Law and Economics Commons^™

Localism, Labels, And Animal Welfare, Samuel R. Wiseman

Northwestern Journal of Law & Social Policy

The law does relatively little to improve the welfare of animals raised for food. In the short term, at least, market-based solutions appear to have more promise as a means of promoting farm animal welfare, as consumers increasingly seek out local and humanely-raised meat and eggs. To aid consumers in identifying these products, certification systems of varying degrees of rigor exist, but even these are of little use to consumers in the restaurant context, which accounts for a large percentage of meat consumption. Patrons see only finished meals, making fraud difficult to detect, and a recent newspaper investigation suggests that …

How Terrible Is The New Tax Law? Reflections On Tra17, Reuven S. Avi-Yonah

Law & Economics Working Papers

Overall, TRA17 is not much worse than TRA86 or TRA14. It increases the deficit, but not by an impossible amount; it is distributionally skewed, but less so than is usually assumed; and its details are not terrible (on the international side they are a big improvement over prior law). There is one big problem, the pass through provisions, and we can only hope that as its horrible implications unfold it will be a prime candidate for repeal.

Old Issues New Perspectives, Ronald Griffin

Faculty Books and Book Contributions

The book commences with Ronald C. Griffin‟s essay Ghost Town: The Death of Marriage, the Birth of Cohabitation, and the Emergence of the Single Woman. In his essay he revisits the history of marriage, the economics of marriage, the rise and demise of childhood, the emergence of new couplings and the social traumas that come with them.

Federalism Of Personal Finance: State & Federal Retirement Plans, William Birdthistle

All Faculty Scholarship

In this Article, I consider possible approaches that attempt to improve the plans through which millions of Americans tend to their life savings. I begin by considering the inadequacies of our current system of defined contribution accounts and then address two possible alternatives: the first being a federal account universally available to Americans based largely on the model of the Thrift Savings Plan; the second being a system of statebased retirement accounts like those that have already been developed in a handful of states. Though I conclude that a single, federal plan would be superior, either alternative approach would be …

New Economic Analysis Of Law: Beyond Technocracy And Market Design, Frank A. Pasquale

Faculty Scholarship

No abstract provided.

A Systematic Look At A Serial Problem: Sexual Harassment Of Students By University Faculty, Nancy Chi Cantalupo, William C. Kidder

Law Faculty Research Publications

No abstract provided.

The Feel Of A Case: Virtue Decision-Making As The Correct Approach For Deciding Cases In Equity, Diego M. Pestana

St. Thomas Law Review

Section I of this Article will provide a brief history of Law and Economics, beginning with its origins in the judicial philosophy of legal realism as espoused by Oliver Wendell Holmes. Section II will discuss the American Hospital case, where Judge Posner memorialized the Leubsdorf- Posner Formulation for granting preliminary injunctions. Section III examines the effect of American Hospital on the lower courts in the Seventh Circuit. Section IV will discuss how the Supreme Court has dealt with preliminary injunctions as well as the factors the Court provided district courts to consider. Section V will describe Professor Solum's idea of …

How Defendant Characteristics Affect Sentencing And Conviction In The Us, Payton Kuenzli

Honors Undergraduate Theses

This research study analyzes whether or not there is any relationship between sentencing and conviction and certain defendant characteristics in the US legal system. In the midst of a time where the nation is strongly divided politically, the topic is often the center of research projects and discussions in academic journals. Specifically, this research explores the 3 characteristics- race, gender, and socioeconomic status. Within this article, multiple case studies from other journals are cited in which research and experiments have suggested that these factors do have influence on both whether or not a defendant gets convicted or for how long …

The Missing Element Of Environmental Cost-Benefit Analysis: Compensation For The Loss Of Regulatory Benefits, Karl S. Coplan

Elisabeth Haub School of Law Faculty Publications

Despite its critics, cost-benefit analysis remains a fixture of the environmental regulation calculus. Most criticisms of cost-benefit analysis focus on the impossibility of monetizing environmental and health amenities protected by regulations. Less attention has been paid to the regressive wealth-transfer effects of regulations foregone based on cost-benefit analysis. This regressive effect occurs as long as downwind communities that suffer health and harms from environmental contamination are generally less wealthy than the owners of pollution sources that avoid regulatory-compliance costs. The availability of compensation to pollution-victims has the potential to ameliorate this regressive effect. This Article recommends that the availability of …

Crafting Next Generation Eco-Label Policy, Jason J. Czarnezki, Katrina F. Kuh

Elisabeth Haub School of Law Faculty Publications

Eco-labels present a promising policy tool in the effort to achieve sustainable consumption. Many questions remain, however, about the extent to which eco-labels can contribute to sustainability efforts and how to maximize their effectiveness. This Article deploys research from evolutionary psychology, behavioral law and economics, and norm theory to offer specific insights for the design and implementation of eco-labels to enhance their influence on sustainable consumer choice. Notably, this research suggests possibilities for eco-labels to shape or expand consumer preferences for green goods, and thereby enhance eco-label influence on consumer behavior by extending it beyond eco-minded consumers. We suggest that …

Exclusion In Digital Markets, Konstantinos Stylianou

Michigan Telecommunications & Technology Law Review

This article recasts the existing analytical framework on exclusion to account for the technology-intensive nature of digital markets. It discusses:

a) technological ways that affect the competitive intensity in digital markets
b) empirical data on the durability of competitive advantage in digital markets, and
c) the nature of exclusion as a monopolization tactic from a technological point of view

The technology element is important because as a matter of order it is technological capabilities and limitations that define what the transactional overlay can be, not the other way around. Economists start from the pre-assumption that “in the beginning there [are] …

Legal Deserts: A Multi-State Perspective On Rural Access To Justice (Forthcoming), Danielle M. Conway

Faculty Publications

Rural America faces an increasingly dire access to justice crisis, which serves to exacerbate the already disproportionate share of social problems afflicting rural areas. One critical aspect of that crisis is the dearth of information and research regarding the extent of the problem and its impacts. This article begins to address that gap by providing surveys of rural access to justice in six geographically, demographically, and economically varied states: California, Georgia, Maine, Minnesota, South Dakota, and Wisconsin. In addition to providing insights about the distinct rural challenges confronting each of these states, the legal resources available, and existing policy responses, …

Foreword: Introduction To Decentralization And Development, Shitong Qiao, Richard A. Epstein

Faculty Scholarship

On March 14–15, 2017, a group of Asian and American scholars working in the areas of law, economics, and political science gathered at the University of Hong Kong Faculty of Law. There they debated and discussed decentralization and development at a conference co-sponsored by New York University’s Classical Liberal Institute and the University of Hong Kong Faculty of Law’s Centre for Chinese Law. What does decentralization mean? How do we best measure decentralization? Is interjurisdictional competition a race to the bottom or a race to the top? Is decentralization desirable in the context of China and other jurisdictions? This symposium …

The Hausmann-Gorky Effect, Mitu Gulati, Ugo Panizza

Faculty Scholarship

For over a century, legal scholars have debated the question of what to do about the debts incurred by despotic governments; asking whether successor non-despotic governments should have to pay them. That debate has gone nowhere. This paper examines whether an Op Ed written by Harvard economist, Ricardo Hausmann, in May 2017, may have shown an alternative path to the goal of increasing the cost of borrowing for despotic governments. Hausmann, in his Op Ed, had sought to produce a pricing penalty on the entire Venezuelan debt stock by trying to shame JPMorgan into removing Venezuelan bonds from its emerging …

If We Pay Football Players, Why Not Kidney Donors, Philip J. Cook, Kimberly D. Krawiec

Faculty Scholarship

Ethicists who oppose compensating kidney donors claim they do so because kidney donation is risky for the donor’s health, donors may not appreciate the risks and may be cognitively biased in other ways, and donors may come from disadvantaged groups and thus could be exploited. However, few ethical qualms are raised about professional football players, who face much greater health risks than kidney donors, have much less counseling and screening concerning that risk, and who often come from racial and economic groups deemed disadvantaged. It thus seems that either ethicists—and the law—should ban both professional football and compensated organ donation, …

Individual Autonomy In Corporate Law, Elisabeth De Fontenay

Faculty Scholarship

The field of corporate law is riven with competing visions of the corporation. This Article seeks to identify points of broad agreement by negative implication. It examines two developments in corporate law that have drawn widespread criticism from corporate law scholars: the Supreme Court's recognition of corporate religious rights in Burwell v. Hobby Lobby and the Nevada legislature's decision to eliminate mandatory fiduciary duties for corporate directors and officers. Despite their fundamental differences, both resulted in expanding individual rights or autonomy within the corporation-for shareholders and managers, respectively.

The visceral critiques aimed at these two developments suggest a broadly shared …

Rights-Weakening Federalism, Shitong Qiao

Faculty Scholarship

This article examines whether federalism protects land rights in China from two dimensions. I first compare national law with local institutions of eminent domain, revealing that local governments take much more land than the national government approves, frequently violating, tweaking, and challenging national law. I next examine the impact of interjurisdictional competition on the development of local land institutions, demonstrating that local governments are weakening individual land rights for the benefits of mobile capital. Overall, Chinese federalism weakens rather than strengthens individual land rights and should be called rights-weakening federalism.

This China case also has general theoretical implications. Leading property …

The Price Of Law: The Case Of The Eurozone's Collective Action Clauses, Elena Carletti, Paolo Colla, Mitu Gulati, Steven Ongena

Faculty Scholarship

Do markets value contract protections? And does the quality of a legal system affect such valuations? To answer these questions we exploit a unique experiment whereby, after January 1, 2013, newly issued sovereign bonds of Eurozone countries under domestic law had to include Collective Action Clauses (CACs) specifying the minimum vote needed to modify payment terms. We find that CAC bonds trade at lower yields than otherwise similar no-CAC bonds; and that the quality of the legal system matters for this differential. Hence, markets appear to see CACs as providing protection against the legal risk embedded in domestic-law sovereign bonds.

Protection Of Regulatory Autonomy And Investor Obligations: Latest Trends In Investment Treaty Design, Klara Polackova Van Der Ploeg

The International Lawyer

No abstract provided.

The Oecd/G20-Beps-Project And The Value Creation Paradigm: Economic Reality Disemboguing Into The Interpretation Of The Arm's Length Standard, Stanley Langbein, Max R. Fuss

The International Lawyer

No abstract provided.