Law and Economics Commons^™

Slides: Lower Arkansas Valley Super Ditch Company, Inc.: Water Leasing Program, Peter Nichols

Evolving Regional Frameworks for Ag-to-Urban Water Transfers (December 11)

Presenter: Peter Nichols, General Counsel of the Lower Arkansas Valley “Super Ditch” Company, Trout, Raley, Montano, Witwer & Freeman PC, Colorado

33 slides

Slides: Idaho Rental Pool: Rules And Procedures, Idaho Water Resource Board, Jerry R. Rigby

Evolving Regional Frameworks for Ag-to-Urban Water Transfers (December 11)

Presenter: Jerry Rigby, Counsel for Fremont‐Madison Irrigation District, Rigby, Thatcher, Andrus, Rigby & Moeller, Idaho

25 slides

Agenda: Evolving Regional Frameworks For Ag-To-Urban Water Transfers, University Of Colorado Boulder. Natural Resources Law Center, Western Water Policy Program, Western Water Assessment (Program), Red Lodge Clearinghouse

Evolving Regional Frameworks for Ag-to-Urban Water Transfers (December 11)

The permanent transfer of water from agricultural users to municipalities has become a common feature of water management in several western states. In many cases, these voluntary market‐based transfers provide significant benefits to both the buyers and sellers, but many third parties—including remaining irrigators, rural businesses and communities dependent upon agricultural economies—have been negatively impacted. While some impacts of these so‐called “buy and dry” transfers are largely unavoidable, many can be lessened by temporary arrangements that only shift water to cities in years when municipal supplies are inadequate, such as drought and post‐drought storage recovery, and by consolidating individual farm‐to‐city …

Slides: Pvid/Mwd Land Management, Crop Rotation And Water Supply Program, Ed Smith

Evolving Regional Frameworks for Ag-to-Urban Water Transfers (December 11)

Presenter: Ed Smith, General Manager, Palo Verde Irrigation District, Southern California

25 slides

On The Many Flavors Of Capitalism Or Reflections On Schumpeter's Ghost, John Henry Schlegel

Buffalo Law Review

Most legal scholars treat capitalism as a genus with one species. The appearance of several books that argue to the contrary suggests that it is sensible to revisit this assumption. Discussion begins by considering the constructed nature of markets, the importance of market systems, and the role of financings as the factor distinguishing capitalism from other forms of a market economy. Thereafter, four articulations of the varieties of capitalism are reviewed: the classic Marxist one, one by a political economist, another by a pair of comparative political scientists, and third by a trio of economists. This review leads to a …

Treatment Of Saltcedar (Tamarix Spp.): Economics And Feasibility, Christopher L. Thompson

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

The invasive species Saltcedar is affecting water and land resources throughout the western states of America. Because of great water use capabilities and other ecosystem detriments, Saltcedar has been targeted for treatment.

For successful management of Saltcedar, individual landowners need to be aware of the costs and benefits of treating Saltcedar. Eleven of the most commonly reported treatment methods were evaluated for firm level economic feasibility. Evaluated on the basis of treatment cost, treatment effectiveness, Saltcedar water-use, and re-vegetation water-use, a production plan of ten years was created for each treatment method. Some treatment methods required re-treatment and were evaluated …

Introducing Classcrits: Rejecting Class-Blindness, A Critical Legal Analysis Of Economic Inequity, Athena D. Mutua

Journal Articles

In 2007, two workshops at the University at Buffalo launched a project bringing together legal scholars interested in exploring the relationship between law and economic inequality. This article provides an overview of the workshops’ key understandings and discussions. The essay suggests that these understandings, informed by critical legal scholarship, constituted a set of shared assumptions among the participants and informed the groups’ rejection of class blindness, a society-wide blindness to the existence and use of economic power. Discussing some of the functional similarities of gender, race and class blindness, the article argues that feminist and critical race scholars’ critiques of …

Discounting Dilemmas: Editors' Introduction, W. Kip Viscusi

Vanderbilt Law School Faculty Publications

Two developments pose dilemmas for well established discounting techniques: (1) The extremely long time horizons associated with recently prominent environmental policy problems, such as climate change and nuclear waste storage, have made it important to take seriously both benefits to future generations and extreme uncertainties in projecting the returns to policies and future well being. (2) Findings in the burgeoning field of behavioral economics have made it clear that individuals routinely depart significantly from rational prescriptions when making choices over time, thus undermining a bulwark of the discounting approach. These two sets of dilemmas are addressed in a series of …

Uncertainty Revisited: Legal Prediction And Legal Postdiction, Ehud Guttel, Alon Harel

Michigan Law Review

Legal scholarship, following rational-choice theory, has traditionally treated uncertainty as a single category. A large body of experimental studies, however, has established that individuals treat guesses concerning the future differently than guesses concerning the past. Even where objective probabilities and payoffs are identical, individuals are much more willing to predict a future event (and are more confident in the accuracy of their predictions) than they are willing to postdict a past event (and are also less confident in the accuracy of their postdiction). For example, individuals are more willing to bet on the results of a future die toss than …

German Equal Protection: Substantive Review Of Economic Measures, Edward J. Eberle

Law Faculty Scholarship

No abstract provided.

The Fundamental Goal Of Antitrust: Protecting Consumers, Not Increasing Efficiency, John B. Kirkwood, Robert H. Lande

All Faculty Scholarship

The conventional wisdom in the antitrust community is that the purpose of the antitrust laws is to promote economic efficiency. That view is incorrect. As this article shows, the fundamental goal of antitrust law is to protect consumers.

This article defines the relevant economic concepts, summarizes the legislative histories, analyzes recent case law in more depth than any prior article, and explores the most likely bases for current popular support of the antitrust laws. All these factors indicate that the ultimate goal of antitrust is not to increase the total wealth of society, but to protect consumers from behavior that …

Taxation, Craig D. Bell

University of Richmond Law Review

No abstract provided.

Marshall V. Northern Virginia Transportation Authority: The Supreme Court Of Virginia Rules That Taxes Can Be Imposed By Elected Bodies Only, Patrick M. Mcsweeney, Wesley G. Russell Jr.

University of Richmond Law Review

No abstract provided.

Proposed Legislation: A (Second) Modest Proposal To Protect Virginia Consumers Against Defective Products, Peter Nash Swisher

University of Richmond Law Review

The purpose of this article is to suggest a viable, necessary, and eminently reasonable legislative alternative that the Virginia General Assembly should enact for legitimate and pressing public policy reasons in order to properly protect Virginia consumers from defective and unreasonably dangerous consumer products.Adopting this alternative would bring the Commonwealth of Virginia into the mainstream of twenty-first century American, and transnational, products liability law.

Electronic Tax Fraud - Are There "Sales Zappers" In Japan?, Richard Thompson Ainsworth

Faculty Scholarship

Although there is no public acknowledgement - in the press, in a court case, though any announcement by the Japanese National Tax Administration, or in any academic studies or papers - that Zappers and Phantom-ware are a fraud problem in Japan, a number of factors suggest that Japan may be very fertile ground for technology-assisted cash skimming fraud. Those factors include: (1) a high concentration of small to medium sized businesses; (2) the fact that the retail economy is highly cash-based; and (3) the high level of technology acceptance in the Japanese retail sector - electronic cash registers (ECRs) and …

The Sustainability Principle In Energy, Irma S. Russell

Faculty Works

No abstract provided.

Insource The Shareholding Of Outsourced Employees: A Global Stock Ownership Plan, Robert C. Hockett

Cornell Law Faculty Publications

With the American economy stalled and another federal election campaign season well underway, the “outsourcing” of American jobs is again on the public agenda. Latest figures indicate not only that claims for joblessness benefits are up, but also that the rate of American job-exportation has more than doubled since the last electoral cycle. This year’s political candidates have been quick to take note. In consequence, more than at any time since the early 1990s, continued American participation in the World Trade Organization, in the North American Free Trade Agreement, and in the processes of global economic integration more generally appear …

On The Continuing Misuse Of Event Studies: The Example Of Bessen And Meurer, Glynn S. Lunney Jr

Faculty Scholarship

In their book, Patent Failure: How Judges, Bureaucrats, and Lauyers Put Innovators at Risk, James Bessen and Michael Meurer present an empirical assessment of the costs and benefits of patent protection. Their conclusion is startling. For most industries, the availability of patents discourages innovation.

According to Bessen and Meurer, patents benefit innovators by providing exclusivity and thereby enabling an innovator to capture more rents or profits from their innovation than they could with lead-time or other market mechanisms alone. While innovators can obtain rents from their own Patents, they also face the threat of infringement litigation from Patents held by …

Reforming Securities Litigation Reform: Restructuring The Relationship Between Public And Private Enforcement Of Rule 10b-5, Amanda A. Rose

Vanderbilt Law School Faculty Publications

Commentators have long debated how to reform the controversial Rule 10b-5 class action without pausing to ask whether the game is worth the candle. Is private enforcement of Rule lOb-5 worth preserving, or might we be better off with exclusive public enforcement? This fundamental but neglected question demands attention today more than ever. An academic consensus has emerged that the typical Rule 1Ob-5 class action cannot be defended on compensatory grounds. That leaves the oft-cited, but undertheorized, rationale that private enforcement is a "necessary supplement" to the securities fraud deterrence efforts of the SEC. When this justification is critically examined, …

Optimal Political Control Of The Bureaucracy, Matthew C. Stephenson

Michigan Law Review

It is widely believed that insulating an administrative agency from the influence of elected officials, whatever its other benefits orjustifications, reduces the agency's responsiveness to the preferences of political majorities. This Article argues, to the contrary, that a moderate degree of bureaucratic insulation from political control alleviates rather than exacerbates the countermajoritarian problems inherent in bureaucratic policymaking. An elected politician, though responsive to majoritarian preferences, will almost always deviate from the majority in one direction or the other Therefore, even if the average policy position of a given elected official tends to track the policy views of the median voter …

Changing The Paradigm Of Stock Ownership From Concentrated Towards Dispersed Ownership? Evidence From Brazil And Consequences For Emerging Countries, Erica Gorga

Cornell Law Faculty Working Papers

This paper analyzes micro-level dynamics of changes in ownership structures. It investigates a unique event: changes in ownership patterns currently taking place in Brazil. It builds upon empirical evidence to advance theoretical understanding of how and why concentrated ownership structures can change towards dispersed ownership.

Commentators argue that the Brazilian capital markets are finally taking off. The number of listed companies and IPOs in the Sao Paulo Stock Exchange (Bovespa) has greatly increased. Firms are migrating to Bovespa’s special listing segments, which require higher standards of corporate governance. Companies have sold control in the market, and the stock market has …

There's No Law Library On The Starship "Enterprise", Gail M. Daly

Journal of Legal Education

No abstract provided.

The Resilience Of Law, Joseph Vining

Law & Economics Working Papers Archive: 2003-2009

The development of "law and economics" over the last half-century has expanded and reinforced a perception among academic lawyers that law itself is a social science. During the same period social science has moved closer to the discipline of natural science and the presuppositions and methods of its thought and work. This essay explores why law is not and cannot be a social science, and why there are grounds for hope in a future for democracy grounded in the rule of law.

China, Business Law, And Finance -- Accession To The World Trade Organization, Joseph Vining

Law & Economics Working Papers Archive: 2003-2009

China's entry into the world economy will affect not just how we act but how we think. It will affect especially what "business," "business law," and "business corporation" come to mean both in a transnational setting and in American law. The nature of American business law today still stands in the way of a wholly profit-maximizing approach to law or the world in general. But there is strong pressure, consistent with a general tendency in Western thought, to make business and corporate decision-making entirely manipulative and calculating and to eliminate the force of human value from it. This Youde Lecture …

Adjusting The Value Of A Statistical Life For Age And Cohort Effects, W. Kip Viscusi, Joseph E. Aldy

Vanderbilt Law School Faculty Publications

To resolve the theoretical ambiguity in the effect of age on the value of statistical life (VSL), this article uses a novel, age-dependent fatal risk measure to estimate age-specific hedonic wage regressions. VSL exhibits an inverted-U shaped relationship with age. In the year 2000 cross-section, workers' VSL rises from $3.7 million (ages 18-24), to $9.7 million (35-44), and declines to $3.4 million (55-62). Controlling for birth-year cohort effects in a minimum distance estimator yields a peak VSL of $7.8 million at age 46, and flattens the VSL-age relationship. The value of statistical life-year also follows an inverted-U shape with age.

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 …

Zappers And Phantomware: Are State Tax Administrators Listening Now?, Richard Thompson Ainsworth

Faculty Scholarship

When the Federation of Tax Administrators (FTA) held a national Compliance and Education Workshop in Louisville, Kentucky (February 25-27, 2001) one of the invited speakers was Kevin Pratt, Manager, Underground Economy, Canadian Customs and Revenue Authority (CCRA). He spoke on Zappers.

To the best of anyone's present recollection, this was the first time zappers had been discussed with a large group of state-level US tax compliance professionals. However, most of the information that the CCRA presented to the FTA in 2001 was not its own - it was derivative. Zapper investigations were not an in-house specialty of the CCRA (although …

Measure For Measure: Cost Benefit Analysis And Environmental Policy, Irma S. Russell

Faculty Works

No abstract provided.

Transdisciplinary Conflict Of Laws Foreword: Cavers's Double Legacy, Karen Knop, Ralf Michaels, Annelise Riles

Cornell Law Faculty Publications

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Zappers And Phantomware: The Need For Fraud Prevention Technology, Richard Thompson Ainsworth

Faculty Scholarship

There is a demand-market for technology that facilitates tax fraud. By all accounts the providers in this market are working in a growth industry.

In the short term this is bad news for those concerned with tax policy and information privacy. In the long term however, the fight against technology-assisted fraud is stimulating the development of a more robust technology base within tax administrations, and this is good news for those who believe that a sophisticated technological infrastructure is needed to resolve difficult questions of tax design.

This paper focuses on two technology-accelerants of SME tax fraud - zappers and …