This note critically comments on the Court of Appeal's decision in OMV Petrom SA v Glencore International AG. By introducing a penal element to the enhanced interest rate pursuant to CPR Pt 36, the Court of Appeal has extended the justificatory reasons for those awards beyond compensation. This...

Many-minds arguments claim that in some way or another, groups of decision-makers tend to make better decisions than individuals. This essay identifies five general and recurring problems with such arguments, as follows:(1) Whose minds? The group or population whose minds are at issue is often...

The paper investigates the optimal scope of trade secrets law. In the model, one innovative firm invests resources first to produce knowledge, and then to protect it from unwanted disclosure. A rival firm invests to ferret out this knowledge. Trade secrets law affects this "secrecy contest" by...

In this Article, I offer a macroeconomic perspective on law that reshapes the microeconomic perspective that currently dominates law and economics. I argue that 1. The economy works one way in ordinary economic conditions, in which supply capacity determines output, and a different way in deep...

The book covers many subjects related to the economic analysis of basic law. It has twenty-nine chapters in seven parts or sections, a comprehensive list of references and two indexes (authors and subjects). Particular attention is devoted to the positive analysis of law, although the normative...

In this article I first describe the basic principles that parents employ in disciplining their children. The description is based on a survey of parents, the major results of which are that parental sanctions are premised on wrongdoing—not on the mere causation of harm; that parental...

The fundamental originating principle of law and economics (L&E) is that legal decisions should be (and are) based on maximizing efficiency. But L&E proponents do not define “efficiency” in the way agreed to by most economists, as Pareto Efficiency. A Pareto optimal condition is obtained...

This paper discusses models of law and regulation of Artificial Intelligence (“AI”). The discussion focuses on four models: the black letter model, the emergent model, the ethical model, and the risk regulation model. All four models currently inform, individually or jointly, integrally or...

This Article provides a financial economic analysis of punitive damages. The core problem, as the Supreme Court acknowledged in Exxon Shipping Co. v. Baker, is not the systemic amount of punitive damages in the tort system; rather, it is the risk of outlier outcomes. Low frequency, high severity...