Law and Economics Commons^™

Economic Organization In The Construction Industry: A Case Study Of Collaborative Production Under High Uncertainty, William A. Klein, Mitu Gulati

Faculty Scholarship

No abstract provided.

The Meaning Of Probability Judgments: An Essay On The Use And Misuse Of Behavioral Economics, Charles M. Yablon

Articles

In this essay, Professor Yablon challenges the assumption that behavioral heuristics-such as the availability heuristic -constitute "biases" that necessarily lead to errors in probability judgments. He notes that there are many different concepts of probability and, in many contexts, no agreed-upon method for determining the correctness of inconsistent probability judgments. Yet many legal academics and policymakers ignore these complex aspects of probability theory, assuming that statistical or frequentist probabilities are always to be preferred over subjective judgments of probability.

Professor Yablon argues that choosing between frequentist and subjective approaches to probability judgments in policymaking can only be done with great …

Spectres Of Law And Economics (Book Review), William H. Widen

Articles

No abstract provided.

Nietzsche In Law's Cathedral: Beyond Reason And Postmodernism, John Linarelli

Scholarly Works

Nietzsche had very little to say about law and what he did say is fragmentary and sporadic. Nietzsche's philosophy, however, offers a basis for theorizing about law. I use Nietzsche's important works to interpret two major movements in legal thought. The first part of the paper examines how Nietzsche's philosophy augments our understanding of deontological theories about the law. Nietzsche produced a substantial ethical theory. The second part of the paper examines how Nietzsche's philosophy helps us to understand law and economics. Nietzsche had a great deal to say about the intellectual predecessor to law and economics, utilitarianism, and his …

Selling Mayberry: Communities And Individuals In Law And Economics, Peter Siegelman, Gideon Parchomovsky

Faculty Articles and Papers

In an unusual turn of events, American Electric Power Company recently acquired the entire small town of Cheshire, Ohio. The buyout was intended to put an end to a serious pollution problem caused by the company's giant power plant, which was located at the edge of town. Although the plant was worth substantially more than the town, no simple Coasean bargain guided the buyout. This Article combines ethnographic research into the Cheshire buyout with theoretical insights from law and economics to present an empirical and theoretic challenge to the standard account of nuisance disputes. It explores the transaction in detail …

Treaty Governance, Intellectual Property And Biodiversity, John Linarelli

Scholarly Works

When resources become valuable, various social and institutional pressures come to bear to enclose them in a property rights regime. Given the substantial progress of biotechnology and the life sciences, genetic resources found in biological diversity are experiencing such pressures. The question of how much commodification or commercialization of genetic resources is appropriate is of global concern; it affects the distribution of wealth in and among societies and countries. This article explores the emerging treaty law on intellectual property and biodiversity. It inquires What is biodiversity? and Why is biodiversity preservation important? It then focuses on the United Nations Framework …

Book Review. Taking Coase Seriously: Neil Komesar On Law's Limits, Daniel H. Cole

Articles by Maurer Faculty

No abstract provided.

Teaching In A Larger Social Context: Using Simulations To Demonstrate Socioeconomic Principles And Relevance To Law, Kenneth G. Dau-Schmidt, Jeffrey E. Stake

Articles by Maurer Faculty

A single action of an individual is highly influenced not only by personal interests and desires, but also by a complex network of social influences. Because of this vast outside social pressure within society, the legal ramifications of individual action must also be studied in a multidimensional way to incorporate these social values. One effective means to do so is to begin linking the socioeconomic paradigm into traditional legal study through the use of teaching simulations. This article brings forth a new method involving hand-on simulations and outlines its necessity within the legal sphere. Through these simulations, students are able …

High Velocity Labor Economics: A Review Essay Of Working In Silicon Valley: Economic And Legal Analysis Of A High-Velocity Labor Market, Kenneth G. Dau-Schmidt

Articles by Maurer Faculty

No abstract provided.

Campaign For Fiscal Equity, Inc. V. State, Oreen Chay

NYLS Law Review

No abstract provided.

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.

Models In Social Science: A Review Of Law And Public Policy: A Socioeconomic Approach, Kenneth G. Dau-Schmidt

Articles by Maurer Faculty

No abstract provided.

Rights In The Shadow Of Class: Poverty, Welfare, And The Law, Frank W. Munger

Articles & Chapters

No abstract provided.

From "Mission-Creep" To Gestalt-Switch: Justice, Finance, The Ifis, And The Intended Beneficiaries Of Globalization, Robert C. Hockett

Cornell Law Faculty Publications

No abstract provided.

Adverse Selection In Insurance Markets: An Exaggerated Threat, Peter Siegelman

Faculty Articles and Papers

The thesis of this Essay is that although theory demonstrates that adverse selection can occur, and some instances have certainly been documented, neither the theoretical models nor the empirical studies provide much support for its widespread importance in insurance markets. The nature of selection pressures turns out to be vastly more complicated than the rhetoric of courts and academic commentators would suggest. And while the economic theory of adverse selection in insurance markets has become enormously sophisticated, much of it is devoted to rarified analysis of the nature and existence of equilibria. It has thus managed to obscure some essential …

What Caused Enron? A Capsule Social And Economic History Of The 1990s, John C. Coffee Jr.

Faculty Scholarship

The sudden explosion of corporate accounting scandals and related financial irregularities that burst over the financial markets between late 2001 and the first half of 2002 – Enron, WorldCom, Tyco, Adelphia and others – raises an obvious question: Why now? What explains the concentration of financial scandals at this moment in time? Much commentary has rounded up the usual suspects and placed the blame on a decline in business morality, an increase in "infectious greed," or other similarly subjective trends that cannot be reliably measured. Although none of these possibilities can be dismissed out of hand, approaches that simply reason …

Afterword: How Can We Save The Safety Net?, Frank W. Munger

Articles & Chapters

No abstract provided.

The Human Right To Housing: Making The Case In U.S. Advocacy, Maria Foscarinis, Brad Paul, Bruce Porter, Andrew Scherer

Articles & Chapters

No abstract provided.

The Allocation Of Profits Between Related Entities And The Oppression Remedy: An Analysis Of Ford Motor Co. V. Omers, Kim Brooks, Anita Anand

Articles, Book Chapters, & Popular Press

In Ford Motor Co. v. Ontario Municipal Employees Retirement Board, the Ontario Superior Court of Justice reviewed the transfer pricing arrangements between parent and subsidiaries Ford US and Ford Canada in the context of a going-private transaction. Its review was the key to resolving the two main issues in the case: first, did the transfer-pricing arrangements understate Ford Canada's profits so as to undermine the fair value of Ford Canada's shares? And second, did the transfer-pricing arrangement oppress or unduly disregard the interests of Ford Canada's minority shareholders so as to give rise to the oppression remedy?

In this comment, …

Delimiting The Concept Of Income: The Taxation Of In-Kind Benefits, Kim Brooks

Articles, Book Chapters, & Popular Press

The issue of which in-kind benefits should be taxed and how these benefits should be valued have concerned tax legislators, administrators, and academics since the introduction of the personal income tax system. Building her theoretical analysis on the income concept advanced by Henry Simons and relying on traditional tax policy notions of equity, neutrality, and administrative practicality, the author asserts that employees must be fully taxed on employer-provided in-kind benefits. To this effect, the article offers guidelines for distinguishing between taxable in-kind benefits and non-taxable conditions of employment. The author argues that the correct method of valuation of in-kind benefits …

Introduction To Symposium On Integrating New Economic Learning With Antitrust Doctrine, Jonathan Baker

Scholarly Articles in Law Reviews & Journals

No abstract provided.

Freeze-Out Transactions The Pure Way: Reconciling Judicial Asymmetry Between Tender Offers And Negotiated Mergers, Ely R. Levy

West Virginia Law Review

No abstract provided.

Leaders, Followers, And Free Riders: The Community Lawyer’S Dilemma When Representing Non-Democratic Client Organizations, Michael R. Diamond, Aaron O'Toole

Georgetown Law Faculty Publications and Other Works

This article will explore various aspects of the dissonance between the democratic ideal and the reality of groups in disenfranchised and disempowered communities. We will discuss the intersection of democracy and community action by examining the sociology of groups and the social psychology of leaders and followers. We will also examine the role of, and choices presented to, an attorney working in a community and for local community groups.

The Transnational And Sub-National In Global Crimes, Lan Cao

Faculty Publications

No abstract provided.

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 …

The Illusion Of Law: The Legitimating Schemas Of Modern Policy And Corporate Law, Ronald Chen, Jon Hanson

Michigan Law Review

This Article is about some of the schemas and scripts that form and define our lives. It is about the knowledge structures that shape how we view the world and how we understand the limitless information with which we are always confronted. This Article is also about the "evolution of ideas" underlying corporate law and all of modern policymaking. It is about the ways in which schemas and scripts have influenced how policy theorists, policymakers, lawyers, and many others (particularly in the West) understand and approach policymaking generally and corporate law specifically. It is about both the invisibility and blinding …

Property Rights And Intrabrand Restraints, Alan J. Meese

Faculty Publications

Intrabrand restraints limit the discretion of one or more sellers-usually dealers-with respect to the disposition of a product sold under a single brand. While most scholars believe that such contracts can help assure optimal promotion of a manufacturer's products, there is disagreement about the exact manner in which such restraints accomplish this objective. Many scholars believe that such restraints themselves induce dealers to engage in promotional activities desired by the manufacturer. Others believe that such restraints merely serve as "performance bonds," which dealers will forfeit if they fail to follow the manufacturer's precise promotional instructions. Some scholars reject both approaches, …

Credit Card Policy In A Globalized World, Ronald J. Mann

Faculty Scholarship

This paper relies on data from countries around the world to present a comprehensive analysis of policy issues related to credit cards. The first part discusses the rise of credit cards and debit cards and how their uses differ from country to country. It closes with a framework for explaining why cards are more and less successful in different countries, focusing in large part on the ready availability of detailed consumer credit information. The second part considers the relation between credit card use and bankruptcy. Relying on a time series of data from the United States, Canada, Great Britain and …