Volumes have been written — both by courts and commentators — about the so-called independent agencies. These agencies are thought of as distinct from executive branch agencies and constitutionally insulated from presidential influence. Yet few have taken the time to ask even the most basic...

This paper deconstructs the relationship between harm and pollution, and argues that understanding this relationship creates valuable opportunities for improving environmental policy by minimizing or even eliminating the harm from some pollutants, even when reducing the total amount of pollution...

The financial concept of real options has important consequences in areas of environmental and natural resources law where irreversible decisions are made in the face of uncertainty. This article argues that consideration of real options is necessary to maximize economic return from...

This article was prepared as a contribution to the Chapman Law Review's symposium on “Libertarian Legal Theory.” While libertarian legal theory and law and economics share many affinities there are places in which both the method of the common law and the substantive rules of the common law...

In the United States insurance is regulated both by state insurance commissions and class action litigation. The interaction of these two systems has not been extensively studied. We examine four different facets of the regulation litigation tradeoff. The first is to examine whether a...

Section 365 of the Bankruptcy Code (“Code”), which focuses on the post-petition continuation of pre-petition contractual relations, controls the assumption and rejection of executory contracts and unexpired leases by a trustee or debtor-in-possession (“DIP”) in all bankruptcy cases....

I show that in a true Coasean world - a world with no transaction costs - there would be no disagreement on moral questions. There would be no disagreement on what the appropriate distribution of income should be. There would be no disagreement on the question of capital punishment or abortion....

This Article proposes a new method of reducing the costs administrative agencies incur in monitoring regulatory compliance by a firm that operates multiple sources of risk, such as air-polluting smokestacks. The expense of individually monitoring such sources directly may consume a large share...

In 1938, Harold Hotelling argued that the optimum of the general welfare corresponds to the sale of everything at marginal cost and that therefore government revenues should be used to subsidize all industries having large fixed costs. Ronald Coase's 1946 article The Marginal Cost Controversy...

The argument that environmental standards must be harmonized among countries involved in free trade in order to ensure a quot;level playing fieldquot; has been prominent in the recent political discourse surrounding globalization and the expansion of international trade. Among academic...