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The Myth Of Optimal Expectation Damages, Theresa Arnold, Amanda Dixon, Madison Sherrill, Mitu Gulati
The Myth Of Optimal Expectation Damages, Theresa Arnold, Amanda Dixon, Madison Sherrill, Mitu Gulati
Faculty Scholarship
A much-debated question in contract law scholarship is what the optimal measure of damages for breach should be. The casebook answer-drawing from the theory of efficient breach-is expectation damages. This standard answer, which was a major contribution of the law and economics field, has come under attack by theoreticians within that field itself. To shed an empirical perspective on the question, we look at data on the types of damages provisions parties contract/or themselves in international debt contracts. Specifically, we examine issuer call provisions, which are economically equivalent to damages for prepayment, yet not viewed as legally problematic in the …
Valuation Averaging: A New Procedure For Resolving Valuation Disputes, Keith Sharfman
Valuation Averaging: A New Procedure For Resolving Valuation Disputes, Keith Sharfman
Rutgers Law School (Newark) Faculty Papers
In this Article, Professor Sharfman addresses the problem of "discretionary valuation": that courts resolve valuation disputes arbitrarily and unpredictably, thus harming litigants and society. As a solution, he proposes the enactment of "valuation averaging," a new procedure for resolving valuation disputes modeled on the algorithmic valuation processes often agreed to by sophisticated private firms in advance of any dispute. He argues that by replacing the discretion of judges and juries with a mechanical valuation process, valuation averaging would cause litigants to introduce more plausible and conciliatory valuations into evidence and thereby reduce the cost of valuation litigation and increase the …
Bleeding Hearts And Peeling Floors: Compensation For Economic Loss At The House Of Lords, David S. Cohen
Bleeding Hearts And Peeling Floors: Compensation For Economic Loss At The House Of Lords, David S. Cohen
Elisabeth Haub School of Law Faculty Publications
The decision of the House of Lords in Junior Books Ltd. v. Veitchi Ltd. represents an unwarranted development in the law of tort and contract, unless its rationale and limitations are fully appreciated. This reform in such an important area is premature "in the absence of hard data on the probable impact of such an extension of liability.” Much of the published commentary on recovery of economic loss in tort, and on this decision in particular, has been written from the ex post perspective of accident compensation doctrine and theory. Most writers have been concerned with the development of positive …