Category Archives: Law and Economics

Antill, Celik, Tian and Whited, ‘The Efficiency of Patent Litigation’

ABSTRACT How efficient is the US patent litigation system? We quantify the extent to which the litigation system shapes innovation using a novel dynamic model, in which heterogeneous firms innovate and face potential patent lawsuits. We show that the impact of a litigation reform depends on how heterogeneous firms endogenously select into lawsuits. Calibrating the […]

Carol Rose, ‘Property Law’

ABSTRACT Both detractors and proponents often describe property in individualistic terms, ignoring property’s character as a social institution that depends critically on participants’ respect of others’ claims. Informal property regimes are pervasive among small or specialized social groups, but neither informal property nor property law emerges unless resources become scarce. However, property law differs in […]

Miriam Buiten, ‘Product liability for defective AI’

ABSTRACT This paper studies the efficient definition of product defects for AI systems with autonomous capabilities. It argues that defining defects in product liability law is central to distributing responsibility between producers and users. The paper proposes aligning the standard for defect with the relative control over and awareness of product risk possessed by the […]

Mihai Coca-Constantinescu, ‘Understanding the Need for Regulatory Intervention: The EU Data-Driven Market’

ABSTRACT The issue explored in this thesis revolves around regulatory intervention in the EU data-driven market. Legislation adopted by the European Union has proved to positively impact the legal order of each Member State. This paper will peruse the mechanics behind the importance of the so far existent regulation governing the EU data-driven market. The […]

Juan Martín Morando, ‘Modelling under False Assumptions’

ABSTRACT When the Rational Choice Model fails to explain or predict human behavior, the Behavioral Economics model becomes handy. This model bases its assumptions on the premise that people are not rational because heuristics and biases may influence their reasoning and behavior. We argue that there may be a better explanation: the assumption that people […]

Maria Teresa Bartalena, ‘Reasonable royalty damages across different countries and through a law and economics lens’

ABSTRACT In most legal systems, a reasonable royalty represents the minimum compensation for patent infringement litigation, and it is undoubtedly the most used among the remedies at the courts’ disposal. Therefore, its calculation is crucial in the intellectual property field and, more specifically, within the function of liability in this context to incentivise investments in […]

Riccard Fornasari, ‘The Legal Form of Climate Change Litigation: An Inquiry into the Transformative Potential and Limits of Private Law’

ABSTRACT This article analyzes the impact of climate change litigation on the form of private law, contributing to our understanding of the transformative potential and limits of private law. I argue that climate change litigation breaks the homology between the commodity form and the legal form, to surprisingly antisystemic effect. Developing this argument, I make […]

Krippner and Flores, ‘Toward a Sociology of Contract’

ABSTRACT Economic sociology has neglected contract as an institutional foundation for market relations. It has also given inadequate attention to the role of forms of social difference such as race, gender, and sexuality in constituting market exchange. We argue that these omissions share common origins in the status/contract division that figured prominently in nineteenth-century sociological […]

Martino and Ringe, ‘The Social Cost of Blockchain’

ABSTRACT In the past decade, the legal and economic literature on blockchain technology and its applications has flourished. This new technology holds great promise for enhancing the efficiency of contracting. Building on the classic Coase theorem, blockchain as a decentralised mechanism of decision-making should be superior to centralised regulation, possibly yielding substantial efficiency gains. Notably, […]

Vatiero and Schaefer, ‘Posner’s Economic Analysis of Law at Fifty and the Globalization of Jurisprudence’

ABSTRACT Richard Posner is undoubtedly one of the most influential legal scholars of the 20th century, one of the most prolific judges, and one of the most prominent public intellectuals. This special issue, compiling seventeen contributions by leading scholars from a range of countries, is on the occasion of 50th anniversary of the first publication […]