There is an interesting exception to businesses’, employers’, and service providers’ seemingly universal embrace of arbitration processes, particularly mandatory pre-dispute arbitration. Although it may be difficult to believe given arbitration’s current popularity, not everyone requires...

Under the doctrine of vicarious liability, a deep-pocket principal is often held responsible for a third-party harm caused by a judgment-proof agent's negligence. We analyze the incentive contract used by the principal to control the agent's behavior when a court can make an error in determining...

This article explores the question of whether contemporary regulatory reformers' attitudes toward government regulation have anything in common with those of the Lochner-era Court. It finds that both groups tend to favor value-neutral law guided by cost-benefit analysis over legislative value...

This entry for the forthcoming The New Palgrave Dictionary of Economics (Second Edition) surveys the economic analysis of five primary fields of law: property law; liability for accidents; contract law; litigation; and public enforcement and criminal law. It also briefly considers some...

Social agreement regarding redistribution of wealth is often unattainable because the poor cannot sufficiently compensate the rich for their contribution. In this paper, we submit that under certain circumstances, such an agreement could obtain wide-spread support if, and only if, it contains a...

While corporate finance follows a general trend towards ESG branding by marketing financial instruments as ‘green’ or ‘environmentally sustainable’, investors often search for clear information on the greenness of their investment. The advanced EU legislation on green finance offers...

Experience is a major source of knowledge. Could institutions be improved by eliciting the additional knowledge held by experienced individuals? I show here that in several areas of the law experienced individuals are more critical of institutional quality than inexperienced individuals....

This manuscript summarizes a speech given at Tallinn University of Technology in Estonia on May 14, 2013. The speech begins with a discussion of ethical theory and how it can be applied to the topic of government regulation of business, and proceeds to summarize some recent studies on the costs...

This paper provides an overview of the economic approach to unfair contract terms whereby various economic approaches are distinguished. Addition is paid to the neo classic perspective on unfair contract terms as well as to the approach followed by information economics. Then evidence is...

History’s biggest oil boom is happening right now, in the United States, ushering in the third age of oil and gas law. The first age of oil and gas law also began in the United States a century ago when landowners and oil companies developed the oil and gas lease. The lease made the modern oil...