The John M. Olin Program in Law and Economics

The John M. Olin Program in Law and Economics

The John M. Olin Program in Law and Economics

Law School

Research

People sometimes want to harm other people. This truism points to a blind spot in law and economics scholarship, which generally assumes that people... MORE
As China reformed its economy during the past 44 years, it experienced the fastest sustained expansion by a major economy in history, with an annual... MORE
Lenders are perfectly free to decide for themselves whether, when, how, to whom and on what terms they will extend credit to a sovereign borrower.... MORE
When individuals are arrested or indicted for a crime, governments have legitimate interests in assuring that those individuals show up for future... MORE
The constitutional rules that govern how states engage with international law have profound implications for foreign affairs, yet we lack... MORE
In this essay, we review criticisms of both the concept of international tax arbitrage and regulatory responses meant to reduce such arbitrage. We... MORE
Market definition is a highly contested topic in antitrust. Courts’ approaches to market definition are admittedly flawed, and the case originating... MORE
Feedbacks within the climate-economy system are complex. The research analyzing the relationship between human activities and the climate is... MORE
Feedbacks within the climate-economy system are complex. The research analyzing the relationship between human activities and the climate is... MORE
We explore how adding pro-social preferences to the canonical precaution model of accidents changes either the efficient damages rule or the harm... MORE
We evaluate the impacts of adopting algorithmic predictions of future offending (risk assessments) as an aid to judicial discretion in felony... MORE
An implication of the incompleteness of contracts is that there are going to be gaps and ambiguities that either side can exploit. We ask whether the... MORE
This article introduces the Haitian Independence Debt of 1825 to the odious debt and sovereign debt literatures. We argue that the legal doctrine of... MORE
Hard cases present a dilemma at the heart of constitutional law. Courts have a duty to decide them—to vindicate rights, to clarify law—but doing so... MORE
National restrictions on trade and immigration are the most salient illustrations of the current protectionist moment, but cities have played their... MORE
Comparisons between rules and standards often revolve around enforcement costs. According to conventional wisdom, rules are cheaper to enforce than... MORE
This chapter addresses a new and fertile research program: constitutional law and economics. Constitutional law and economics asks questions like, ‘... MORE
Dozens of jurisdictions across the country are engaging in bail reform, but there are concerns that reducing monetary incentives will increase... MORE
We examine the microeconomics of using algorithms to nudge decision-makers toward particular social outcomes. We refer to this as "algorithmic social... MORE
Those who wish to control, expose, and damage the identities of individuals routinely do so by invading their privacy. People are secretly recorded... MORE
One of the most disputed policy initiatives of the Obama administration was the Department of Labor’s fiduciary rule, which subjects brokers and... MORE
This paper uses a natural experiment to analyze whether incarceration during the pretrial period affects case outcomes. In Philadelphia, defendants... MORE
Many popular and academic commentators identify deregulation as a cause of the 2007-08 financial crisis. Some argue that the Gramm-Leach-Bliley Act... MORE
Ethicists who oppose compensating kidney donors claim they do so because kidney donation is risky for the donor’s health, donors may not appreciate... MORE
Recent years have seen a rush toward evidence-based tools in criminal justice. As part of this movement, many jurisdictions have adopted actuarial... MORE
Behavioral Law and Economics’ effort to replace standard microeconomic assumptions with more realistic, yet still simple assumptions — without... MORE
This Article seeks to provide the most comprehensive national-level empirical analysis of misdemeanor criminal justice that is currently feasible... MORE
In the contemporary world, the domains of laws overlap a lot. With human activity (business, family, political, creative) unfolding at a greater... MORE
This chapter in the Oxford Handbook of Law and Economics offers an economic theory of how the law of agency and partnership facilitates economic... MORE
The legal consequences of an action often depend on information that only the actor knows. This information is typically inferred from the... MORE
Adam Smith is not normally identified as an important figure in law and economics. However, his Lectures on Jurisprudence contain a surprising... MORE
Last Term, a sharply divided Supreme Court decided a landmark dormant Commerce Clause case, Comptroller of the Treasury of Maryland v. Wynne. Wynne... MORE
In misdemeanor cases, pretrial detention poses a particular problem because it may induce otherwise innocent defendants to plead guilty in order to... MORE
The decade and a half of litigation that followed Argentina’s sovereign bond default in 2001 ended with a great disturbance in the Force. A new... MORE
Should law respond readily to society’s evolving views, or should it remain fixed? This is the question of entrenchment, meaning the insulation of... MORE
Free Market Criminal Justice explains how faith in democratic politics and free markets has undermined the rule of law in US criminal process.... MORE
This article, written for a symposium on Bond v. United States, connects the law and economics of contract interpretation to the Supreme Court’s... MORE
Notwithstanding ERISA’s fiduciary requirements, a significant portion of 401(k) plans establish investment menus with options that predictably lead... MORE
This Essay examines and explains the positions of the principal interest groups over the past four decades with respect to the two central questions... MORE
The drama in Ukraine has occupied global headlines for many months now and — while there are occasional signs that things are calming down — the... MORE
This chapter considers the psychological, methodological, and normative paths taken by behavioral law and economics ("BLE") and alternative paths... MORE
One of the primary policy initiatives instituted in response to the Eurozone sovereign debt crisis is a requirement that all Eurozone sovereign... MORE
President Obama’s 2011 Executive Order 13,563 on cost-benefit analysis (CBA) authorizes agencies to consider “human dignity” in identifying the costs... MORE
Not enough kidneys are donated each year to satisfy the demand from patients who need them. Strong moral and legal norms interfere with market-based... MORE
The Eurozone debt crisis is entering its third year. The original objective of the official sector’s response to the crisis -- containment -- has... MORE
For two decades, collective action clauses (CACs) have been part of the official-sector response to sovereign debt crisis, justified by claims that... MORE
The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt relief – over 50 per cent of 2012... MORE
The Greek debt crisis prompted EU officials to embark on a radical reconstruction of the European sovereign debt markets. Prominently featured in... MORE
This paper examines the contract interpretation strategies adopted by the International Swaps and Derivatives Association (ISDA) for its credit... MORE
Within the next couple of months, the Greek government, is supposed to persuade private creditors holding about EUR 200bn in its bonds to... MORE
Economists have documented pervasive correlations between legal origins, modern regulation, and economic outcomes around the world. Where legal... MORE
Conventional wisdom holds that boilerplate contract terms are ignored by parties, and thus are not priced into contracts. We test this view by... MORE
In Testing as Commodification, Katharine Silbaugh argues that debates within the standardized testing literature represent a split similar to the... MORE
In recent years, scholars have devoted considerable attention to transnational networks of financial regulators and their efforts to develop uniform... MORE
Perhaps Greece - a country with a debt to GDP already approaching 150 percent and set to move even higher - avoids a debt restructuring. Perhaps not... MORE
Default on sovereign debt is a form of political risk. Issuers and creditors have responded to this risk both by strengthening the terms in... MORE
Sovereign debt problems were once thought to be a third world affliction. They still are. But as events of the last two years have shown,... MORE
In October 2000 a hedge fund holding an unpaid debt claim won an enormous victory against the debtor, the Republic of Peru, through an opportunistic... MORE
Significant intellectual and financial resources have been committed to decentralization projects in the developing world based on the idea that... MORE
Significant intellectual and financial resources have been committed to decentralization projects in the developing world based on the idea that... MORE
Scholars of urban law and policy tend to assume that local officials can exert some influence over city well-being. More specifically, the literature... MORE
In this paper, we will incorporate gender consciousness into critiques of the rational actor model by revisiting Carol Gilligan's account of moral... MORE
Conventional wisdom is that sovereigns will rarely, if ever, default on their external debts in circumstances where it is clear that they have the... MORE
This essay highlights a phenomenon that has no place in the conventional theory of sophisticated business contracts: the term that makes no sense as... MORE
Given the existence of contract, property, fraud, and company law, what is the purpose of securities laws? Broadly speaking, they can serve either of... MORE
In There’s No Free Laugh (Anymore): The Emergence of Intellectual Property Norms and the Transformation of Stand-Up Comedy, 94 Virginia L. Rev. 1787... MORE
This article explores the growth of business outsourcing, how it works, and why two firms might logically enter into an outsourcing arrangement not... MORE
The recent wave of global warming legislation and litigation represents a triumph for climate change activists. But it is in no way a rational,... MORE
The role of cities and local government generally has gone unexamined by legal scholars of the constitutional common market. Yet in a highly... MORE
For over a decade, contracts literature has focused on standardization. Scholars asked how terms become standard, and why they change so rarely.... MORE
The few years since the U.S. incursion into Iraq in 2003 have witnessed an explosion in the literature on odious debts - that is, debts incurred (a... MORE
The study of contract law is undergoing a difficult transition as it moves from the theoretical to the empirical. Over the past few decades scholars... MORE
This article addresses the timely yet persistent question of how best to regulate access to telecommunications networks. Concerns that private firms... MORE
This short essay conducts a review of Victor Goldberg's 2006 book entitled Framing Contract Law. Part I offers a basic overview of Goldberg's... MORE
Heinz's wholly owned subsidiary purchased on the market over $131 million worth of Heinz's common shares. A few months later, the subsidiary sold 95... MORE
The tax rules governing deferred compensation, codified at section 409A, are harsh and complex. The rules are focused on the least important policy... MORE
Although extralegal enforcement is widely acknowledged, the conventional understanding of written contract provisions, such as the complex and... MORE
This article argues that the cost of odious debt ought to be borne by the party who is best positioned to prevent the accumulation of such debt.... MORE
This paper develops a model of the competition among states in providing corporate law rules. Such competition is shown to produce optimal rules with... MORE
This article revisits a recent shift in standard form sovereign bond contracts to promote collective action among creditors. Major press outlets... MORE
In this article, Professor Yale reviews the contingent liability tax shelter employed by Black & Decker, and critiques the arguments the... MORE
This article analyzes the law and economics of market internalization: the capability of markets to both penalize and reward firms for their... MORE
Legal rules may be general (that is, applicable to a broad range of situations) or specific. Adopting a custom-tailored rule for a specific activity... MORE
vThe rule of Hadley v. Baxendale enjoys an important place in the economic analysis of contract law. Over time, Hadley has taken on great... MORE
Using a hand collected new data set, this paper examines in detail a classic account of stock market manipulation - the stock pools of the 1920s,... MORE
This paper assesses the impact of judicial independence on equity markets. North and Weingast (1989) argue that judicial independence and other... MORE
Since the rapid rise in organizational forms for business associations, academics and practitioners have sought to explain the choice of form... MORE
This essay considers the concept of libertarian paternalism recently advanced by Sunstein and Thaler and argues that, on close inspection, this... MORE
This report is a comprehensive explanation of the final INDOPCO regulations and corresponding changes to regulations under sections 167 and 446. The... MORE
Network externalities may lead contracting parties to stay with a standardized term despite preferences for another term. Using a dataset of... MORE
In April 2002 the International Monetary Fund introduced a sovereign bankruptcy proposal only to be rebuffed by the United States Treasury. Where the... MORE
A central question of law and economics is how complex productive activity is initiated, organized, and carried out successfully without central... MORE
One of the most important features of the architecture of the Internet is the Domain Name System (DNS), which is administered by the Internet... MORE
Legal academics often perceive law and economics (L&E) and critical race theory (CRT) as oppositional discourses. Using a recently published... MORE
One hundred years ago in the United States, confronted by the urgent need to find a debt workout procedure for large corporate and railroad bond... MORE
This survey of the law and economics of consumer finance discusses economic models of consumer lending and evaluates the major consumer finance laws... MORE
This essay discusses Eric Posner's book Law and Social Norms, focusing on Posner's theory of norm adherence as a costly signal of an individual's... MORE
This paper examines the feasibility of a proposed criterion for the admission of expert econometric testimony. Professor David Kaye suggests that the... MORE
Recent finance scholarship finds that countries with legal systems based on the common law provide better investor protections and have more... MORE
When a government contracts with a private firm to supply a service previously supplied by the government, questions arise as to whether the private... MORE
This paper develops a simple economic framework that is used to explain and critique the recent trend favoring site-specific contractual commitments... MORE
This essay will appear as an entry in the forthcoming Encyclopedia of Law and Economics (2d ed.), published by Edward Elgar. The essay surveys the... MORE
A common debate among securities lawyers, regulators and professionals is whether and to what extent the internationalization of securities markets... MORE