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  • About Law & Econ Prof Blog

    The Law Professor Blogs Network has ceased publication of this blog. [...]
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    Posted: August 16, 2009, 2:44pm EDT
    by Joe Hodnicki

  • Markets and Morals

    I very highly recommend Al Roth's summary of Michael Sandel's BBC Reith Lectures on "Markets and Morality" -- available here. TSU [...]
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    Posted: June 17, 2009, 10:29am EDT
    by lawandeconomics

  • Caperton v. Massey

    Earlier this week the U.S. Supreme Court handed down its opinion in Clapton v. Massey. The decision was 5 - 4, with Justice Kennedy writing the majority opinion, and Chief Justice Roberts, a dissent. Here is the front matter from... [...]
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    Posted: June 10, 2009, 1:22pm EDT
    by lawandeconomics

  • Whew!

    I apologize for the large gap in postings. This has been a particularly taxing semester. But the worst is behind me, and the best is ahead. Here are a few things to check out as I ease back into blogging... [...]
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    Posted: June 06, 2009, 12:24pm EDT
    by lawandeconomics

  • Crime and Incarceration

    James Q. Wilson, whose work I admire immensely and who is one of the most careful scholars of crime and criminal justice policy, has a marvelous column today at AEI summarizing what we know and do not know about the... [...]
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    Posted: March 24, 2009, 9:16am EDT
    by lawandeconomics

  • North Carolina and Car Sharing

    I'm sitting outside the Weaver Street Market in Carboro, North Carolina (just outside Chapel Hill), on a delightful Spring morning. I've visiting my dear friend Mitu Gulati, who is off at a spinning class while I drink coffee and catch... [...]
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    Posted: March 08, 2009, 10:54am EDT
    by lawandeconomics

  • Droit de Suite

    For years I have used a discussion of the droit de suite (the artist's right to share in the proceeds of sales of his or her work beyond the first sale) to teach my law students about transaction costs, social... [...]
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    Posted: March 05, 2009, 9:39am EST
    by lawandeconomics

  • Summary of Recent Developments in Economic Theory

    This article, available at SSRN, by William Ferguson of the Department of Economics at Grinnell College, is a wonderful, brief introduction to recent developments in economic theory. I think that those in the legal academy who are not in regular... [...]
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    Posted: January 26, 2009, 3:19pm EST
    by lawandeconomics

  • Judicial Productivity

    Adam Liptak's column in The New York Times for tomorrow -- available here -- contends that there are credible studies showing that paying judges more, as urged annually by the Chief Justice of the United States in his report on... [...]
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    Posted: January 19, 2009, 2:10pm EST
    by lawandeconomics

  • New Dean of University of Illinois College of Law

    Bruce P. Smith, a noted legal historian and award-winning University of Illinois law professor, has been named Dean of the College of Law, pending approval by U. of I. trustees at their Jan. 15 meeting in Chicago. Dean Smith, who... [...]
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    Posted: January 10, 2009, 2:57pm EST
    by lawandeconomics

  • Keeping Track of References

    One of the great problems that modern scholars have is keeping track of all the references that might go into one's articles and books. EndNote is a wonderful help for that part of the scholar's task. Today's column in the... [...]
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    Posted: December 17, 2008, 4:04pm EST
    by lawandeconomics

  • Predicting Success

    When a university department hires an entry-level candidate to be an assistant professor, the members of the department frequently have widely different views of whether the new assistant professor will be a successful researcher, an engaging teacher, and a valued... [...]
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    Posted: December 16, 2008, 2:16pm EST
    by lawandeconomics

  • Social Disorder and Crime

    Here's a fascinating article from The Economist, describing experiments done by Dutch researchers on the relationship between social disorder and crime. This is an attempt to explore the "broken windows" hypothesis of Kelling and Wilson, who held that when there... [...]
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    Posted: December 06, 2008, 10:15am EST
    by lawandeconomics

  • Science and the Law

    Today's New York Times has a wonderful column by Adam Liptak, "From One Footnote, a Debate Over the Tangles of Law, Science, and Money," available here. The article discusses footnote 17 in the U.S. Supreme Court's opinion in Exxon v.... [...]
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    Posted: November 25, 2008, 1:17pm EST
    by lawandeconomics

  • Amusing Take on the Financial Crisis

    I have loved Andy Borowitz's short, amusing essays in The New Yorker in the "Shouts and Murmurs" section. His recent column. "Too Big to Fail," available here, is a wonderful take on the financial crisis. You'll enjoy it. TSU [...]
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    Posted: September 27, 2008, 11:04pm EDT
    by lawandeconomics

  • Guinness Book of World Records

    The 2009 edition of the Guinness Book of World Records appeared recently. Yesterday's Wall Street Journal had this marvelous review of the book by Dan Ackman. You will be amused and enlightened. TSU [...]
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    Posted: September 26, 2008, 3:08pm EDT
    by lawandeconomics

  • Regional Personalities in the U.S.

    This article in yesterday's Wall Street Journal reports on research that suggests that there are distinct personality types in the different regions of the United States. I do not know the underlying methods or data that were used to reach... [...]
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    Posted: September 24, 2008, 3:32pm EDT
    by lawandeconomics

  • A Manipulated Prediction Market?

    I am a fan of prediction markets -- unless, of course, they are being manipulated so as not to reflect the true aggregated beliefs of traders. So, this column at fivethirtyeight.com (an excellent source of statistical information about the election)... [...]
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    Posted: September 24, 2008, 1:13pm EDT
    by lawandeconomics

  • More Financial News

    David Leonhardt of The New York Times is back from his several-month sabbatical and has an excellent article, "Bubblenomics," in today's New York Times Magazine on the financial crisis. TSU [...]
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    Posted: September 21, 2008, 11:14am EDT
    by lawandeconomics

  • Financial Crisis

    The causes of the financial crisis and the particular correctives of the federal government's bailout plan are both a bit hazy to us nonspecialists. Today's Freakonomics column, guest written by Douglas Diamond and Anil Kashyap and available here, is extremely... [...]
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    Posted: September 20, 2008, 9:35am EDT
    by lawandeconomics

  • CELS

    Last Friday and Saturday, four of my colleagues at the University of Illinois College of Law (David Hyman, Jay Kesan, Bob Lawless, and Jen Robbennolt) and I attended the Third Annual Conference on Empirical Legal Studies. The conference was held... [...]
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    Posted: September 17, 2008, 3:05pm EDT
    by lawandeconomics

  • TV -- Good or Bad?

    There's an interesting article in this morning's Wall Street Journal summarizing recent empirical work by economists on the effects of children's TV-atching. See here. Ignore the breathless description of new statistical techniques and focus instead on the empirical work. Because... [...]
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    Posted: September 06, 2008, 10:37am EDT
    by lawandeconomics

  • Expert Witnesses

    There's an excellent article by Adam Liptak in today's New York Times on how different legal systems qualify expert witnesses to testify. The U.S. in unique in delegating to the adversarial parties the choice of experts, with each side typically... [...]
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    Posted: August 11, 2008, 3:07pm EDT
    by lawandeconomics

  • Smatterings

    Here are several things that I've been thinking about or reading lately: 1. Robert Ellickson, The Household: Informal Order Around the Hearth. The book will be available from Princeton University Press on August 21, 2008. Here's the Amazon.com page. 2.... [...]
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    Posted: August 02, 2008, 12:28am EDT
    by lawandeconomics

  • Michael Heller, The Gridlock Economy

    Michael Heller's articles on the anticommons and the boundaries of property interests are some of the most innovative contributions to the scholarship on property in the past 30 years. He has just published The Gridlock Economy: How Too Much Ownership... [...]
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    Posted: July 15, 2008, 6:48pm EDT
    by lawandeconomics

  • Parking Spots

    Here's a magnificent example of how technology might make our lives better. San Francisco is, according to today's New York Times, installing a system of sensors on 6,000 of its 24,000 on-street public parking spots that will allow those with... [...]
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    Posted: July 12, 2008, 11:29am EDT
    by lawandeconomics

  • Crime 2007

    New York had 494 homicides last year, the lowest since reliable figures were first gathered in 1963. Foxnews.com reported on June 9 that the preliminary annual Uniform Crime Report from the FBI shows that violent and property crime declined 1.4... [...]
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    Posted: July 08, 2008, 6:45pm EDT
    by lawandeconomics

  • Innovation in Law Firm Organization

    Bill Henderson and Mark Galanter (and some others) have been writing some excellent articles tracking changes in the organizational structure of law firms. The July 2 "Legal Beat" column in the Wall Street Journal has an interesting article about the... [...]
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    Posted: July 03, 2008, 10:36am EDT
    by lawandeconomics

  • Endowment Effect

    There is an excellent summary article on the endowment effect -- aptly entitled "It's Mine, I Tell You" -- in this week's Economist magazine. The article is available here. The endowment effect holds that possession of a good, asset, or... [...]
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    Posted: July 02, 2008, 11:00am EDT
    by lawandeconomics

  • Pay-to-Stay

    The November, 2007, issue of First Impressions, the "on-line companion" to the Michigan Law Review, available here, has a symposium issue on "Pay-to-Stay Programs in Correctional Facilities." Here's a description from the law review's website: "Approximately fifteen California jails have... [...]
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    Posted: June 24, 2008, 10:34pm EDT
    by lawandeconomics

  • Two-year J.D.

    Northwestern University Law School has just announced that it will begin a two-year J.D. program. Here's the Chicago Tribune story with a quote from my colleague Larry Solum. And here's a post in the Wall Street Journal Law Blog. And... [...]
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    Posted: June 21, 2008, 2:22pm EDT
    by lawandeconomics

  • Jerusalem 5 (and More)

    It has been more than two weeks since I returned from Jerusalem and my wonderful experience at the Hebrew University of Jerusalem. A trip to lovely Boulder, Colorado, for a conference on the New Institutional Economics and Law, held at... [...]
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    Posted: June 18, 2008, 12:10pm EDT
    by lawandeconomics

  • Jerusalem 4

    On Saturday, I took a half-day tour to Bethlehem. That city of 120,000 is only about 6 miles south of Jerusalem, but getting there instructs one about the tensions that exist here. The tour company collected the few of us... [...]
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    Posted: June 02, 2008, 2:37am EDT
    by lawandeconomics

  • Jerusalem 3

    I've just wound up a very busy week in Jerusalem. The Faculty of Law at the Hebrew University of Jerusalem has been hosting several conferences and had at least two faculty workshops with guest speakers. The Hebrew University is a... [...]
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    Posted: May 30, 2008, 3:35pm EDT
    by lawandeconomics

  • Jerusalem 2

    If you have never been to Jerusalem, there are a couple of things about the place that you might not know. First, it's located at 1000m altitude. It's pretty high, and every now and then it snows here in the... [...]
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    Posted: May 27, 2008, 3:29pm EDT
    by lawandeconomics

  • Jerusalem

    It is Sunday, May 25, here in Jerusalem. There are several surprising -- to an American or European -- aspects to the rhythm of life here. First, the work week is Sunday through Thursday. Shabbat is Saturday. Actually, it's a... [...]
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    Posted: May 25, 2008, 3:16am EDT
    by lawandeconomics

  • Something New

    I'm in Jerusalem for three weeks, teaching a short course in the Faculty of Law at the Hebrew University of Jerusalem on "The Economic, Behavioral,and Empirical Analysis of Contract Law." I've visited Jerusalem and Israel before, having been a Fulbright... [...]
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    Posted: May 21, 2008, 3:20pm EDT
    by lawandeconomics

  • U.S. Prison Population

    Cooter and I have remarked, in the fifth edition of our text, on the fact that the U.S. prison population increased four-fold from 1980 to 2002 -- from 500,000 to 2 million. This is an extraordinarily interesting story in today's... [...]
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    Posted: April 24, 2008, 10:23am EDT
    by lawandeconomics

  • Conference on Debt

    On May 2-3, 2008, the University of Illinois College of Law, in cooperation with the American Bankruptcy Institute (ABI), is presenting a two-day conference geared to debt counselors, scholars, bankruptcy judges, attorneys, and financial representatives entitled “A Debtor World: Interdisciplinary... [...]
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    Posted: April 20, 2008, 3:00pm EDT
    by lawandeconomics

  • Prediction Markets, Again

    I am a great fan of the literature on prediction markets and of their potential for policy innovation. Two recent articles are well worth reading for their insights on prediction markets. The first is an article from The New York... [...]
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    Posted: April 18, 2008, 2:08pm EDT
    by lawandeconomics

  • Cell Phones and Poverty

    I'm teaching a course this semester on "Law and Economic Development." It's an area in which scholarship is booming. There are lots of exciting new ideas about how to explain development and the lack of development and some interesting proposals... [...]
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    Posted: April 14, 2008, 12:30am EDT
    by lawandeconomics

  • Defaults

    Jagdeep and I have been otherwise occupied for a while -- he with health issues; I with a dean search. But we're both eager to get back to regular blogging. There will be some changes coming in the near future.... [...]
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    Posted: April 10, 2008, 10:09am EDT
    by lawandeconomics

  • New Developments in Economics

    David Leonhardt's weekly "Economic Scene" column in The New York Times has, today, a wonderful report on what he thinks is the most exciting development in economics -- the Jameel Poverty Action Lab at MIT. See the article here. Note... [...]
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    Posted: February 21, 2008, 12:43am EST
    by lawandeconomics

  • Bill Gates on Creative Capitalism

    Bill Gates's talk at the Davos meeting is well worth pondering. You can find the Wall Street Journal's extensive coverage here. TSU [...]
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    Posted: January 24, 2008, 9:27pm EST
    by lawandeconomics

  • More on the Treasury Plan

    James Surowiecki's "Financial Page" column in The New Yorker, available here, discusses the Treasury scheme for dealing with the current problem of defaulting subprime mortgage loans and the near future problem of further defaults as the rates for many of... [...]
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    Posted: December 15, 2007, 3:08pm EST
    by lawandeconomics

  • Subprime Solutions

    Last week's Economist magazine, in its "Economics Focus" column, gave a marvelous analysis of why the Treasury, led by my Dartmouth classmate, Hank Paulson, is involved in proposing solutions to the subprime mortgage problem. See here. TSU [...]
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    Posted: December 15, 2007, 10:52am EST
    by lawandeconomics

  • NYT Magazine -- 70 Great Ideas

    This Sunday's New York Times Magazine has its annual survey of great new ideas, available here. This is astonishingly good fun and fascinating. Here's just one little taste: scientists have figured out what the appendix is for. (For those of... [...]
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    Posted: December 08, 2007, 5:39pm EST
    by lawandeconomics

  • Compensation for Wrongful Conviction

    The New York Times had, on December 2, this story about some states' attempts to deal with compensation for wrongful conviction. Since 1989, there have been more than 200 prisoners exonerated for crimes they did not commit but for which... [...]
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    Posted: December 07, 2007, 11:21am EST
    by lawandeconomics

  • Market Design

    I highly recommend Al Roth's new research paper, "What Have We Learned from Market Design?" The piece is an NBER Working Paper; so, you'll only be able to access it for free if you have an institutional account. Otherwise, it... [...]
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    Posted: November 22, 2007, 1:04pm EST
    by lawandeconomics

  • Death Penalty and Deterrence

    Tomorrow's (November 18) New York Times has an excellent article by Adam Liptak, summarizing the recent scholarly literature on the deterrent effect of capital punishment. Liptak very helpfully includes links to the most recent literature on the topic. See here.... [...]
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    Posted: November 17, 2007, 5:16pm EST
    by lawandeconomics

  • Criminal Profiling

    In the November 12, 2007, New Yorker magazine, Malcolm Gladwell has a marvelous article -- "Dangerous Minds: Criminal Profiling Made Easy," available here. The article is a devastating critique of criminal profilers. Here's an example of the sort of guidance... [...]
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    Posted: November 15, 2007, 9:52am EST
    by lawandeconomics

  • Organ Sales, Again

    Today's Wall Street Journal has a very, very informative article about kidney organ shortages and the possibility of a regulated market to relieve the shortage. See here. As someone long in favor of a regulated market -- or, at least,... [...]
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    Posted: November 13, 2007, 10:22pm EST
    by lawandeconomics

  • Technology, Again

    I am fascinated by the manner in which technology solves a set of problems, creates a new set of (usually, lesser) problems, and keeps pushing on. Yesterday's New York Times had a marvelous article -- Christopher Maag, "Technology: The Stealthy... [...]
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    Posted: October 28, 2007, 3:44pm EDT
    by lawandeconomics

  • Street Crime in Japan and How to Evade It

    Today's New York Times has a marvelous story on a recent suggestion for evading street crime in Japan -- disguise yourself as a vending machine. See here. TSU [...]
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    Posted: October 20, 2007, 11:34am EDT
    by lawandeconomics

  • Web Conference

    LIVE Webcast of “The Mystery of Delaware Law’s Success” featuring Chancellor William B. Chandler III The University of Illinois College of Law Program in Business Law and Policy presents a LIVE webcast of “The Mystery of Delaware Law’s Success,” featuring... [...]
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    Posted: October 17, 2007, 11:36pm EDT
    by lawandeconomics

  • Advice for a New Law School

    Paul Caron of the University of Cincinnati School of Law and Bill Henderson of the Indiana University School of Law had the very good idea of asking several people what advice they would give Erwin Chemerinsky, the new Dean at... [...]
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    Posted: October 08, 2007, 3:49am EDT
    by lawandeconomics

  • Prizes for Innovation

    The appropriate role for prizes in spurring innovation and creative expression has yet to be fully articulated. But that prizes -- the awarding of large lump sums for achieving well-defined goals -- can induce important innovation cannot be contested. Consider... [...]
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    Posted: September 23, 2007, 10:28am EDT
    by lawandeconomics
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