The paper studies insurance with moral hazard in a system of contingent-claims markets. Insurance buyers are modelled as Cournot monopolists or oligopolists. The other agents condition their expectations on market prices, as in models of rational-expectations equilibrium with asymmetric...

Why do lawyers in some jurisdictions continue to ‘automatically’ exclude the 1980 UN Convention on Contracts for the International Sale of Goods (CISG) in their choices of law for international sales contracts? Why do lawyers in other jurisdictions approach the decision very differently? Why...

“We are all socialists now,” Newsweek magazine declared some months ago. And with Republican stalwarts George Bush, Chris Cox, and Alan Greenspan respectively presiding over two of the largest expansions in federal programs since the New Deal, confessing to the failures of self-regulation,...

Many know the marketplace of ideas as a metaphor. Yet, economics may help explain speech and the First Amendment in more than a metaphoric way. This essay, written for the Law in a Networked World conference hosted by the University of Chicago Legal Forum, explores how the First amendment may...

It is standard in experimental economics to use decontextualized designs where payoff structures are presented using neutral language. Here we show that cooperation in such a neutrally framed Prisoner’s Dilemma is equivalent to a PD framed as contributing to a cooperative endeavor. Conversely,...

In this article, Professor Frischmann combines a number of current debates across many disciplinary lines, all of which examine from different perspectives whether certain resources should be managed through a regime of private property or through a regime of open access. Frischmann develops and...

Do workers hired from superstar tech-firms contribute to better firm performance? To address this question, we analyze the effects of tacit knowledge spillovers from Nokia in the context of a quasi-natural experiment in Finland, the closure of Nokia’s mobile device division in 2014 and the...

In Metro-Goldwyn-Mayer Studios v. Grokster, the Supreme Court will decide the future of Betamax - not the technology, which is already dead, but the Betamax decision issued by the Supreme Court in 1984. As frequently occurs in copyright law, it is a new, disruptive technology - this time,...

Traditional First Amendment categorizations of speech content, entrenched as constitutional precedent through many cases and decades, fail to reflect the three fundamental philosophical categories of speech content: scientific speech, historical interpretations, and viewpoints. In particular,...