The expansion of communications infrastructure worldwide entails huge investments and in the European Union alone these will undoubtedly exceed EUR 200 bn by 2020. But the commercial success of the politically desired expansion of high-performance broadband networks in a competitive market...

This paper is the second of two parts of a general theory of regulation. An effective regulatory system, whether created by a public legislative body or by private charter, must be coherent if it is to be successful. Coherence is a ‘property’ of well-designed regulatory systems. We suggest...

The law often limits the liability of an intermediary for the speech it carries. And rightly so, because imposing liability on intermediaries can induce them to filter out questionable content and this “collateral censorship” risks suppressing much lawful, even highly beneficial, speech. The...

Under Sec. 3(8) and 4(5) of the Carriage of Goods by Sea Act, liability is allocated to the common carrier for damages to cargo valued less than 500, and the carrier may not reallocate any of this liability to the cargo owner. The paper analyzes the economic effect of the regime, and shows that...

I introduce and analyze an equilibrium model of discovery, innovation, patenting and infringement. Firms that innovate must adapt complementary inputs, and are ex ante uncertain about whether adaptations will be costly and whether they will infringe other patents. If adaptation requires...

This paper addresses the legitimacy of competing interests involved in the enforcement of covenants not to compete (“noncompetes”). To date, the courts and legislatures have not relied on a principled theoretical framework to identify and assess the competing interests between firms and...

Many institutional investors rely on a proxy advisory firm to assist them in voting the company proxy and fulfilling their fiduciary responsibility to vote in the interest of beneficial shareholders. The largest and most influential proxy advisory firm is Institutional Shareholder Services...

Credibility is a determinative factor in many of the immigration cases adjudicated every year (and, each year, the federal immigration agency adjudicates hundreds of thousands of cases). Given the numbers of affected immigrants and the stakes involved, it is essential that the legislature,...

Although antitrust courts sometimes stress the competitive process, they have not deeply explored what that process is. Inspired by the theory of the core, we explore the idea that the competitive process is the process of sellers and buyers forming improving coalitions. Much of antitrust can be...

A recurring debate in the academic and applied world is whether workplace committees and other forms of employee participation are substitutes or supplements to labor unions. This study addresses this question by examining the effect of workplace committees on the enforcement of public policies....