Category Archives: Law and Economics
Abdi Aidid, ‘Access to Justice and Civil-Procedural Bargaining’
ABSTRACT There is a virtual consensus that there is an ‘access-to-justice’ crisis in Canada. Some of the more concerning elements of the crisis-namely, the inaccessibility of courts-were brought into sharp focus at the onset of the global COVID-19 pandemic, wherein the already strained Ontario courts seemed poised to incur more ‘case debt’ and add to […]
George Ward, ‘Like, Share, and Repost: Content Creator Commodification’
ABSTRACT In 1988, the Supreme Court of New Jersey invalidated a paid surrogacy contract on the basis that there are certain things that money cannot buy. The holding reflects one understanding of commodification theory, which argues that putting something up for sale transforms its very nature. Some scholars argue, for example, that we ought not […]
Dina Waked, ‘Jeremy Bentham and the Genesis of Law and Economics: An Alternative Narrative’
ABSTRACT The Law and Economics movement, or economic analysis of law, owes a great debt to Jeremy Bentham. This debt goes as far as to consider his work the genesis of the movement. Yet his role and influence are seldom acknowledged beyond his work on crime and punishment. This chapter sheds some light on three […]
Roger Newman, ‘On Guido Calabresi’
ABSTRACT Few individuals have had as long and as influential a career in law as Guido Calabresi. Cofounder of the field of law and economics, teacher, dean, and judge, he has inspired (and infuriated) multitudes. On the United States Court of Appeals for the Second Circuit, where he has served for thirty years (while continuing […]
Paterson and Engelberg, ‘Restructuring and Bargaining Theory’
ABSTRACT Drawing on the work of Ronald Coase, this article takes as its starting point the proposition that, in a world of zero transaction costs, creditors would reach a consensual renegotiation of a financially distressed firm’s capital structure necessary for the firm to return to profitability. There are, however, significant transaction costs in the real […]
Sumana Kundu, ‘Diagnosis Error and Liability Rules in Credence Goods Markets’
ABSTRACT This paper studies the impact of diagnosis errors on a credence goods expert’s pricing and treatment strategies and subsequently, on social welfare under alternative liability regimes: strict liability rule, no liability rule, and limited liability rule. Under strict liability, diagnosis errors lead to a ‘no-trade’ outcome, contrasting the ‘no-cheating’ result under perfect diagnosis. We […]
Marciano and Battista Ramello, ‘Law, economics and Calabresi on The future of law and economics’
ABSTRACT There exists a distinction between ‘law and economics’ and the ‘economic analysis of law’. The former, corresponding to Coase’s approach, consists in taking legal rules into account insofar as they influence economic activities. The latter, associated to Posner’s name, consists in using economics to analyze legal problems. Methodologically speaking, if one admits that the […]
‘Property Law: Comparative, Empirical, and Economic Analyses’: special number of Jerusalem Review of Legal Studies
What Yun-chien Chang’s Analyses of Property Law Teach Us About Property Law? (Ronit Levine-Schnur) Efficiency & Diversity: A Comment on Yun-chien Chang, Property Law: Comparative, Empirical, and Economic Analyses (Daniel Klerman) Efficiency and Equality in Property Law (Nicole Summers) Efficiency Analysis of Property Law: A Response to Profs Dan Klerman, Ronit Levine-Schnur, and Nicole Summers […]
Luke Norris, ‘Procedural Political Economy’
ABSTRACT When the Federal Rules of Civil Procedure came into being in 1938, a broad political economy discourse was driving significant legal and policy reform efforts. Legal scholars, economists, political leaders, and others placed questions of economic power and their relationship to democracy at the center of those reform efforts, honing and developing a political […]
Andreas Peters, ‘Is Europe Hindering Medical Innovation? Unraveling the Patent Time Trap’
ABSTRACT This study explores how patent rules and economic factors affect the development of new medical devices, like heart monitors or surgical tools, in Europe. Using advanced computer models, we found that extending patent protection by 3 years through Supplementary Protection Certificates (SPCs) can boost companies’ innovation efforts by 13.7% (with 95% confidence between 12.9% […]