Private Law Theory

Theresa Arnold, Amanda Dixon, Madison Whalen, and Mitu Gulati, The Myth of Optimal Expectation Damages, Marquette Law Review (forthcoming), available at SSRN. Everyone knows that the expectation measure is the standard, default measure of damages for a bargain contract, and for the last few decades most scholars have regarded the expectation measure as backed by weighty, straightforward justifications grounded on economic efficiency. But there are several reasons to doubt both of these general propositions, as the authors of The Myth of Optimal Expectation Damages nicely suggest and begin to demonstrate using empirical data from bond markets … (more)

[Shawn Bayern, JOTWELL, 22 July]

First posted 2020-07-22 12:42:10