Regulation of economic activity is ubiquitous around the world, yet standard theories predict it should be rather uncommon. I argue that the ubiquity of regulation is explained not so much by the failure of markets, or by asymmetric information, as by the failure of courts to solve contract and...

Debate about the adequacy of civil liability and compensation arrangements for nuclear reactor accidents increased markedly after the 1986 Chernobyl accident. The subsequent development of international nuclear liability and compensation conventions has sought to address the principal...

This Article considers the role of property rights in efforts to sequester underground hundreds of millions of tons of carbon dioxide (CO2) per year from power plants and other industrial facilities in order to mitigate climate change. This technology, known as carbon capture and sequestration...

Economic analysis of nuisance law can be divided into two branches: the transaction cost model and the externality model. The two models provide a relatively complete positive theory of nuisance law. Under the externality model, nuisance law optimally regulates activity levels. Nuisance law...

This Article examines the activities of various multinational enterprises (MNEs) involved in the Prestige oil spill of, 2002. The liability exposure of such enterprises is found to have been minimized by three legal phenomena which result from the current treatment of MNEs under national and...

Biotechnology has ushered in both profound and mundane innovations, and it has presented accompanying challenges for a variety of legal institutions, but the academic literature on this subject is littered with superficial and overly alarmist work. Among other things, this Article selects for an...

International law is not known for being quick or effective. Cases can drag on for years, have limited legal force, and are infamous for noncompliance. Until recently, the World Trade Organization (WTO) dispute settlement process had served as a beacon of hope for being one of the fastest and...

What do parent companies owe to individuals that are directly affected by the business conduct of a foreign subsidiary? In corporate social responsibility (CSR) policies and sustainability reports parent companies of multinational enterprises respond to that question. They emphasize their...