The paper focuses on competition policy, which is at the center of ordoliberal thinking. Important characteristics are the emphasis on individual freedom, from which the goal of economic efficiency is merely derived; the strong role for the state in the preservation of the prerequisites of...

During the 19th century, markets exploded liberally before the state began to intervene to compensate for undesired social deterioration. In the second half of the 19th century, however, legislation largely locked up itself, except for laws which dealt mainly with technical modernization, such...

The doctrine of efficient breach is based on the belief that the risk of postcontractual bargaining failure under property rules is greater than the risk of the courts' miscalculation of damages under liability rules. The article presents the findings of two experiments that challenge this...

Two potentially widespread phenomena, mass standardized contracts and digital rights management systems, could have dramatic impact on how the law of property and contract regulates the distribution of intellectual property. This paper argues these phenomena motivate a more careful consideration...

Previous work on the regulation of termination clauses in franchise contracts has ignored the ability of parties to contract around state law. Using data on two national fast-food restaurants, we find that Washington, D.C.'s termination restriction which did not restrict choice-of-law provisions...

Even if contract enforcers are as opportunistic as ordinary traders, a system of adjudication can increase the degree to which contractual obligations on large anonymous markets are fulfilled. Only if arbitrators receive a fixed income, occasional mistakes will not favour the untrustworthy. It...

This paper develops a protocol for using a familiar data set on force majeure provisions in corporate acquisitions agreements to tokenize and calibrate a machine-learning algorithm of textual analysis. Our protocol, built on regular expression (RE) and latent semantic analysis (LSA) approaches,...

The paper uses the findings of psychology, behavioral economics, and behavioral ethics to revisit three main related assumptions of the rational-choice approach to equity, by developing three main points: first, not only bad people try to circumvent the law; second, behavior depends on the...

We develop a model of deviance by incorporating the labeling effect into rational choice theory. In our model, we provide an explanation of the process through which a deviant is stigmatized and explore theoretically the relationship between the experience of having deviated and the incentive...

Wrongful convictions may increase the level of crime over the ideal case of their absence. The problem of wrongful conviction is most serious in areas where crime is endemic and for certain groups of citizens who are stereotyped. State liability mitigates this problem; compensating the...