“Law is full of vague standards; legally relevant facts are frequently unclear; sanctions and damages are often uncertain; and the likelihood of detection is rarely known precisely. In our forthcoming paper, we ask how these sources of uncertainty, common in any legal system, affect utility of risk-neutral actors such as business firms. We conclude that the answer depends on the source of uncertainty and the specifics of the enforcement environment …” (more)
[Scott Baker and Alex Raskolnikov, Oxford Business Law Blog, 6 June]
First posted 2017-06-06 11:24:03
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