The Creativity Effect,
2011
Duke Law School
The Creativity Effect, Christopher Buccafusco, Christopher Jon Sprigman
Faculty Scholarship
This Article reports the first experiment to demonstrate the existence of a valuation anomaly associated with the creation of new works. To date, a wealth of social science research has shown that the least amount of money that owners of goods are willing to accept to part with their possessions is often far greater than the amount that purchasers would be willing to pay to obtain them. This phenomenon, known as the endowment effect, may create substantial inefficiencies in many markets. Our experiment demonstrates the existence of a related "creativity effect." We show that creators of works value their creations …
Property Rights In Land, Agricultural Capitalism, And The Relative Decline Of Pre-Industrial China,
2011
Duke Law School
Property Rights In Land, Agricultural Capitalism, And The Relative Decline Of Pre-Industrial China, Taisu Zhang
Faculty Scholarship
No abstract provided.
Consumer Protection Initiatives In The Eu Mortgage Market: A Behavioral Economics Based Critique And Proposal, 25 Temp. Int'l & Comp. L.J. 1 (2011),
2011
John Marshall Law School
Consumer Protection Initiatives In The Eu Mortgage Market: A Behavioral Economics Based Critique And Proposal, 25 Temp. Int'l & Comp. L.J. 1 (2011), Debra Pogrund Stark, Jessica M. Choplin
UIC Law Open Access Faculty Scholarship
No abstract provided.
Market Realities Do Not Embody Necessary Economic Theory: Why Defendants Deserve A Safe Harbor Under Section 2 Of The Sherman Act For Exclusive Dealing,
2011
University of Georgia School of Law
Market Realities Do Not Embody Necessary Economic Theory: Why Defendants Deserve A Safe Harbor Under Section 2 Of The Sherman Act For Exclusive Dealing, Danielle N. Paschal
Georgia Law Review
Exclusive dealing agreements are a form of vertical
restraint. They are often procompetitive and treated as
presumptively legal. Although claims against
anticompetitive agreements may be pursued under
numerous antitrust laws, claims have been brought more
recently under section 2 of the Sherman Act. Antitrust
laws generally focus on the percentage of foreclosure.
Section 2 of the Sherman Act, though, requires a smaller
percentage of foreclosure of distribution channels than
other antitrust laws. Analysis under section 2 of the
Sherman Act also focuses on the actual effects of the
agreement in the relevant market. Determining the
agreement's actual effects on the …
A New Experiment On Rational Behavior,
2011
Claremont McKenna College
A New Experiment On Rational Behavior, Myles R. Macdonald
CMC Senior Theses
Behavioral economics is widely recognized as a rising field in economics, one whose discoveries and implications are not yet completed or understood. At the same time, economic theory plays an enormous role in our governmental and legal system. In particular, the Coase Theorem and its implications have affected nearly every area in the field of law and economics. This paper proposes a experimental test of Coasean bargaining in situations using two competitive players whose payoffs depend on minimizing their costs of mitigating the externality. A rational player’s action can be predicted ahead of time, and the rationality of the game’s …
Health Inflation, Wealth Inflation, And The Discounting Of Human Life,
2011
University of Missouri School of Law
Health Inflation, Wealth Inflation, And The Discounting Of Human Life, Ben L. Trachtenberg
Faculty Publications
This article presents two new arguments against “discounting” future human lives during cost-benefit analysis, arguing that even absent ethical objections to the disparate treatment of present and future humanity, the economic calculations of cost-benefit analysis itself - if properly calculated - counsel against discounting lives at anything close to current rates. In other words, even if society sets aside all concerns with the discounting of future generations in principle, current discounting of future human lives cannot be justified even on the discounters’ own terms. First, because cost-benefit analysis has thus far ignored evidence of rising health care expenditures, it underestimates …
Rlt: A Preliminary Examination Of Religious Legal Theory As A Movement,
2011
Touro Law Center
Rlt: A Preliminary Examination Of Religious Legal Theory As A Movement, Samuel J. Levine
Scholarly Works
No abstract provided.
What Would Henry Simons Do?: Using An Ideal To Shape And Explain The Economic Substance Doctrine,
2011
University of Florida Levin College of Law
What Would Henry Simons Do?: Using An Ideal To Shape And Explain The Economic Substance Doctrine, Charlene Luke
UF Law Faculty Publications
The law and policy governing tax shelters is incomplete, sometimes contradictory, and occasionally incoherent. Indeed, consensus has yet to emerge even as to which transactions should bear the tax shelter label. Often reform efforts are grounded in theories that are largely external to tax law—for example, economic theory relating to incentives. Fewer approaches rely on intrinsic tax policies, including that most fundamental of income tax principles—the Schanz-Haig-Simons income concept ("H-S"). Under H-S, an income tax base should be expansive, requiring inclusion of an individual's increases in wealth and allowing reductions only for non-personal costs that reduce wealth. This Article seeks …
The Limitations Of An Economic Agency Cost Theory Of Trust Law,
2011
University of Florida Levin College of Law
The Limitations Of An Economic Agency Cost Theory Of Trust Law, Lee-Ford Tritt
UF Law Faculty Publications
Should the donor's specific interests or potentially conflicting theoretical economic principles control the creation and administration of trusts? In a highly influential article advancing an agency cost framework for trust law, Harvard Law Professor Robert Sitkoff suggests retooling trust law to focus on wealth maximization and to minimize costs stemming from an assumed misalignment of the interests between deemed "principals" and "agents" within the trust setting. An agency cost theory of trust law, however, reduces the complex, highly idiosyncratic, and emotionally charged nature of trust law into a simple business relationship. Given the special nature of trust law and practice-where …
O My Sons And Daughters, How Do I Immiserate Thee: Let Me Count The Ways,
2011
University of Miami School of Law
O My Sons And Daughters, How Do I Immiserate Thee: Let Me Count The Ways, Kenneth M. Casebeer
Articles
No abstract provided.
The Whole Is Greater Than The Sum Of The Parts: Analyzing Legal Problems In An Endogenous World,
2011
Indiana University Maurer School of Law
The Whole Is Greater Than The Sum Of The Parts: Analyzing Legal Problems In An Endogenous World, Kenneth G. Dau-Schmidt
Articles by Maurer Faculty
No abstract provided.
Economics, Behavioral Biology, And Law,
2011
Indiana University Maurer School of Law
Economics, Behavioral Biology, And Law, Jeffrey E. Stake, Owen D. Jones, Erin O'Hara O'Connor
Articles by Maurer Faculty
This article compares the relevance to law of two unexpectedly similar fields: economics and behavioral biology. It first examines the assumptions, core concepts, methodological tenets, and emphases of the two fields. It then compares the interdisciplinary fields of law and economics, on one hand, with law and behavioral biology, on the other-highlighting not only important similarities but also important differences. The article subsequently explores ways that biological perspectives on human behavior may, among other things, improve economic models and the behavioral insights they generate. The article concludes that although there are important differences between the two fields, the overlaps between …
Mortgage Modification And Strategic Behavior: A Contrarian Reading Of The Countrywide Financial Corporation Settlement,
2011
Southern Methodist University, Dedman School of Law
Mortgage Modification And Strategic Behavior: A Contrarian Reading Of The Countrywide Financial Corporation Settlement, Gregory S. Crespi
Faculty Journal Articles and Book Chapters
Christopher Mayer, Edward Morrison, Thomas Piskorski and Arpit Gupta of Columbia University have recently published in the Law and Finance eJournal a comprehensive study demonstrating the significant impacts on strategic default rates of the widely publicized Countrywide Financial Corporation settlement of 2008. While their study is a solid and convincing descriptive effort, their implicit assumption that strategic defaults are something to be discouraged rather than encouraged, a position that I have criticized in my earlier work, undercuts the usefulness of their work for policy guidance. From their perspective the Countrywide settlement provides a cautionary tale about difficult trade-offs to be …
Mitigating Financial Risk For Small Business Entrepreneurs,
2011
University of Maryland Francis King Carey School of Law
Mitigating Financial Risk For Small Business Entrepreneurs, Michelle M. Harner
Faculty Scholarship
Financial distress by definition threatens a company’s viability. Entrepreneurial and start-up entities are particularly vulnerable to this threat. Yet, much of the discussion following the recent recession focuses almost exclusively on financial institutions and “too-big-to-fail” entities. This essay re-examines lessons gleaned from the recession in the context of smaller, entrepreneurial entities. Specifically, it analyzes how small business entrepreneurs might invoke principles of enterprise risk management to mitigate the long-term impact of financial distress on their business models. It also considers related refinements to extant small business regulations, including the U.S. bankruptcy laws. The essay’s primary objective is to help policymakers, …
Economics, Behavioral Biology, And Law,
2011
Florida State University College of Law
Economics, Behavioral Biology, And Law, Erin O'Hara O'Connor
Scholarly Publications
This article compares the relevance to law of two unexpectedly similar fields: economics and behavioral biology. It first examines the assumptions, core concepts, methodological tenets, and emphases of the two fields. It then compares the interdisciplinary fields of law and economics, on one hand, with law and behavioral biology, on the other—highlighting not only important similarities but also important differences. The article subsequently explores ways that biological perspectives on human behavior may, among other things, improve economic models and the behavioral insights they generate. The article concludes that although there are important differences between the two fields, the overlaps between …
Deconstructing Corporate Governance: Director Primacy Without Principle?,
2011
Fordham Law School
Deconstructing Corporate Governance: Director Primacy Without Principle?, René Reich-Graefe
Fordham Journal of Corporate & Financial Law
For almost eighty years now, corporate law scholarship has centered around two elementary analytical findings made in what has once been described as the “last major work of original scholarship”within the field.
Incentivizing Economic Development: An Empirical Examination Of The Use Of Grants And Loans,
2011
University of South Carolina
Incentivizing Economic Development: An Empirical Examination Of The Use Of Grants And Loans, Robert T. Greenbaum, Daniele Bondonio
South Carolina Journal of International Law and Business
No abstract provided.
Lessons For Competition Law From The Economic Crisis: The Prospect For Antitrust Responses To The “Too-Big-To-Fail” Phenomenon,
2011
Fordham Law School
Lessons For Competition Law From The Economic Crisis: The Prospect For Antitrust Responses To The “Too-Big-To-Fail” Phenomenon, Jesse W. W. Markham, Jr.
Fordham Journal of Corporate & Financial Law
This article examines whether, and the extent to which, antitrust law could contribute to a broader regulatory effort to control the too-big-to-fail problem. The article begins by exploring the nature of the problem. Against this backdrop, it considers antitrust policy and rules to evaluate whether antitrust might play a meaningful role. The article concludes that antitrust law, if vigorously enforced with an emphasis on avoiding too-big-to-fail problems, can be a useful public policy tool to address the problem. However, it can come nowhere near solving it or preventing recurrences of recent systemic failures.
Controlling Health Care Costs Through Public, Transparent Processes: The Conflict Between The Morally Right And The Socially Feasible,
2011
University of Nevada, Las Vegas -- William S. Boyd School of Law
Controlling Health Care Costs Through Public, Transparent Processes: The Conflict Between The Morally Right And The Socially Feasible, David Orentlicher
Scholarly Works
No abstract provided.
The Status Of Recognition And Enforcement Of Judgments In The European Union,
2011
Sacred Heart University
The Status Of Recognition And Enforcement Of Judgments In The European Union, Michael D. Larobina, Richard L. Pate
WCBT Working Papers
International trade and the free movement of people are inevitably followed by legal disputes. Such litigants require an efficient and predictable dispute resolution mechanism capable of handling cases between diverse nationals. An essential part of such mechanism is a clearly defined process of judgment enforcement across national boundaries. In the past several decades, the European Union (“EU”) has necessarily addressed judgment enforcement across the boundaries of its member nations (“Member States”). Citizens of the EU need to prosecute and defend their legal rights in their home and in other EU member states. Presently, the EU is, again, considering such issues …
