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Stare Decisis and Judicial Log-Rolls : A Gains-from-Trade Model

Cameron, Charles M.; Kornhauser, Lewis A.; … - 2017

The practice of horizontal stare decisis requires that judges occasionally decide cases "incorrectly''. What sustains this practice? Given a heterogeneous bench, we show that the increasing differences in dispositions property of preferences generates gains when judges trade dispositions over...

Persistent link: https://www.econbiz.de/10014120810

A Dynamic Theory of Common Law Courts

Bustos, Álvaro E. - 2008

rules (a normative theory for dynamically efficient courts.) We explicitly take into account that: 1) the optimal rules most …

Persistent link: https://www.econbiz.de/10014055935

Inconsistency in the Law : In Search of a Balanced Norm

Engel, Christoph - 2004

, authoritative statements of fact, output and outcome are taken up in turn. Definitions rely on mathematical set theory, and on basic …

Persistent link: https://www.econbiz.de/10014068218

Chapter 21 Experimental Study of Law

Camerer, Colin; Talley, Eric - In: Handbook of law and economics : volume 2, (pp. 1619-1650). 2007

This chapter surveys literature on experimental law and economics. Long the domain of legally minded psychologists and criminologists, experimental methods are gaining significant popularity among economists interested in exploring positive and normative aspects of law. Because this literature...

Persistent link: https://www.econbiz.de/10014023489

A Financial Economic Theory of Punitive Damages

Rhee, Robert J. - 2015

cost. By focusing only on offsetting escaped liability, the standard law and economic theory fails to account for the core … risk-based theory is needed to support legal limitations on punitive damages …

Persistent link: https://www.econbiz.de/10013037444

On the Efficiency of the Common Law : An Application to the Recovery of Rewards

Niblett, Anthony - 2015

Richard Posner's influence on the field of law and economics cannot be overstated. Among his many contributions, Posner offered an early conjecture that remains fascinating and controversial to this day: the idea that common law rules are more likely than legislative codes to be concerned with...

Persistent link: https://www.econbiz.de/10013011863

Set-Off and Penalties in the Common Law (Rechtsdurchsetzung durch Aufrechnung und Vertragsstrafe im Common Law)

Dedek, Helge - 2022

This chapter, based on a report presented on the occasion of the annual meeting of the German Society of Comparative Law in 2017, focuses on recent developments in the law of set-off and penalties/liquidated damages, highlighting specifically the decisions in Cavendish Square Holding BV v. Talal...

Persistent link: https://www.econbiz.de/10013290990

Against Endowment Theory : Experimental Economics and Legal Scholarship

Klass, Gregory - 2015

Endowment theory holds the mere ownership of a thing causes people to assign greater value to it than they otherwise … would. The theory entered legal scholarship in the early 1990s and quickly eclipsed other accounts of how ownership affects … results, however, suggest that the empirical evidence for endowment theory is weak at best. When the procedures used in …

Persistent link: https://www.econbiz.de/10013035917

Law and Behavioral Science : Removing the Rationality Assumption from Law and Economics

Korobkin, Russell B.; Ulen, Thomas S. - 2009

As law and economics turns 40 years old, its continued vitality is threatened by its unrealistic core behavioral assumption: that people subject to the law act rationally. Professors Korobkin and Ulen argue that law and economics can reinvigorate itself by replacing the rationality assumption...

Persistent link: https://www.econbiz.de/10014155263

Litigation with Inalienable Judgments

Hovenkamp, Erik; Salop, Steven C. - 2022

We study strategic behavior by private litigants when courts' judgments are "inalienable" in the sense that it is unlawful to contract around them ex post. Inalienable judgments arise in many contexts, including antitrust, labor law, intellectual property, unfair competition, and various types...

Persistent link: https://www.econbiz.de/10013294314