Category Archives: Law and Economics

Åsbjørn Melkevik, ‘Can We Meaningfully Talk About Just Prices?’

ABSTRACT Contracting parties are the best judges of their own interests. So goes the usual story found in the classical liberal literature. Within a classical liberal framework, we are told, prices are not determined by any particular individual, but are rather the result of the many market interactions of autonomous agents. To impose a just […]

Reagan Seidler, ‘The Economics Of Canadian Anti-Discrimination Laws’

ABSTRACT Prohibiting discrimination is a noble political statement. What does it mean as economic policy? Applying a neoclassical framework, the article examines how Canada’s human rights laws affect society and marginalized groups from a welfare perspective. The article offers several practical reforms to improve the efficiency of current laws such as uncapping damage awards, removing […]

Kristelia Garcia, ‘Monetizing Infringement’

ABSTRACT The deterrence of copyright infringement and the evils of piracy have long been an axiomatic focus of both legislators and scholars. The conventional view is that infringement must be curbed and/or punished in order for copyright to fulfill its purported goals of incentivizing creation and ensuring access to works. This Essay proves this view […]

Stephen Daly, ‘The Aberrant Tort of Lawful Means Conspiracy?’

INTRODUCTION The lawful means conspiracy tort provides an actionable claim where two (or more) parties combine to engage in a lawful activity, but do so with the predominant purpose of harming the claimant, and in fact do so harm. It is a strange tort, in that it renders unlawful because of a combination that which […]

Special number of Law and Contemporary Problems on ‘Law and Macroeconomics’

Considering Law and Macroeconomics (Anna Gelpern and Adam J Levitin) Time-Varying Measures in Financial Regulation (Daniel K Tarullo) The Macroprudential Implications of the Qualified Mortgage Debate (Patricia A McCoy and Susan M Wachter) Against Regulatory Stimulus (Erik F Gerding) Money, Private Law, and Macroeconomic Disasters (Morgan Ricks) Indexing, Unchained (Daniel Hemel) Public Purpose Finance: The […]

Griem and Inderst, ‘Bargaining over Royalties in the Shadow of Litigation’

ABSTRACT We model negotiations over patent royalties in the shadow of litigation through a Nash-in-Nash approach, where outside options, triggered in case of disagreement, are derived from a subsequent game of litigation. The outcome of litigation depends both on ‘hard determinants’, such as relative patent strength, and on ‘soft determinants’, such as parties’ efficacy in […]

Robert Scott, ‘The Paradox of Contracting in Markets’

ABSTRACT Contract design that motivates parties to invest and trade more efficiently occurs primarily in thin markets characterized by bespoke, bilateral agreements between commercial parties. In that environment, the cost of producing each contract is relatively high. Those costs are justified by offsetting design improvements in contractual incentives. In contrast, more efficient production of contract […]

‘The Rational Question’

“How rational are people? A common answer: ‘Not very—instead, we’ve learned from social psychology and behavioural economics that people are systematically irrational’. I disagree. I think we don’t yet know how (ir)rational people are. Why not? Because there’s a problem with the basis of the common irrationalist answer. The problem I have in mind isn’t […]

Wagner and Walker, ‘Incomprehensible!: A Study of How Our Legal System Encourages Incomprehensibility, Why It Matters, and What We Can Do About It’

ABSTRACT Drawing together evidence from work in administrative law, consumer contracts, financial disclosures, patents, chemical regulation, and legislative process, this book isolates a foundational flaw in the design of a number of legal processes. Each of these programs requires transparency and equal access to information, in large part because the regulated parties or other sophisticated […]

Glynn Lunney, ‘A Tale of Two Copyrights’

ABSTRACT Imagine, if you will, a world of perfect information, where transactions are cost-less, and in that world, two possible copyright regimes. Both enable copyright owners to engage in perfect price discrimination with respect to every form of access to their original works of authorship. Both therefore avoid the peril of lost access. The first […]