Law and Economics Commons^™

Brewbaker And The Undermining Of Criminal Antitrust Enforcement, Itiel J. Wainer

University of Miami Law Review

In United States v. Brewbaker, a Fourth Circuit panel overturned a criminal conviction under § 1 of the Sherman Act, holding that a bid-rigging conspiracy between direct competitors constituted a hybrid “dual distribution” arrangement subject to the rule of reason rather than per se illegality. The court’s rationale rested on the existence of a separate vertical relationship between the parties, even though that relationship served only as consideration for the horizontal agreement to rig bids.

This Comment argues that Brewbaker rests on three doctrinal errors: misclassifying established bid-rigging tactics as a “new” restraint simply because the payoff took a …

Professor Cindy Williams Joins Global Future Councils At The World Economic Forum In Dubai, Maurer School Of Law - Indiana University

Keep Up With the Latest News from the Law School (blog)

Indiana University Maurer School of Law Professor Cindy Williams is representing the school this week at the World Economic Forum’s Global Future Councils (GFC) Annual Meeting in Dubai.

As a member of the GFC on Climate Change and Nature Loss, Professor Williams is contributing to discussions that frame environmental challenges as key financial risks and opportunities for companies. Her work focuses on how innovative finance can be harnessed to restore nature and build economic resilience worldwide.

Learning About Stability Of Risk Preferences, Levon Barseghyan, Francesca Molinari, Joshua C. Teitelbaum

Georgetown Law Faculty Publications and Other Works

Classical theories posit that risk preferences are stable across decision contexts. Two branches of empirical literature assess this claim. Structural approaches examine within-person consistency of model-based estimates of risk aversion, while “model-free” approaches examine within-person correlations of risky choices. We elucidate the latent structure underlying the model-free approach. Using this structure, we develop a new approach to assessing preference stability that has stronger testable implications, and we partially identify features of stability and heterogeneity of risk preferences. Our study illustrates a general principle: partial identification through minimal assumptions grounded in economic theory robustly bridges fully structural and model-free methods.

Pawns In The Power Struggle: Navigating Creative Labor Precarity Across Mcns, Platforms, And State Regulation In China, Qingyue Sun

Interdisciplinary Studies

This study examines how digital creators navigate the precarious Chinese digital creative industries (DCCIs), shaped by multi-channel networks (MCNs), platform logic, and intensifying state intervention. Drawing on interviews with 34 creators, I identified three challenges facing Chinese creators: (1) dual exploitation by volatile platforms and capricious MCN management; (2) erosion of creative autonomy under MCN gatekeeping and state oversight; (3) involuntarily being enlisted as propaganda artisans. Creators, especially those affiliated with MCNs, are increasingly positioned as state labor with governed creativity: cultural workers whose output is shaped, constrained, and redirected by the layered imperatives of state mandates, platform governance, and …

What On Earth Is A Burden On Interstate Commerce?, Andrew Jordan

Northwestern University Law Review

What is a burden on interstate commerce? That’s an important question under the Dormant Commerce Clause’s Pike balancing test. But it’s a question whose answer has proven elusive. This shouldn’t be a surprise. After all, states disagree about what counts as a burden or a benefit, and how much weight each has. And there aren’t any obvious constitutional principles we can point to for resolving those disagreements. Recently, some scholars have tried to ground dormant commerce doctrine in economic cost–benefit analysis. The supposed virtue of that approach is that it is neutral as to competing preferences. Thus, for the Court …

Peculiarities Of Europeanisation Of State Aid Control In Ukraine During Martial Law, Bohdan Veselovskyi, Kseniia Smyrnova

Yearbook of Antitrust and Regulatory Studies

Ukraine's European integration necessitates the alignment of its state aid control framework with EU competition law. The full-scale invasion by Russia in 2022 significantly disrupted this alignment, prompting Ukraine to temporarily suspend standard state aid oversight procedures under martial law. In response, Ukraine has undertaken comprehensive legislative reforms, including the adoption of sector-specific state aid criteria, enhanced administrative accountability measures, and systematic inventorying of existing aid schemes. This article analyses these developments, demonstrating Ukraine's ongoing commitment to restore regulatory certainty, transparency, and competitive neutrality, despite wartime constraints. Judicial practices incorporating EU-derived standards, particularly the Altmark criteria, highlight Ukraine's substantial progress …

A Municipal Finance Theory Of Local Government, Michael A. Francus

Indiana Law Journal

The United States is awash in local governments. Not only does every state create local governments, but every state relies on those local governments to carry out the day-to-day functions of government. These local governments, though, are not the state. They are distinct legal entities vested with their own legal personhood. That is, they sue and are sued, they own property, and they enter into contracts—all in their own names.

Many rich accounts detail the historical reasons why local governments arose. But a different, theoretical question remains: What can a state achieve with local governments that it cannot achieve without …

A Theory Of Calibrated Fiduciary Duties In Firms, Robert J. Rhee

UF Law Faculty Publications

Although the laws of firms state the same traditional duty of loyalty, they diverge in expressing the duty of care and the concept of good faith. The differences are not subtle shades of refinement, but quantum contrasts of discrete legal states. The law shuffles, reclassifies, and relocates core elements of the duty of care and the concept of good faith uniquely in each form of firm. Why? Despite apparent legal divergence, a single fiduciary rule governs all forms of firms. This Article presents a theory of calibrated fiduciary duties that explains important variations in the formulation of fiduciary duty and …

The Esg Paradox: Systemic Resistance And The Crisis Of Corporate Governance, Tawia Ansah

William & Mary Environmental Law and Policy Review

This Article examines a recent lawsuit between ExxonMobil Corporation and its shareholders that contested the definition of “ordinary business operations” under Rule 14a-8 of the Securities & Exchange Act of 1934. Through the lens of Niklas Luhmann’s systems theory particularly his concept of “operational closure,” the analysis reveals how corporate resistance to ESG initiatives reflects deeper systemic patterns in late capitalist governance.

ESG frameworks emerged as a challenge to neoliberal corporate governance, promising to address mounting environmental and social concerns. However, the neoliberal model has responded by both absorbing ESG through “greenwashing” and rejecting its more transformative elements—a pattern that …

The Demonization Of America's Economic Engine, Ediberto Roman

William & Mary Journal of Race, Gender, and Social Justice

In a 2013 book entitled Those Damned Immigrants: America’s Hysteria Over Undocumented Immigration, I warned of a conservative political trend that I believed would lead to an all-out assault on undocumented immigrants. This trend occurred despite the fact that these immigrants are critical economic boons to our economy.

On his first day in office in 2025, President Trump made the book’s warnings prophetic. That day, President Trump issued a series of executive orders, including 10 focused on limiting entry into the United States and questioning many who previously entered the United States legally. These orders include, 1) enhanced deportation …

Subsistence As Resistance: Reconceptualizing The Theory Of Progressive Property To Incubate Resistance To Consumerism, D.S. Pensley

William & Mary Environmental Law and Policy Review

This Article reconceptualizes the theory of progressive property by juxtaposing legal theory with the empirical study of a subsistence economy in the U.S. Subarctic. Progressive property holds that owners are bound by obligations to non-owners as a means to achieve human flourishing. The theory is constrained by the primacy of private property in Western thought, and it also lacks the ecological ethic required for sustainability. Drawing from my fieldwork, I suggest that human flourishing must additionally incubate resistance to consumerism.

Federal statute, 16 U.S.C. § 3113, defines subsistence as “the customary and traditional uses by rural Alaska residents of wild, …

Digital Regulation And Development: A Global Micro And Macro Comparison, Katrin Kuhlmann

Georgetown Law Faculty Publications and Other Works

Regulation of the digital economy is receiving increased attention both domestically and internationally, but too little scholarship exists assessing the degree to which these new rules effectively support economic, social, and sustainable development. This Article advances a micro-macro framework for assessing digital regulation and its development dimension, including digital inclusion and measures to address the digital divide, the protection of human rights, and the operationalization of the United Nations’ Sustainable Development Goals. In doing so, it incorporates a “micro international law” methodology to compare domestic legal design features and trace their diffusion into regional trade agreements and, in turn, into …

The Sec Proposed Cybersecurity Infrastructure Rules And New Disclosure Requirements, Neal F. Newman, Lawrence J. Trautman, Brian Elzweig

Faculty Scholarship

In addition to regulation of securities market issuers, the Securities & Exchange Commission (SEC) is also responsible for regulation of those entities that provide the networks, either electronic or physical, that enable the functioning of our securities markets. On February 9, 2022, the Commission published a Release for Cybersecurity Risk Management for Investment Advisers, Registered Investment Companies, and Business Development Companies containing proposals that, if adopted, would establish a new cybersecurity incident reporting and disclosure regime and require registered investment advisers (“advisers”) and investment companies (“funds”) to implement policies and procedures designed to address cyber risks. The comment period for …

Antitrust’S Consumer Tradeoffs, Samuel N. Weinstein

Articles

In modern antitrust law, courts are required to ask only one question: did the challenged action harm consumers? This Article asks a different question: which consumers? Over the last few decades, the Supreme Court has increasingly required antitrust plaintiffs to prove not only that they were harmed, but also that their harm outweighed any other consumers’ gains. The doctrine forces courts to pit groups of consumers against each other. In Amex, it was merchants against credit card holders. In Brooke Group, it was consumers buying a product during predation against consumers buying it during recoupment. In cases involving aftermarkets for …

Controlling Private Economic Power: Lessons Learned From The Us Experience In The First Decades Of The 20th Century, Thierry Kirat, Frédéric Marty

Yearbook of Antitrust and Regulatory Studies

Concerns related to Big Techs have led to a proliferation of legislative initiatives to complete competition rules with regulatory devices that would lead gatekeepers to be subject to obligations to preserve an equality of opportunities on the market. Within this context, this contribution revisits American decision-making practice from the end of the 19th century and the beginning of the 20th century to show how regulatory-type interventions and the enforcement of competition rules have been activated to control the strategies of firms acting as gatekeepers. What we can learn from this experience is that a big firm having private regulatory power …

Is Confidential Supervisory Information Material To Investors? Evaluating The Conflict Between Banking And Securities Law, Peter Conti-Brown, Patrick M. Corrigan, Jeffery Y. Zhang

Law & Economics Working Papers

A central goal of modern US securities law is the transparency of corporate information through mandatory public disclosures. This goal is in tension with a central goal of banking law, namely, the practice of preserving opacity of the information exchanged between banks and bank supervisors to ensure the safety and soundness of individual banks and the entire banking system. That informational opacity in banking known as "confidential supervisory information" (CSI) applies equally to all banks, whether or not they sell securities subject to public disclosure requirements. The disclosure of CSI is prohibited by law and practice, with dire consequences for …

Facebook Decision Enables Irs To Seek - Cwi Enforcement Against Meta, Stephen L. Curtis, Reuven S. Avi-Yonah, David G. Chamberlain

Law & Economics Working Papers

In this report, the authors explain how the Tax Court's recent decision in the Facebook transfer pricing case - although widely viewed as a victory for the taxpayer, Meta Platforms Inc.- could instead be a Pyrrhic victory because it enables the IRS to pursue a potentially substantial periodic adjustment against the company. The views expressed in this report are solely the authors' and do not necessarily reflect those of any other person or institution.

Too Scared To Use: Living Wills And Orderly Liquidation Of Too-Big-To-Fail Financial Institutions, Jeffery Y. Zhang

Law & Economics Working Papers

The term “too big to fail” became ubiquitous following the 2007-2008 Global Financial Crisis. Lawmakers, regulators, and scholars wondered if there was a better way forward than issuing an array of ad hoc bailout packages to large financial institutions. Congress, in enacting the Dodd-Frank Act, sought to address the concern by creating a new regulatory framework to resolve large financial institutions in an orderly manner.

First, Congress required too-big-to-fail institutions to file “living wills,” essentially planning documents that describe the institution’s path to a safe failure under the Bankruptcy Code—a failure that would not impact system-wide financial stability. Second, Congress …

Prosecutor Transparency Project: Racial Disparities Study (Washtenaw County, Michigan), Grady Bridges, J. J. Prescott

Law & Economics Working Papers

This report investigates and estimates racial disparities in prosecutorial decision-making in the Washtenaw County Prosecutor’s Office (WCPO) from 2017 to 2022. The analysis relies on currently available data resources at the WCPO and examines decision-making at four different junctures in the prosecutorial process: 1) case approval (i.e., warrant authorization) and charge selection, 2) habitual-offender designation (under Michigan law), 3) plea bargaining, and 4) diversion and deferral opportunities. Racial disparities appear most visibly at the earliest stages of the criminal justice process, with People of Color substantially overrepresented in the warrant requests the WCPO receives from law enforcement. The data further …

From Relic To Relevance, The Resurgence Of Tariffs, Reuven S. Avi-Yonah, Doron Narotzki, Tamir Shanan

Law & Economics Working Papers

Modern legal scholarship has largely relegated tariffs to economic analysis, overlooking their legal and policy significance. This article challenges that view by examining tariffs as a potential pillar of fiscal policy, exploring their viability as a revenue source alongside or in place of traditional income and corporate taxation. While historically central to U.S. government funding, tariffs diminished in importance with the rise of income taxation and trade liberalization. However, their recent resurgence as a tool for trade protection raises broader questions about their role in national economic strategy. This article critically assesses the feasibility of a tariff-based tax system, drawing …