Law and Economics Commons^™

Bridging The North-South Divide: International Environmental Law In The Anthropocene, Carmen G. Gonzalez

Pace Environmental Law Review

This article calls for a fundamental reorientation of international environmental law to bridge the North-South divide and respond to the ecological crises of the Anthropocene. Such a reconceptualization of international environmental law must be normatively grounded in respect for nature and in the quest for environmental justice within, as well as between, countries.

International environmental law must directly challenge the relentless drive toward economic expansion and unbridled exploitation of people and nature rather than merely attempt to mitigate its excesses. An essential step toward such a reconceptualization is to examine the ways in which international law has historically engaged with …

Asking The Nearest Hippie, Shubha Ghosh

Michigan Telecommunications & Technology Law Review

It is an honor to be asked to contribute to this Symposium in honor of Margaret Jane Radin. It is particularly exciting to be able to engage with her scholarship during the summer of 2015 (the time this essay was written) when so many compelling legal issues are coming to a head: same sex marriage and the recognition of dignity as a constitutional value, pragmatic treatment of controversial regulation such as the Affordable Care Act, the death penalty under scrutiny as two justices unequivocally reaffirm its unconstitutionality, voting rights protections roll back, police brutality against African-American citizens as a daily …

Contracts, Persons And Property: A Tribute To Margaret Jane Radin, Ruth L. Okediji

Michigan Telecommunications & Technology Law Review

In 2011, the United States was only just beginning to emerge from what some claimed to be the most significant economic crisis since the Great Depression. The devastation wrought by unregulated subprime mortgages unfolded as a political, legal, financial and social tragedy. Millions of homeowners had purchased homes for amounts they most certainly could not afford, with terms and conditions written on documents they even more certainly had never read. Many of those most severely affected were, as one might expect, racial minorities and underrepresented groups, but plenty of other members of society were also caught in the intricately woven …

Vulnerability And "Control Fraud" Economics, William K. Black

Faculty Works

"Control fraud" refers to frauds in which the person who controls a seemingly legitimate entity uses it as a "weapon" to defraud. Control frauds cause greater financial losses than all other forms of property crime - combined. We are now living in the era of recurrent epidemics of control fraud. The LIBOR and foreign exchange cartels, for example, are the largest cartels in history- by roughly three orders of magnitude. VW has just admitted that it committed over 11 million fraudulent sales. Our largest financial institutions have been revealed to be criminal enterprises - and recidivists.

This paper brings the …

Rent Certainty Is Not Rent Control, Tom Dunne

Reports

The housing crisis and the debate about rent control should result in a beneficial change to the regulation of the sector but the opportunity could be lost for want of clarity of thinking about the nature of rent certainty and the distinction between it and rent control. At present rent is regulated by the Residential Tenancies Act 2004 (RTA 2004) which provides that rent can only change once a year and cannot be more than the market rent. Many argue a greater degree of rent certainty is required and that rent should not be allowed to increase by more than …

Mandatory Process, Matthew J.B. Lawrence

Faculty Scholarly Works

This Article suggests that people tend to undervalue their procedural rights—their proverbial “day in court”—until they are actually involved in a dispute. The Article argues that the inherent, outcome-independent value of participating in a dispute resolution process comes largely from its power to soothe a person’s grievance— their perception of unfairness and accompanying negative emotional reaction—win or lose. But a tendency to assume unchanging emotional states, known in behavioral economics as projection bias, can prevent people from anticipating that they might become aggrieved and from appreciating the grievance-soothing power of process. When this happens, people will waive their procedural rights …

Procedural Triage, Matthew J.B. Lawrence

Faculty Scholarly Works

Prior scholarship has assumed that the inherent value of a “day in court” is the same for all claimants, so that when procedural resources (like a jury trial or a hearing) are scarce, they should be rationed the same way for all claimants. That is incorrect. This Article shows that the inherent value of a “day in court” can be far greater for some claimants, such as first-time filers, than for others, such as corporate entities and that it can be both desirable and feasible to take this variation into account in doling out scarce procedural protections. In other words, …

David Versus Goliath And Multilateral Diplomatic Negotitations In The 21st Century: How The Greek Debt Crisis Negotiations Marked The Revenge Of Goliath, Avnita Lakhani

Cardozo Journal of International and Comparative Law

The purpose of this article is to analyze the manner in which negotiations pertaining to the Greek debt crisis were conducted and whether there are lessons to be learned in terms of effective negotiation techniques, a mutually sound negotiated agreement, and whether the recently-announced 'unanimous agreement' between the European Union Council members to support a three-year European Stability Mechanism (ESM) programme for Greece has any prospects for success.

The central questions that this article aims to analyze are whether, from the perspective of well-established negotiation theory and practice, there a win-win solution for Greece, its creditors, and the European Union, …

What Notice Did, Jessica D. Litman

Law & Economics Working Papers

In the 21st century, copyright protection is automatic. It vests in eligible works the instant that those works are first embodied in a tangible format. Many Americans are unaware of that, believing instead that registration and copyright notice are required to secure a copyright. That impression is understandable. For its first 199 years, United States copyright law required authors to take affirmative steps to obtain copyright protection. The first U.S. copyright statute, enacted by Congress in 1790, required the eligible author of an eligible work to record the title of the work with the clerk of the court in the …

From Fedspeak To Forward Guidance: Regulatory Dimensions Of Central Bank Communications, Robert B. Ahdieh

Faculty Scholarship

In the face of the financial crisis that engulfed the globe beginning in 2007, the U.S. Federal Reserve quickly found itself without the key lever of monetary policy on which it had traditionally relied: short-term interest rate adjustments designed to move long-term rates, and thereby expected levels of lending, investment, and capital retention. By late 2008, short-term rates were already close to zero, yet unemployment remained strikingly high – with no sign of any likely renewal of bank lending or commercial investment.

Famously, the Fed embraced so-called quantitative easing – the purchase of massive volumes of public and private debt …

Behavioral Public Choice And The Law, Gary M. Lucas Jr., Slaviša Tasić

Faculty Scholarship

Behavioral public choice is the study of irrationality among political actors. In this context, irrationality means systematic bias, a deviation from rational expectations, or other departure from economists’ conception of rationality. Behavioral public choice scholars extend the insights of behavioral economics to the political realm and show that irrational behavior is an important source of government failure. This Article makes an original contribution to the legal literature by systematically reviewing the findings of behavioral public choice and explaining their implications for the law and legal institutions. We discuss the various biases and heuristics that lead political actors to support and …

With Marriage On The Decline And Cohabitation On The Rise, What About Marital Rights For Unmarried Partners?, Lawrence W. Waggoner

Articles

This article draws attention to a cultural shift in the formation of families that has been and is taking place in this country and in the developed world. Part I uses recent government data to trace the decline of marriage and the rise of cohabitation in the United States. Between 2000 and 2010, the population grew by 9.71 %, but the husband and wife households only grew by 3.7%, while the unmarried couple households grew by 41.4%. A counter-intuitive finding is that the early 21st century data show little correlation between the marriage rate and economic conditions. Because of the …

The New Road To Serfdom: The Curse Of Bigness And The Failure Of Antitrust, Carl Bogus

Law Faculty Scholarship

This Article argues for a paradigm shift in modern antitrust policy. Rather than being concerned exclusively with consumer welfare, antitrust law should also be concerned with consolidated corporate power. Regulators and courts should consider the social and political, as well as the economic, consequences of corporate mergers. The vision that antitrust must be a key tool for limiting consolidated corporate power has a venerable legacy, extending back to the origins of antitrust law in early seventeenth century England, running throughout American history, and influencing the enactment of U.S. antitrust laws. However, the Chicago School's view that antitrust law should be …

Corruption And Development: The Need For International Investigations With A Multijurisdictional Approach Involving Multilateral Development Banks And National Authorities, Juan G. Ronderos, Michelle Ratpan, Andrea Osorio Rincon

Osgoode Hall Law Journal

We argue that while Multilateral Development Banks (“MDBs”) and national governments have mechanisms to fight corruption, the objectives and outcomes of these enforcement mechanisms diverge. MDBs are interested in the causes and effects of corruption from a development perspective and, as such, tend to sanction small and medium enterprises and individuals, while national governments are focused on a more punitive outcome, targeting larger multinational corporations. This article examines the enforcement objectives articulated in national legislation, namely the US Foreign and Corrupt Practices Act and its Canadian counterpart, the Corruption of Foreign Public Officials Act, as well as several Canadian cases, …

Fairness, Trust And Security In Online Dispute Resolution, Noam Ebner, John Zeleznikow

Journal of Public Law and Policy

No abstract provided.

Trust And Control: The Value Effect Of Venture Capital Term Sheet Provisions As Risk Allocation Tools, Jason M. Gordon, David Orozco

Michigan Business & Entrepreneurial Law Review

The parties to a venture funding agreement are in a state of coopetition. The parties account for perceived risk in the entrepreneur-investor relationship through varying levels of control demanded from and trust afforded to the other party. The level of risk perceived by each party may differ along individual aspects of the prospective equity deal. The provisions of the term sheet delineate the subjective risk perceptions of each party to the transaction by allocating control or trusting a party with decision-making rights. When negotiating term sheet provisions, a party should seek to understand and recognize the risk perceived by the …

A Framework For A Formal Sovereign Debt Restructuring Mechanism: The Kiss Principle (Keep It Simple, Stupid) And Other Guiding Principles, Charles W. Mooney Jr.

Michigan Journal of International Law

This paper explores the feasibility of a formal legal regime for the restructuring of sovereign state debt and outlines a framework for such a mechanism. More than a decade ago, senior officials at the International Monetary Fund (IMF) proposed the creation of a formal sovereign debt restructuring mechanism (SDRM). The proposal received support, but was eventually abandoned. One factor that contributed to its demise was the unwillingness of IMF members to submit to a tribunal that would encroach on a state’s sovereignty. Another determinative factor was the ultimate opposition of the United States. Likely related to that opposition, and perhaps …

Behavioral Public Choice And The Law, Gary M. Lucas Jr., Slavisa Tasic

West Virginia Law Review

No abstract provided.

Compliance In The 21st Century: The Exchange Of Tax Information And The Future Of Banking Secrecy In Singapore, Wai Yee Wan

Research Collection Yong Pung How School Of Law

The presentation discusses the future of exchange of tax information and banking secrecy in Singapore

The Future Of Fracking In England: A Comparative Legal Analysis, Brian Easley

Georgia Journal of International & Comparative Law

No abstract provided.