# Review of Business and Economics Published quarterly Volume LIII number 3 July-September 2008

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1 Review of Business and Economics Published quarterly Volume LIII number 3 July-September 2008 CONTENTS Law and Economics in the Future of Legal Scholarship, Education, and Practice 218 Th.S. Ulen The Role of SMEs in Innovation in the EU: A Case for Policy Intervention? 239 R. Veugelers Corporate Governance and Earnings Management: Evidence from Europe 263 A. Renders & S. Vandenbogaerde The Business Failure Process: An Integrative Model of the Literature 288 N. Crutzen & D. Van Caillie Innovatief kosten/baten model voor optimalisatie van beslissingen aangaande veiligheidsinvesteringen in een chemische onderneming 317 G.L.L. Reniers & A. Audenaert Book Reviews 347 Editor-in-Chief: C. Crombez Naamsestraat Leuven ISSN PB BC P Afgiftekantoor: LEUVEN MAIL Cover design: Danny Juchtmans 2008 by Acco No part of this review may be produced in any form, by mimeograph, film or any other means without permission in writing from the publisher.

2 Review of Business and Economics 2008 / 3 Law and Economics in the Future of Legal Scholarship, Education, and Practice Th.S. Ulen 1 ABSTRACT Law and economics has become the dominant style of legal scholarship in the United States. This Article considers and illustrates the ways in which law and economics has affected and will affect legal scholarship, education, and practice. After first defining law and economics as a method by which to predict and measure law s impact on behavior, the Article makes the claim that the central, lasting impact of law and economics on the field of law is through its importation of the scientific method into legal inquiry. The Article illustrates this claim through theoretical and empirical examples. EL CODES KEY WORDS RESEARCH FUNDING I. Introduction A2, B4, K00 Law and Economics Swanlund Chair Fund, University of Illinois at Urbana-Champaign Let me begin with my warmest thanks to the Katholieke Universiteit Leuven for the honor they bestowed on me on October 5, 2007 in awarding me the degree of Doctor Honoris Causa. This means the world to me. I have a very deep nearly religious reverence for the power of reason to help us understand this world and make it better. And I have the greatest imaginable respect for those who have used their gifts of reason and creativity to advance human understanding and wellbeing, as has been going on in this great university since the 1420s. Great research universities are to me among the most precious institutions in our societies, the institutions of which we should be the most proud and the most reverential. So, when a great institution such as the Katholieke Universiteit Leuven chooses to honor me in this fashion, I feel that I, too, have contributed my small grain of sand

5 Law and Economics in the Future of Legal Scholarship, Education, and Practice 221 nouncing a law was sufficient to induce compliance, but I very much doubt it. And yet traditional legal scholarship frequently seems to believe that the principal task of an academic lawyer is the coherent articulation of the law once that is achieved, compliance seems to be presumed. Economics recognizes that coherent articulation is not enough. Human beings are extremely complex creatures, and a significant part of their complexity consists in confounding simple predictions about their behavior. So, simply because the law demands some action or inaction does not mean that real people will comply. Law certainly ought to be concerned with the question of whether people will comply with the law s commands. This is where law and economics comes in. It does so in two steps, First, borrowing from economics, law and economics begins with a theory of how human beings make decisions how, for instance, they learn about the law and decide whether to obey the law. How, that is, would they respond to the incentives that the law creates? Second, having made a prediction about how people, including those in groups and formal organizations, will respond to the law, law and economics, again borrowing from economics, provides methods for investigating empirically the extent to which the law has achieved its desired social objectives. This view of the role of law and economics brings into clear focus the connection between this modern field and the earlier scholarly innovation of legal realism. That phrase may have unfortunate meanings in European jurisprudence in that it is redolent of Nazism. But in American jurisprudence legal realism refers to an extremely influential development of the 1920s and 1930s. The American proponents of that new view were reacting to what they considered the stultifying aspects of legal formalism and particularly to the fact that formalism seemed to place doctrinal coherence far above actual social effects in legal analysis. The legal realists, for example, famously argued that the formalists concern with whether statutes limiting the hours that women could work in bakeries in Oregon were impermissible violations of the doctrine of freedom of contract inappropriately ignored the potentially adverse social consequences of having women (and children) working outside the home for a full workday. 7 The point was not so much that the social effects of law were the only criterion by which to judge a law s worth but that these effects deserved consideration every bit as much as (and sometimes more than) did doctrinal coherence. This concern with law s actual effects on real behavior has become a standard part of North American legal analysis. In a real sense, all law professors in North America are (and have long been) legal realists. Nonetheless, from the beginnings of legal realism in the 1920s till the 1980s, there were no standard tools by which students of law judged the social effects of law. One of the most important contributions of law and economics to the study of law is the fulfillment of the legal realist goal of having a standardized set of tools to judge law s actual effects. There is another important but unintended consequence of the fact that lawand-economics has provided a methodology for gauging law s actual effects in the 2008 / 3 Review of Business and Economics

7 Law and Economics in the Future of Legal Scholarship, Education, and Practice 223 ters guild. One can imagine that a few other disciplines within the university academic medical doctors, professors of education, social work professors, and academic veterinarians, among others have a similar principled view about the inherently vocational aspect of their disciplines. There is, no doubt, in each of these areas, including law, a scholarly aspect of what professors do. Nonetheless, the vocational-education concerns seem to dominate the scholarly concerns. An additional explanation for the dual-career proposition one that works with, not against, the prior point regarding the principled focus on the imparting of skills might be that law professors salaries are low compared to what a practitioner can earn. One might argue that this difference in pay leads to either a separating equilibrium in which one of two things is true: (1) the less talented or productive teach while the more talented and productive practice or (2) those who prefer the life of a professor teach while those who prefer the life of a lawyer, practice. Alternatively, there might be a mixed equilibrium in which some teach exclusively, some practice exclusively, and some both teach and practice. 10 One reason for a mixed equilibrium might be that even if it does not generate a substantial income, being a professor may generate great prestige, and people place a high value on prestige. People desire to be esteemed, and being a member of the professoriate frequently confers esteem. 11 If, however, that is all that the title of Professor provides, 12 then the title-holders must seek other, supplemental employment to generate income. Presumably, they find employment as practicing lawyers. And it is probably the case that the dual-careers are mutually enhancing: the professor s prestige is enhanced by his or her being a prominent practitioner, and the lawyer s attractiveness as an advocate is enhanced by his or her also having the prestigious title of Professor. One might speculate that there comes a time when the remuneration as a professor, while not exceeding that available in practice, becomes sufficiently high that more and more lawyers choose to abandon the dual-career track, practice less or not at all, and devote their energies entirely to being a professor. I do not know why it should happen that the relative income of the professoriate should rise in comparison to that of practitioners. Perhaps that happens because the nation recognizes that education is a tremendously important aspect of economic development and devotes more resources to higher education; perhaps it happens because professors are so poorly compensated that they are leaving the university, and the authorities of the universities must raise professorial incomes in order to attract talented faculty; or perhaps it happens because the domestic market for legal advice has become so competitive that the average earnings of practicing lawyers fall. 13 Whatever the reason for rising relative incomes of professors, the result may well be the slow creation of a full-time legal professoriate. And once there is not the close relationship between the academy and practice that characterized the earlier mixed equilibrium phase, then what professors of law do and what practitioners do may begin to drift apart. 14 It is well beyond the scope of the current article 2008 / 3 Review of Business and Economics

10 226 Th.S. Ulen Review of Business and Economics 2008 / 3 serting that the scientific method consists of two steps: first, the articulation by the investigator of a coherent hypothesis derived from an overarching theory (to take a legal example, increasing the money damages for breaching an enforceable contract will lead to fewer breaches and fewer consensual agreements), and second, gathering data (from actual behavior, questionnaires, experiments, and the like) designed to see whether the hypothesis is correct. I shall contend in this section that this method of inquiry has not been common in legal analysis until recently and that the principal reason that this method of inquiry into legal matters has become increasingly common is that those who profess law and economics have imported this method into their legal analyses. The first aspect of the scientific method that law and economics has brought to the study of law is theory specifically, a theory of human decisionmaking. Let me illustrate how this commitment to theory and empirical work in law and economics has contributed to our understanding of the law. One of the most famous early theories in law and economics was the Coase Theorem. 20 That theorem holds that where transaction costs the costs of searching for someone with whom to bargain, negotiating with them once you have found them, and then monitoring and enforcing the deal that has been agreed upon are zero, law is ineffectual and superfluous. An efficient result will occur, regardless of the law. The theory of this prediction was straightforward and not much contested. But there were relatively few examples of the theorem to be found in the legal context. In the early 1980s Professor Robert Ellickson, then at Stanford Law School, sought to test the Coase Theorem by investigating the practices of cattle ranchers and farmers in Shasta County, California, with respect to liability for damage done to farm property by unsupervised cattle. 21 Shasta County presented ideal conditions for a natural experiment of the Coase Theorem because the law of liability for damage done by unsupervised cattle was different in the eastern and western parts of Shasta County. In the western half, cattle ranchers were liable for damage done to farm property by their cattle. In the eastern half, cattle ranchers were not liable. Ellickson theorized that if the costs of bargaining between ranchers and farmers were equally low in the two halves of the county, then the actual practices in the two halves of the county would not be different even though the law on the books was different. Moreover, the resulting practices hypothesized to be the same in the two different parts of the county would be efficient. When he went to investigate, Ellickson was amazed at what he found. Neither ranchers nor farmers throughout the county knew the law regarding legal obligations for stray cattle; more surprising still, attorneys in private practice in Shasta County did not know or were mistaken about the law. Apparently, ranchers and farmers in the county did not know the law because they were not seeking to conform their behavior to the law s requirements. Rather, they strove to comply with the widely shared social norm of neighborliness. Good neighbors, that norm di-

12 228 Th.S. Ulen Review of Business and Economics 2008 / 3 IV. Empiricism in Law The second aspect of the scientific method that law and economics has brought to the study of law (and ultimately, I hope, to the practice of law) is a deep concern for empirical information about the law. As I have said, the central reason for that concern is a concern to see whether the law is having the effects or consequences for which it was designed. Those effects cannot merely be presumed or hoped for on the basis of a coherent theory of what will happen. We vitally need to know what, in fact, they are. There is no better way in which to show the profound importance of empirical work than by considering two illustrations. A. Litigation Versus Settlement Many observers believe that the U.S. is a highly litigious society, that Americans are swift to resort to litigation for resolving the most trivial of disagreements. There are frequent stories in the press that seem to illustrate this over-litigiousness. The most famous of those is the instance of the elderly woman burned by spilling Mc- Donald s coffee on herself as she drove away from that restaurant s drive-through window. 24 Motivated by this picture, some Americans are frightened to provide the most common services, such as consultation on financial matters, without extensive waivers of liability from those to whom they are providing advice. City governments are said to be afraid to put play structures in public parks or public swimming pools because of fears of liability if children are injured while playing. This frightened and frightening view of litigation (without much systematic empirical support) has had important effects on public policy. There are annual bills in Congress and state legislatures to limit liability generally or for particular professions or products. For example, Congress has limited liability for nuclear-power generators in the Price-Anderson Nuclear Industries Indemnity Act. 25 And almost annually there is a proposal introduced in Congress to give regulated industries a regulatory compliance defense. 26 Excessive litigation and the costs that that imposes on American business have been recurrent themes in state and federal politics in the U.S. over the past 30 years. But is the allegation correct? Is the U.S. in some sense overly litigious? Has litigation exploded, creating economic hardship for some professions, such as physicians, and some industries, such as consumer product manufacturers? Law and economics has contributed a rich theoretical literature to this debate and this literature should make one skeptical of the excessive litigation claim. That theoretical literature seeks to understand why people litigate rather than settle, given that litigation is expensive and unpleasant and that there is often a cooperative surplus between injurer and victim that can be divided relatively easily. 27

13 Law and Economics in the Future of Legal Scholarship, Education, and Practice 229 There are three fundamental conclusions of that theoretical literature. First, litigation should be relatively rare: the vast majority of disputes should settle, precisely because the costs of litigation may exceed the stakes of the controversy and because the controversy is unlikely to present novel or contested views of fact or law. Second, the theoretical literature predicts that litigation is unlikely to occur in cases in which it is obvious which party has the stronger claim. Where the law is clear and the facts are more obviously or uncontestedly favorable for one of the parties, there is not much to be gained from litigation. Settlement is cheaper and far more likely. An important implication of this theoretical point is that in the disputes that do result in litigation the law and the facts are contested. That is, litigation is more likely in instances in which each party has close to a chance of prevailing at trial. This prediction is referred to as the selective litigation hypothesis. 28 Third, litigation is likely to occur also when both parties are unrealistically optimistic about their chances of winning. Because most law-and-economics scholars view litigation as wasteful, by comparison to settlement, this theoretical explanation for litigation argues in favor of policies that discourage overoptimism. For instance, professional lawyers can play a significant role in deterring wasteful litigation by counseling their clients out of their unrealistic optimism. Additionally, expansive pre-trial discovery might make the true strength of the other side s case more evident, making overoptimism more difficult to maintain. Note that this discussion has been entirely theoretical. The theory of when to litigate and when to settle is consistent and coherent. But as I argued in the last section, consistency and coherency are hallmarks of theory but not necessarily of the world in which we live. Or, better put, a different consistency and coherence from that in our theory may characterize the part of the world we are exploring. An absolute necessity is to perform careful empirical work to see the extent to which the world supports our theoretical explanation. That empirical work has been done with increasing vigor in the last 10 years. And the results are sometimes startling. A recent empirical study of litigation by Professor Marc Galanter of the University of Wisconsin Law School argues that litigation is rare and becoming even more rare. 29 In that article Galanter studied all filings in all federal courts in the United States between 1962 and 2002 and reported two remarkable findings. First, less than five percent of all disputes in which a claim is filed actually go to trial. This is consistent with the predictions of the law-and-economics theory of litigation versus settlement. And second, the absolute number of trials in all federal and state courts in the U.S. has declined significantly since the early 1960s. 30 For example, the average federal judge in the early 1960s presided over 39 trials per year. Today the average federal judge presides over 13 trials per year two-thirds fewer than was the case one generation ago. Why has there been a decline in the number of trials? Galanter considered some obvious explanations for example, that litigation has grown more expensive 2008 / 3 Review of Business and Economics

14 230 Th.S. Ulen Review of Business and Economics 2008 / 3 (making settlement far more attractive) and that cheaper methods of alternative dispute resolution (mediation and arbitration) have supplanted litigation. He found that neither of these fully explained the significant decline in the number of trials. I have an alternative theory: there is less litigation because the legal profession is doing a far better job of lawyering than it did before. Recognize the fact that the better job that a lawyer does in his or her counseling for a client (particularly in civil matters), the less likely that there will be a dispute that requires litigation to resolve. 31 So, I hypothesize that there may be less litigation because lawyers are more adept at anticipating and heading off disputes than they used to be. Why should lawyering have become so much more effective? Here s a sketch of a reason. More than 20 years ago, Professor Ron Gilson described commercial lawyers as transaction cost engineers. 32 By that wonderful phrase I think that he meant that just as a civil engineer anticipates the structural problems that might cause a bridge to sway or collapse and designs the bridge to be immune to those adverse outcomes, so commercial lawyers recognize the costs of concluding agreements, monitoring those agreements, and bringing them to a mutually satisfactory end. As a result, they counsel and write agreements so as to make sure that unanticipated transaction costs cause no swaying or collapsing in those agreements. Note the process of scholarly inquiry that this example illustrates. We began with an observation about the adverse social effects of litigation and then briefly reviewed the law-and-economics theories of litigation. We confronted the theory with data. The data supported the theory but, as in the Ellickson example on social norms, with an unexpected twist. And so, we have to come up with a different theory that supports the empirical findings. This is a new way of studying law. B. Variations in the Rate of Crime The second example of the importance of empirical work comes from the study of crime. As I did in the previous illustration, let me begin with an observation about crime in the U.S., give a brief review of the law-and-economics theoretical literature designed to address the issue of crime, and then show how empirical work on the causes of variations in the incidence of crime have thrown fascinating light on the matter. Crime has gone in long cycles in the U.S. For example, in the 1920s and 1930s crime increased sharply; during the 1940s and 1950s crime declined; it rose again beginning in the late 1960s and through the 1970s and 1980s; and then in the 1990s crime began to decline again. What explains these cycles? Are they related to demographic changes, to political changes, to alterations in the vigor with which society deters crime, or to something else? One insight into why this may have happened was the Nobel Laureate Gary Becker s new theory of the decision to commit a crime. 33 Becker hypothesized that

15 Law and Economics in the Future of Legal Scholarship, Education, and Practice 231 potential criminals make decisions in the same rational manner that most people make decisions about other actions. Specifically, a potential criminal calculates the benefits of the crime (both monetary and nonmonetary) and the expected costs of the crime (the probability of detection, arrest, and conviction times the sanctions again, both monetary and nonmonetary imposed if convicted). If the expected costs exceed the benefits, then the rational potential criminal does not commit the crime. If the benefits exceed the expected costs, then he or she commits the crime. Becker also related these individual optimizing decisions about whether to commit a crime to the social concerns about crime. Presumably, society s concern is to minimize the social costs of crime. Becker hypothesized that crime could be deterred by manipulation of the expected costs of crime that individuals perceive and that this could be done in several different ways. First, the authorities could decrease the amount of crime by increasing the expected cost of crime through policies designed to increase the probability of detection or arrest or conviction. For example, greater use of closed-circuit TV might heighten the probability of detection; an increase in the number of police might increase the probability of arrest; and an increase in the number of prosecutors might increase the probability of conviction. Becker noted that any of these policies would cost real resources. Second, the authorities might deter crime by increasing the expected cost of crime through raising the sanction imposed on those guilty of a crime. For this policy to work without unintended consequences, the sanctions on all crimes ought to be increased so that there is no deflection away from one set or class of crimes to another. Becker pointed out that there would be no particular cost to deterring crime in this fashion. 34 Third, the authorities could seek to deter crime by raising its opportunity cost. This would be the case if legal and gainful employment were to become more likely and more rewarding. Under those circumstances, the expected cost of crime would indirectly increase in that time spent in prison would be more costly. To the extent that potential criminals consider these opportunity costs, a full-employment policy and one designed to guarantee competitive compensation are effective anticrime policies. Finally, the authorities could use a combination of the preceding three policies. Note that there are testable implications from this model regarding variations in the rate of crime within a nation and differences in the amount of crime across national borders. So, for example, one such testable implication is to suggest that if crime has increased, then perhaps the expected cost of crime has fallen. That might happen if there are changes in the probabilities of detection, arrest, and conviction or if legal employment opportunities have become less available or less rewarding. We might apply these theoretical insights to the recent pattern of crime in the U.S. The rate of both non-violent and violent crime in the United States began to decline in the early 1990s. In the course of that decade, property crimes fell 30 per / 3 Review of Business and Economics

16 232 Th.S. Ulen Review of Business and Economics 2008 / 3 cent, and violent crimes declined by 40 percent. Those declines have continued, though at a decreasing rate, through 2007, the latest year for which we have figures. Why did these changes occur? There have been plenty of theories the economy has been robust; we have increased the number of prisoners by four-fold since 1980 (to over 2 million), and so on. 35 In 2001 John Donohue, then of Stanford Law School, now at Yale Law School, and Steve Levitt of the Department of Economics at the University of Chicago published a startling alternative explanation for the decline in crime the legalization of abortion in the early 1970s. 36 What s the connection between the legalization of abortion and crime levels? Donohue and Levitt find two connections. First, legalized abortion may reduce the number of year old males, a group that accounts for almost 50 percent of crime in every society in the world. And that is, in fact, what Donohue and Levitt showed. Beginning in 1991, there was a much smaller cohort of 18-year-old males, and that decline, they calculated, accounted for about 25 percent of the decline in crime since the early 1990s. Second, they hypothesized that the quality of the children who were born after Roev.Wadein 1973 was higher than was the case before The reason is that women who have abortions are those most at risk to give birth to children who will engage in criminal activity teenagers, unmarried women, and the economically disadvantaged. 37 The legalization of abortion allowed those women to choose a more propitious time at which to have their children. As a result, after January, 1972, more children grew up in better circumstances, making them less likely to commit crime. They calculated that this cohort quality effect accounted for another 25 percent of the decline in crime in the 1990s. I recognize that these are highly controversial results, and I am not at all recommending the legalization of abortion as a crime-control strategy. But can anyone deny that this is a startlingly original insight of great importance? I commend this Donohue and Levitt article as a spectacular example of the bright light that careful empirical work can throw on important legal issues. V. Conclusion My crystal ball is small and clouded; so, I cannot be sure what the future of legal scholarship, education, and practice holds. But I have to say this: I think that the legal profession is one of the most important forces for good in civilized society. I do not and will never join the chorus that seeks to criticize lawyers generally. And I also believe that even though the relationship between the legal academy and the practicing bench and bar are today not congenial, at least in the U.S., that situation

17 Law and Economics in the Future of Legal Scholarship, Education, and Practice 233 will not last. I am confident that the new insights into law that come from law and economics are not only inherently interesting but are also of great practical value and will, therefore, find their ways into the practice of law, the art of judging, and the work of legislators and legal administrators. My central point has been that the greatest change that law and economics has brought to the study of law is the scientific method of inquiry. That method requires articulating a theory or hypothesis that is coherent and consistent and novel. And then the method requires confronting the theory with carefully designed empirical work. I want to end on an optimistic note. I have already mentioned the deep reverence that I have for reason and for the commitment to the scholarly life that characterizes the great research universities. But what about the future? What about the many difficult questions of human governance with which we must grapple? Can we deal with those? Are we equipped to understand the legal and other challenges before us? In the early 1930s, near the end of his life, the great German mathematician David Hilbert addressed an audience in his native Konigsberg about the optimism that every scholar must bring to even the hardest problems. He concluded with six famous words that are carved upon his tombstone and that I love and that I commend to you as words by which every scholar should live: Wir müssen wissen. Wir werden wissen. We must know. We shall know. NOTES 1. Swanlund Chair, University of Illinois at Urbana-Champaign; Professor of Law, University of Illinois College of Law; and Director of the Illinois Program in Law and Economics. This is a revised version of the talk that I gave on Friday, October 5, 2007, at the University Hall on the occasion of being awarded a Doctorate honoris causa by the Katholieke Universiteit Leuven. I want to thank the Rector of KUL, the Faculties of Law and of Economics of KUL, and my dear friends Professor Dirk Heremans, Professor Herman Cousy, and Professor Stef Proost and their wives, Rea, Christiane, and Marjan, for their many kindnesses to me over the years. There are several other people whom I must thank for their help in my getting to Leuven on October 5, First and foremost, I want to thank my Mother and Father. They are both gone now, but in the hope that somehow they can know that this marvelous ceremony took place and that I didn t turn out as badly as many would have confidently predicted, I want to acknowledge them. We carry not only the genetic material of our parents; we are, more importantly, the product of their love and affection. The love and nurturing that my Mother and Father lavished on my sisters and me was extraordinary. Another thank you that I want to extend is to faculty assistant at Illinois, Sally Cook. She is not here, but everyone in this business knows how important our support staff is. Sally has been not only the best assistant that I ve ever had; she s the best imaginable. The greatest thank you that I have to give is to my family to my dear wife, Julia, and to our wonderful sons, Ted and Tim. Let me speak first of our sons. Both of our boys are training to be lawyers. My father was a lawyer; my great uncle, who was a great inspira / 3 Review of Business and Economics

19 Law and Economics in the Future of Legal Scholarship, Education, and Practice 235 workers, then the resulting employment situation will be a separating equilibrium, in which energetic workers get jobs and nonenergetic workers do not. However, if no clear distinguishing characteristic or signal between the two types of workers can be found, the resulting employment situation will be a mixed equilibrium, in which employers hire some energetic workers and some nonenergetic workers (and some energetic and some nonenergetic workers are unemployed). 11. An old joke says that a low-paid job as a professor provides all the prestige one can eat. 12. See Richard H. McAdams, The Origin, Development, and Regulation of Norms, 96MICH, L. REV. 338 (1997), and GEOFFREY BRENNAN &PHILIP PETTIT, THE ECONOMY OF ESTEEM: AN ESSAY ON CIVIL AND POLITICAL SOCIETY (2004). 13. Of course, if the average earnings for practicing lawyers fall, then the demand for legal education may also fall, reducing the demand for law professors services. 14. Judge Harry T. Edwards of the U.S. Court of Appeals for the District of Columbia Circuit, a former law professor at the University of Michigan, wrote of this drift in The Growing Disjunction Between Legal Education and the Legal Profession, 91 MICH. L. REV. 34 (1992). A subsequent issue of the same volume of the Michigan Law Review contained numerous commentaries on Judge Edwards article. See particularly George L. Priest, The Growth of Interdisciplinary Research and the Industrial Structure of Legal Ideas: A Reply to Judge Edwards, 91MICH. L.REV (1993). The disjunction has been the cause of continuing commentary since the article appeared. See also ANTHONY KRON- MAN, THE LOST LAWYER: FAILING IDEALS OF THE LEGAL PROFESSION (1993). 15. Indeed, the fact that I, an American, had the great honor of recognition from the Katholieke Universiteit Leuven testifies to the fact that law and economics, in its study of the law, transcends the particularities of legal topic and of place that so occupy traditional legal scholarship. 16. See generally YUICHI SHIONOYA, THE SOUL OF THE GERMAN HISTORICAL SCHOOL: METHOD- OLOGICAL ESSAYS ON SCHMOLLER, WEBER, AND SCHUMPETER (2005). 17. See generally VILFREDO PARETO, THE MIND AND SOCIETY: ATREATISE ON GENERAL SOCIOL- OGY (Arthur Livingston ed., 1935). 18. Id. at xviii. 19. See, for example, SAMIR OKASHA, THE PHILOSOPHY OF SCIENCE: AVERY SHORT INTRODUC- TION (2002) and PETER GODFREY-SMITH, THEORY AND REALITY: AN INTRODUCTION TO THE PHILOSOPHY OF SCIENCE (2003). 20. Ronald A. Coase, The Problem of Social Cost, 3J.L.&ECON. 1 (1960). For a modern treatment of the theorem, see ROBERT D. COOTER &THOMAS S. ULEN, LAW AND ECONO- MICS (5th ed. 2007). 21. See Ellickson, Of Coase and Cattle: Dispute Resolution Among Neighbors in Shasta County, 38STAN. L.REV. 623 (1986). Ellickson elaborated on these findings and gave many other examples and an overarching theory of these matters in ORDER WITHOUT LAW:HOW NEIGHBORS SETTLE DISPUTES (1991). 22. Note, too, that Ellickson s original plan to investigate the predictions of the Coase Theorem in a natural experiment had given way to other concerns. 23. The history of science is full of examples of unexpected discoveries that have resulted from the careful attempt to investigate a natural phenomenon. One of the most famous is the unexpected discovery that the Earth orbits the Sun and not the other way around. See THOMAS S. KUHN, THE COPERNICAN REVOLUTION: PLANETARY ASTRONOMY IN THE DE- VELOPMENT OF WESTERN THOUGHT (1965). 24. Liebeck v. McDonald s Rest., P.T.S., Inc., No. CV , 1995-WL (N.M. Dist. Ct. Aug. 18, 1994). Ms. Stella Liebeck purchased hot coffee, in a take-away cup from a McDonald s restaurant in Albuquerque, New Mexico. Her grandson, who was driving, 2008 / 3 Review of Business and Economics

20 236 Th.S. Ulen Review of Business and Economics 2008 / 3 pulled over and stopped the car to allow Ms. Liebeck to put condiments in the coffee. During that attempt to fix her coffee. Ms. Liebeck spilled coffee onto herself, burning her thighs, groin area, and buttocks painfully. Ms. Liebeck went to a hospital suffering from what were diagnosed to be third-degree burns over six percent of her body. She was in the hospital for eight days, received skin grafts as treatment, and went through two years of additional care. After she was released from the hospital, her daughter, a nurse, took time off from work to minister to her mother at home. Ms. Liebeck approached Mc- Donald s for compensation for her medical expenses (approximately $10,000) and for her daughter s lost income from her job. She sought a total of about$20,000 from Mc- Donald s. McDonald s offered to pay $800. Ms. Liebeck brought an action against the restaurant and was successful. The jury, on a theory of comparative negligence, determined that McDonald s was 80 percent responsible for Ms. Liebeck s injuries and that Ms. Liebeck was 20 percent responsible for her injuries. The jury awarded her$2.86 million in compensatory and punitive damages ($200,000 in compensatory damages and almost$2.7 in punitive damages; the jury is said to have computed the punitive damages by determining one or two days worth of McDonald s national coffee revenues). Mc- Donald s compensatory damages were 80 percent of $200,000 or$160,000. The trial judge reduced the punitive damages to $480,000, three times the compensatory damages. So, the total amount of damages was$640,000. Both parties appealed but then settled the dispute for an undisclosed amount. 25. The Act, first passed and renewed periodically since most recently in the Energy Policy Act of 2005 limits the liability for all non-military nuclear facilities constructed in the U.S. before 2026 to $10 billion. 26. Under that defense, a firm subject to federal regulation, such as a pharmaceutical manufacturer, could assert and demonstrate, as a complete defense, that their product, which had allegedly caused consumer injury, complied with all relevant regulations. For an e- conomic analysis, see Alan Schwartz, Statutory Interpretation, Capture, and Tort Law: The Regulatory Compliance Defense, 2AM. L.&ECON. REV. 1 (2000). 27. There is also an interesting theoretical literature on frivolous lawsuits. The puzzle to be explained is why actions that have negative expected value are pursued and sometimes succeed. See also Robert Bone, Modeling Frivolous Suits, 145 U. PA. L.REV. 519 (1997). 28. For the original statement of the hypothesis, see George Priest & Benjamin Klein, The Selection of Disputes for Litigation, 13J.LEGAL STUD. 1 (1984). See also Cooter & Ulen, supra n. 5, at , for a summary discussion of the empirical literature on the predictions of the selective litigation hypothesis. 29. The Vanishing Trial: An Examination of Trials and Related Matters in Federal and State Courts, 1J.EMP. LEGAL STUD. 459 (2004). 30. The decline was not slow and steady over the entire forty-year period. Rather, the absolute number of trials rose slowly from the early 1960s through the mid-1980s and then declined precipitously since the mid-1980s. 31. One of the few articles to stress this point is Robert E. Scott & George G. Triantis, Anticipating Litigation in Contract Design, 115YALE L.J. 814 (2006). 32. Ronald J. Gilson, Value Creation by Business Lawyers: Legal Skills and Asset Pricing, 94 YALE L.J. 239, 255 (1984). 33. Gary S. Becker, Crime and Punishment: An Economic Analysis, 76J.POL. ECON. 169 (1969). 34. Some point out that if the sanctions take the form of longer prison sentences, then more prisons might have to be built. That, obviously, would cost real resources. But if the greater sanctions are deterring, there will be less crime and, therefore, less demand for incarceration. ### ANGSTSTOORNISSEN EN HYPOCHONDRIE: DIAGNOSTIEK EN BEHANDELING (DUTCH EDITION) FROM BOHN STAFLEU VAN LOGHUM Read Online and Download Ebook ANGSTSTOORNISSEN EN HYPOCHONDRIE: DIAGNOSTIEK EN BEHANDELING (DUTCH EDITION) FROM BOHN STAFLEU VAN LOGHUM DOWNLOAD EBOOK : ANGSTSTOORNISSEN EN HYPOCHONDRIE: DIAGNOSTIEK STAFLEU Nadere informatie ### Impact en disseminatie. Saskia Verhagen Franka vd Wijdeven Impact en disseminatie Saskia Verhagen Franka vd Wijdeven Wie is wie? Voorstel rondje Wat hoop je te leren? Heb je iets te delen? Wat zegt de Programma Gids? WHAT DO IMPACT AND SUSTAINABILITY MEAN? 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Peek Een vrouw, een kind en azijn (Dutch Nadere informatie ### 2010 Integrated reporting 2010 Integrated reporting Source: Discussion Paper, IIRC, September 2011 1 20/80 2 Source: The International framework, IIRC, December 2013 3 Integrated reporting in eight questions Organizational Nadere informatie ### Grammatica uitleg voor de toets van Hoofdstuk 1 Grammatica uitleg voor de toets van Hoofdstuk 1 Vraagzinnen: Je kunt in het Engels vraagzinnen maken door vaak het werkwoord vooraan de zin te zetten. Bijv. She is nice. Bijv. I am late. Bijv. They are Nadere informatie ### Academisch schrijven Inleiding - In dit essay/werkstuk/deze scriptie zal ik nagaan/onderzoeken/evalueren/analyseren Algemene inleiding van het werkstuk In this essay/paper/thesis I shall examine/investigate/evaluate/analyze Om deze Nadere informatie ### International Leiden Leadership Programme International Leiden Leadership Programme Information Evening 1 November 2016 Universiteit Leiden.. 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(Romanian Edition) Click here if your download doesn"t start automatically Archief Voor Kerkelijke Geschiedenis, Inzonderheid Nadere informatie ### LONDEN MET 21 GEVARIEERDE STADSWANDELINGEN 480 PAGINAS WAARDEVOLE INFORMATIE RUIM 300 FOTOS KAARTEN EN PLATTEGRONDEN LONDEN MET 21 GEVARIEERDE STADSWANDELINGEN 480 PAGINAS WAARDEVOLE INFORMATIE RUIM 300 FOTOS KAARTEN EN PLATTEGRONDEN LM2GS4PWIR3FKEP-58-WWET11-PDF File Size 6,444 KB 117 Pages 27 Aug, 2016 TABLE OF CONTENT Nadere informatie ### Ius Commune Training Programme Amsterdam Masterclass 22 June 2017 www.iuscommune.eu INVITATION Ius Commune Masterclass 22 June 2017 Amsterdam Dear Ius Commune PhD researchers, You are kindly invited to participate in the Ius Commune Amsterdam Masterclass for PhD researchers, Nadere informatie ### B1 Woordkennis: Spelling B1 Woordkennis: Spelling Bestuderen Inleiding Op B1 niveau gaan we wat meer aandacht schenken aan spelling. Je mag niet meer zoveel fouten maken als op A1 en A2 niveau. 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Tel. +31 010 289 4150 Email: beneluxclaims@acegroup.com Important: - fill in all applicable questions Nadere informatie ### Een vrouw, een kind en azijn (Dutch Edition) Een vrouw, een kind en azijn (Dutch Edition) D.J. Peek Click here if your download doesn"t start automatically Een vrouw, een kind en azijn (Dutch Edition) D.J. 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