to poor people's habits than to their pocketbooks. George Bush's compassionate conservatism is meant to pick up the pace, overtly seeking "to save and change lives." The White House's ominously entitled "Office of Faith-Based and Community Initiatives" is apparently set to unleash new waves of moral reformers. Schwartz's book seeks to provide moral, philosophical and historical sustenance for these initiatives. He focuses on …
Toward A Jurisprudence Of Cost-Benefit Analysis, Michael Abramowicz
Toward A Jurisprudence Of Cost-Benefit Analysis, Michael Abramowicz
Michigan Law Review
In 1989, Cass Sunstein published an article entitled On the Costs and Benefits of Aggressive Judicial Review of Agency Action. Sunstein apparently meant the words "costs" and "benefits" in an informal sense, as the article considered the advantages and disadvantages of aggressive judicial review without pretense of explicit quantification. That article was several generations ago in Sunstein scholarship, almost 100 articles and over a dozen books. The central concerns of that article, however, are relevant to an assessment of Sunstein's latest book, whose title, The Cost-Benefit State, uses the words "costs" and "benefits" as labels for quantitative assessments of the …
The Electrical Deregulation Fiasco: Looking To Regulatory Federalism To Promote A Balance Between Markets And The Provision Of Public Goods, Jim Rossi
Michigan Law Review
Over the last thirty years, regulators have deregulated just about every regulated industry. In no industry has deregulation raised as much fear and concern as in electric power markets. Even before the Enron debacle, a crisis that is more about the failures of corporate than regulatory law, it was clear that something had gone seriously wrong in the turn towards deregulation of electric power. Recent events in California are illustrative. In early 2000, consumers in California, the first state to deregulate retail power markets on a mass scale, saw repeated months of power interruptions. Many utility customers experienced a risk …