cssi/SciSciGPT-SciSciNet huggingface dataset:
The Gold Clause Cases and Constitutional Necessity

This Article presents a case study of how constitutional actors respond when the rule of law and necessity are sharply at odds and provides some background on Section Four of the Fourteenth Amendment. In 1935, the Supreme Court heard constitutional challenges to the abrogation of ―gold clauses‖ in contracts and Treasury bonds. Gold clauses guaranteed that creditors would receive payment in gold dollars as valued at the time a contract was made. Due to the deflation that followed the Great Depression, this meant that debtors were being forced to pay back much more than they owed originally. To stop a looming wave of bankruptcies, Congress passed a Joint Resolution declaring all gold clauses null and void. Following oral argument, President Franklin D. Roosevelt was concerned that the Court would invalidate the Joint Resolution. He concluded that he could not accept this result, and thus drafted a Fireside Chat announcing that he would not comply with such a decision. This unprecedented statement, which invoked the New Testament and necessity as the grounds for rejecting the Court‘s decision, has never been closely analyzed until now. In the end, the Court did not hold that the gold clauses must be enforced. With respect to Treasury Bonds, however, a plurality of the Justices concluded that the Joint Resolution was unconstitutional but that the bondholders were not entitled to relief. This slippery reasoning (in Perry v. United States) harkened back to Chief Justice Marshall‘s approach in Marbury v. Madison—another case in which the Court was confronted with presidential defiance. By recounting how President Roosevelt and Chief Justice Hughes— the author of Perry—sought to defuse (or, in some cases, exacerbate) the gold crisis, the dark arts of constitutional interpretation are exposed. INTRODUCTION 1244 I. TOPPLING THE CROSS OF GOLD 1248 A. The Election of 1896 1249 B. The Great Depression 1251 C. Section Four of the Fourteenth Amendment 1254  Samuel R. Rosen Professor, Indiana University Robert H. McKinney School of Law. Many thanks to William Baude, Josh Chafetz, Mike Pitts, and the staff of the Franklin D. Roosevelt Library in Hyde Park, New York, for their assistance. 1 Magliocca: The Gold Clause Cases and Constitutional Necessity Published by UF Law Scholarship Repository, 2012 1244 FLORIDA LAW REVIEW [Vol. 64 D. The Oral Argument 1256 II. THE PRESIDENT SEEKS A HIGHER POWER 1258 A. Beyond the Looking Glass at 1600 Pennsylvania Avenue 1259 B. The End of Judicial Supremacy–The Draft Fireside Chat 1262 III. THE COURT FINDS AN EXCUSE 1265 A. Backing Down and Saving Face 1265 B. The Perils of Perry 1267 CONCLUSION 1273 APPENDIX: ROOSEVELT‘S GOLD SPEECH 1275 “The very essence of civil liberty certainly consists in the right of every individual to claim the protection of the laws, whenever he receives an injury.” 1
Are scientific indicators of patent quality useful to investors

Abstract Together with the number of patents and the value of R&D expenditures, scientific measures of patent quality give investors a useful basis upon which to judge the economic merit of the firm's inventive and innovative activity. Especially in the case of small cap and relatively low P/E high tech companies, we find a favorable stock-price influence when both the number of patents, the scientific merit of those patents, and R&D spending is high. Patent quality information also appears germane in the case of large cap high-tech companies with relatively high P/E ratios. In short, patent citation information may indeed help investors judge the future profit-earning potential of a firm's scientific discoveries.
Mediation paradigms and professional identities

This article, written early in the modern ADR era, provided a framework for developing the mediation field. It begins by elaborating William Simon’s critique of the “ideology of advocacy.” Simon argues that the adversary system is supposed to foster values of individuality, autonomy, responsibility, and dignity, but it often undermines those values in practice. This article catalogs a “parade of horribles” experienced by disputants, attorneys, judges, and the public. These include unequal access to justice, procedural rules that frustrate substantive justice, a narrow set of available remedies, a game psychology undermines respect for law and justice, parties’ alienating experience in litigation, domination of clients by their lawyers, patterns of conflict avoidance and escalation, and a heavy “shadow of law” in negotiation.The article compares the ABA Model Rules of Professional Conduct with the ABA Family Law Section Standards of Practice for Family Mediators (FLS Standards) to identify some general principles for conflict resolution applicable to both advocates and mediators. These include principles regarding competence of professionals, impartiality of neutrals (such as judges and mediators), avoidance of conflicts of interests, legitimate needs for confidentiality, use of accurate information, consideration of alternative process options, value of negotiation, respect for the role of parties as primary decision-makers in disputes, importance of parties’ interests, respect for legitimate needs of others, and efforts to reduce negative behavior such as violence, intimidation, and unnecessary expense. The article also identifies factors limiting some applications of these principles, including parties’ competence, bad motivations, adversarial attitudes. It uses this analysis to praise and critique various aspects of the FLS Standards.The article concludes with suggestions for developing the mediation field using what would now be called a “dispute system design” perspective. It calls for engaging key stakeholder groups to pursue a research agenda, identify needs and priorities, evaluate various options to address identified needs, educate professionals and the public about mediation, develop a cooperative relationship between the legal and mental health professions, and secure funding for research and development.
DEMOGRAPHIC CHANGE AND THE GREAT MODERATION IN AN OVERLAPPING GENERATIONS MODEL WITH MATCHING FRICTIONS

The fraction of the labor force under 35, or youth share, has been correlated with cyclical GDP volatility over the past several decades. The youth share and business cycle fluctuations were high during the 1970s. Then, as the population aged, output volatility declined. I develop an overlapping generations model featuring search frictions and productivity shocks, in which the age distribution affects cyclical volatility through two channels. First, employment for younger workers fluctuates more, creating a composition effect. Second, inexperienced workers produce less, so firms decide how many jobs to create based on the age distribution. Both this endogenous response by firms and the composition effect increase aggregate volatility when the youth share is high. The model can replicate a large portion of the Great Moderation in GDP volatility, suggesting an important role for demographics. The model also replicates unemployment rates, separation rates, and employment volatility by age group.
On and Off Contract Remedies Inducing Cooperative Investments

A party dissatisfied with the contractual performance of a counterparty is typically able to pursue a variety of legal recourses. Within this apparent variety are two fundamental alternatives. The aggrieved party may (i) 'affirm' the contract and seek money damages or specific performance, or (ii) 'disaffirm' the contract with the remedy of rescission and seek restitution. This simple dichotomy of contract remedies applies broadly in both common law and civil law practice. We show here that this remedial regime allows parties to write simple contracts that induce first-best cooperative investments. Copyright 2012, Oxford University Press.
Accounting for intangibles – a critical review of policy recommendations

Abstract I review and critically evaluate the arguments in favour of reforming current accounting and disclosure practices related to intangibles. I argue that the case for reform is actually rather weak. Proponents of reform provide little cogent evidence in support of claims that current practice is having adverse capital market effects. In fact, theory and evidence from corporate finance suggest that capital markets perform well in financing investments in innovative, high‐technology activities. I discuss why mandating additional disclosure in this area is unlikely to be successful and that proposals to recognise intangibles are also flawed.
Asset specificity and firm value: Evidence from mergers

Abstract This study explores the effect of asset specificity on a target firm's value in a merger. Using US merger data, I show that, when their industry experiences a negative cash flow shock, target firms that consist of more industry-specific real assets receive a lower merger premium than do those consisting of more generic assets. Results also suggest that the asset specificity discount in the target return is more pronounced if target firms are financially distressed. However, the negative value effect of asset specificity is mitigated in the presence of financially unconstrained industry rivals who place high value on the targets' assets, compete for the targets, and, thereby, are more likely to acquire the targets. Overall, the results are consistent with the hypothesis that asset specificity of a firm is an important determinant of the firm's value.
A new Lenstra-type Algorithm for Quasiconvex Polynomial Integer Minimization with Complexity 2^O(n log n)

Abstract We study the integer minimization of a quasiconvex polynomial with quasiconvex polynomial constraints. We propose a new algorithm that is an improvement upon the best known algorithm due to Heinz [S. Heinz, Complexity of integer quasiconvex polynomial optimization, Journal of Complexity 21(4) (2005) 543–556]. This improvement is achieved by applying a new modern Lenstra-type algorithm, finding optimal ellipsoid roundings, and considering sparse encodings of polynomials. For the bounded case, our algorithm attains a time-complexity of s ( r l M d ) O ( 1 ) 2 2 n log 2 ( n ) + O ( n ) when M is a bound on the number of monomials in each polynomial and r is the binary encoding length of a bound on the feasible region. In the general case, s l O ( 1 ) d O ( n ) 2 2 n log 2 ( n ) + O ( n ) . In each we assume d ≥ 2 is a bound on the total degree of the polynomials and l bounds the maximum binary encoding size of the input.
Child Pornography Sentencing and Demographic Data: Reforming Through Research

This article examines demographic research on child pornography offenders and considers its utility for sentencing reform. It begins by tracing the history of the Internet and federal possession law, detailing particularly how public and political panic about child pornography evolved within a growing fear of the Internet itself. The article continues by surveying current demographic research on possession offenders. Drawing on this data and related research, the article considers what the literature can contribute to sentencing policy, simultaneously showcasing vast differences between the type of offender Congress intended to punish and those actually receiving the harsh punishment. Taken wholly, this article explains why child pornography guidelines represent a departure from the normal process of creating Federal Sentencing Guidelines; it tells how law succumbed to the forces of fear and stacked the scale against child pornography offenders.
Ethical Aspects of Using Government to Subvert Competition: Antidumping Laws as a Case Study of Rent Seeking Activity

This article examines the question of whether it is ethical for company officials to use the force of government to reduce or eliminate foreign competition, using the antidumping laws as a case study. This article begins with a brief examination of the U.S. antidumping laws and then examines several ethical questions related to the antidumping laws. The main question to be addressed is whether, and under what circumstances, it is ethical for domestic producers to ask government to launch an antidumping investigation against a foreign competitor. Related questions to be examined include (1) Whether it is ethical to ask the government to launch an antidumping investigation even when the domestic company making the request knows that dumping has not occurred; (2) Whether it is ethical to ask for an antidumping investigation in cases where dumping (according to the definition of dumping) has occurred, where the effect is to help domestic producers at the expense of the general public. This article examines these questions by applying both utilitarian and non-utilitarian approaches.
Erasing Race, Dismissing Class: San Antonio Independent School District v. Rodriguez

This article examines the culmination of strategic tendencies to combine demands for recognition of class-based and race-based discrimination in the early 1970s. San Antonio Independent School District v. Rodriguez was a pivotal case during this period. The Rodriguez claimants were low-income children and families of color whose school district was dramatically unequal in every respect when compared to the local, wealthy, white school district at issue in the case. The Court treated, however, the claims of race and class discrimination that the claimants put forward as entirely independent, and ignored the plaintiffs race claim in order to focus on class alone, which the Court dismissed as a category not entitled to constitutional protection. This article argues that the outcome in Rodriguez was directly tied to legal frameworks that negated the possibility of protecting more than one constitutional category at the same time. The Court's decision provided an economic privacy and local fiscal control rationale that solidified the separation of race and class as categories of constitutional analysis, to the detriment of future claims at the intersection of race and class remedies for segregated and unequal schools.
Indirect Infringement From a Tort Law Perspective

This Article compares the law of indirect infringement for patents, copyrights, and trademarks to the general tort law governing liability for torts committed by others. The law imposes liability for torts committed by other persons in a number of circumstances. Liability is imposed on an aider and abettor who gives substantial assistance or encouragement to another person's commission of a tort, provided the aider and abettor actually knows the other person's conduct is tortious. Liability is also imposed on a party who induces another person to commit a tort if the inducer either knows or should know of circumstances that would make the conduct tortious. In addition, liability is imposed on a party who permits another person to commit torts on the party's premises or with the party's instrumentalities if the party knows the other person is acting or will act tortiously. The law of indirect infringement for patents, copyrights, and trademarks originally developed out of the general tort law, but it has diverged from the general tort law in various ways. Since direct infringement is a statutory tort, liability should not be imposed for indirect infringement when the general tort law would not impose liability for other types of torts committed by other persons, unless there are sound reasons for treating infringement differently than other types of torts. Consequently, the general tort law may provide insight as to how unsettled issues in the law of indirect infringement of intellectual property rights should be resolved. In addition, identifying differences between the general tort law principles and the law of indirect infringement reveals questionable case law that should be reexamined.
‘Free us up so we can be responsible!’ The co-evolution of Corporate Social Responsibility and neo-liberalism in the UK, 1977–2010

This article challenges the notion that Corporate Social Responsibility (CSR) is incompatible with neo-liberalism. It argues that CSR is not a countervailing force that follows neo-liberal market exposure. Instead of re-embedding global liberalism, CSR complements liberalization and substitutes for institutionalized social solidarity. Evidence from the UK, one of the world’s leading jurisdictions for responsible business, supports these claims. In Britain during the past 30 years, neo-liberalism and CSR have co-evolved. CSR has been a quid pro quo for lighter regulation; it has compensated for some of the social dislocations that result from unfettering markets, thereby legitimating business during the ‘unleashing’ of capitalism, and it appeals to moral sensibilities, justifying and legitimating business leaders in a way that instrumental rationality alone cannot. The paper draws on original sources to shed light on the origins and growth of Business in the Community, one of the world’s leading business-led CSR coalitions, since the 1970s.
Politics at the Boundary Mixed Signals and the Chinese State

In this conceptual essay, the authors argue that one way to understand the Chinese state is to view it from below, from the perspective of people advocating change. The authors’ “state reflected in society” approach is illustrated with accounts of Chinese lawyers, journalists, and NGO leaders who operate at the boundary of the acceptable and are attentive to signals about what the authorities will tolerate. Their experiences suggest that mixed signals about the limits of the permissible is a key feature of the Chinese state. Beyond a number of well-patrolled “forbidden zones,” the Chinese state speaks with many voices and its bottom line is often unclear. At the border of the uncontroversial and the unacceptable, the Chinese state is both a highcapacity juggernaut capable of demarcating no-go zones and a hodgepodge of disparate actors ambivalent about what types of activism it can live with. Whether mixed signals are deliberate or accidental is hard to determine, but they do offer the authorities certain advantages by providing a low-cost way to contain dissent, gather information, and keep options open.
An optimal multiple stopping approach to infrastructure investment decisions

Abstract The energy and material processing industries are traditionally characterized by very large-scale physical capital that is custom-built with long lead times and long lifetimes. However, recent technological advancement in low-cost automation has made possible the parallel operation of large numbers of small-scale and modular production units. Amenable to mass-production, these units can be more rapidly deployed but they are also likely to have a much quicker turnover. Such a paradigm shift motivates the analysis of the combined effect of lead time and lifetime on infrastructure investment decisions. In order to value the underlying real option, we introduce an optimal multiple stopping approach that accounts for operational flexibility, delay induced by lead time, and multiple (finite/infinite) future investment opportunities. We provide an analytical characterization of the firm׳s value function and optimal stopping rule. This leads us to develop an iterative numerical scheme, and examine how the investment decisions depend on lead time and lifetime, as well as other parameters. Furthermore, our model can be used to analyze the critical investment cost that makes small-scale (short lead time, short lifetime) alternatives competitive with traditional large-scale infrastructure.
Procedural Justice in Resolving Family Conflict: Implications for Youth Violence Prevention

The fairness of our legal system is often judged by individuals and the public at large along dimensions of procedural and distributive justice. People seem to care about how legal decisions are made as well as about the specific outcomes reached by juries and judges. In fact, perceptions of procedural and distributive justice or injustice may influence public perceptions and confidence in the legitimacy of our legal system. This paper focuses mainly on procedural justice. Using an ecological framework, we tested the hypothesis that older adolescents use the same or similar criteria for evaluating fairness in the context of family decision making that people in general use to evaluate the fairness of legal processes and decisions. We also tested the hypothesis that family decision-making procedures that are perceived to be unfair contribute to increased risk for acting out and deviant behavior among older adolescents. Principal components analysis confirmed that older adolescents use several distinct criteria for evaluating procedural fairness in the family context and that these criteria are comparable to those that people use to evaluate the fairness of legal procedures (rational and objective treatment conveying personal respect, consistent and non-discriminatory treatment reflecting social status or standing, and instrumental participation or having “an opportunity to be heard”). Hierarchical multiple regression analysis confirmed that procedural justice factors are associated with adolescent deviant behavior. We discuss implications for adolescent deviance and youth violence prevention.
COVID-19 Pandemic Severity, Lockdown Regimes, and People’s Mobility: Evidence from 88 Countries

This study empirically investigates the complex interplay between the severity of the coronavirus pandemic, mobility changes in retail and recreation, transit stations, workplaces, and residential areas, and lockdown measures in 88 countries of the word. To conduct the study, data on mobility patterns, socioeconomic and demographic characteristics of people, lockdown measures, and coronavirus pandemic were collected from multiple sources (e.g., Google, UNDP, UN, BBC, Oxford University, Worldometer). A Structural Equation Modeling (SEM) technique is used to investigate the direct and indirect effects of independent variables on dependent variables considering the intervening effects of mediators. Results show that lockdown measures have significant effects to encourage people to maintain social distancing. However, pandemic severity and socioeconomic and institutional factors have limited effects to sustain social distancing practice. The results also explain that socioeconomic and institutional factors of urbanity and modernity have significant effects on pandemic severity. Countries with a higher number of elderly people, employment in the service sector, and higher globalization trend are the worst victims of the coronavirus pandemic (e.g., USA, UK, Italy, and Spain). Social distancing measures are reasonably effective at tempering the severity of the pandemic.
Erasing Boundaries: Masculinities, Sexual Minorities, and Employment Discrimination

This article analyzes the application of employment discrimination law to sexual minorities -- lesbians, gays, bisexuals, transgender and intersex individuals. It evaluates Title VII and state anti-discrimination laws' treatment of these individuals, and is the first article to use masculinities research, theoretical and empirical, to explain employment discrimination against sexual minorities. While the article concludes that new legislation would further the interests of sexual minorities, it posits that it is neither necessary nor sufficient to solving the employment discrimination problems of sexual minorities. A major problem lies in the courts' binary view of sex and gender, a view that identifies men and women as polar opposites, and that sees gender as naturally flowing from biological sex. Without courts' understanding that our current binary concept of gender may be socially constructed and artificially rigid rather than a natural result of biology, even new legislation may fail to protect workers it seeks to protect. The article demonstrates that research on masculinities can help courts understand why their decisions are often based on a misunderstanding of sexual minorities and of the motivations of those who discriminate against them in the workplace. It concludes that even in the absence of new legislation, Title VII's sex discrimination provision should protect sexual minorities from discrimination, and should provide reasonable accommodation to allow sexual minorities to live and work with dignity and security. If courts understand sexual minorities and the reasons why discrimination occurs, Title VII's prohibition of discrimination "because of sex" should be sufficient to grant sexual minorities workplace rights.
Privacy and the Limits of History

A short review essay of Lawrence Friedman's "Guarding Life's Dark Secrets: Legal and Social Controls over Reputation, Propriety, and Privacy" (Stanford Press 2007). The essay argues that Friedman tells a nuanced and compelling story of the rise and fall of the "Victorian Compromise," a series of interlocking legal doctrines protecting the reputations of elites around the turn of the twentieth century. "Dark Secrets" undeniably advances our understanding of both the genesis of privacy law and the relationships between law and culture in the Gilded Age. As a work of legal history, it is an instant classic - a must-read for anyone interested in privacy law. But although Dark Secrets is first-rate legal history, it is less successful in its latter chapters when Friedman shifts his focus from the past to the present. The limits of Friedman's social criticism raise important questions about the ability of history alone to provide answers to social problems in our modern, networked information society.
Forecasting macroeconomic time series: LASSO-based approaches and their forecast combinations with dynamic factor models

Abstract In a data-rich environment, forecasting economic variables amounts to extracting and organizing useful information from a large number of predictors. So far, the dynamic factor model and its variants have been the most successful models for such exercises. In this paper, we investigate a category of LASSO-based approaches and evaluate their predictive abilities for forecasting twenty important macroeconomic variables. These alternative models can handle hundreds of data series simultaneously, and extract useful information for forecasting. We also show, both analytically and empirically, that combing forecasts from LASSO-based models with those from dynamic factor models can reduce the mean square forecast error (MSFE) further. Our three main findings can be summarized as follows. First, for most of the variables under investigation, all of the LASSO-based models outperform dynamic factor models in the out-of-sample forecast evaluations. Second, by extracting information and formulating predictors at economically meaningful block levels, the new methods greatly enhance the interpretability of the models. Third, once forecasts from a LASSO-based approach are combined with those from a dynamic factor model by forecast combination techniques, the combined forecasts are significantly better than either dynamic factor model forecasts or the naive random walk benchmark.
Asymptotic properties of adaptive group Lasso for sparse reduced rank regression

This paper studies the asymptotic properties of the penalized least squares estimator using an adaptive group Lasso penalty for the reduced rank regression. The group Lasso penalty is defined in the way that the regression coefficients corresponding to each predictor are treated as one group. It is shown that under certain regularity conditions, the estimator can achieve the minimax optimal rate of convergence. Moreover, the variable selection consistency can also be achieved, that is, the relevant predictors can be identified with probability approaching one. In the asymptotic theory, the number of response variables, the number of predictors and the rank number are allowed to grow to infinity with the sample size. Copyright © 2016 John Wiley & Sons, Ltd.
Asset Price Bubbles; A Selective Survey

Why do asset price bubbles continue to appear in various markets? This paper provides an overview of recent literature on bubbles, with significant attention given to behavioral models and rational models with frictions. Unlike the standard rational models, the new literature is able to model the common characteristics of historical bubble episodes and offer insights for how bubbles are initiated and sustained, the reasons they burst, and why arbitrage forces do not routinely step in to squash them. The latest U.S. real estate bubble is described in the context of this literature.
Enforcing (but Not Defending) Unconstitutional Laws

When should the executive decline to defend in court a federal law it has determined to be unconstitutional, yet still enforce that same statute against third parties? The question is prompted by the Obama administration’s decision to enforce, but not defend in federal court, Section 3 of the Defense of Marriage Act (“DOMA”). But the DOMA Section 3 decision is not the first time the executive has bifurcated the enforcement of a statute from its defense before the bench. The practice of enforcement-litigation gaps dates back at least to World War II. Commentators tend to judge the practice by focusing on the merits of each enforcement-litigation gap but remain inattentive to its systemic effects. This Article sidesteps debate on specific cases, such as the DOMA Section 3 decision. It instead develops a default rule as a guide for executive branch practice. To that end, it analyzes the question whether a conscientious executive branch lawyer should view enforcement-litigation gaps as presumptively acceptable (and hence available for use) or presumptively disfavored (such that an especially compelling argument must be made to justify its use in each case). As a threshold matter, conventional wisdom views enforcement-litigation gaps as a kind of “departmentalism,” and either condemns or endorses the practice on that basis. But the Constitution does not categorically allow or prohibit independent executive branch judgment on matters of fundamental law. Working within this zone of executive branch discretion, this Article analyzes enforcement-litigation gaps in terms of their effect on constitutional values such as legality, accountability, and public confidence in the Constitution. This analysis suggests that the desirability of enforcement-litigation gaps turns on what sort of constitutional question is at stake. The practice is presumptively justified when the executive defends an Article II value, but rests on weaker ground when the constitutional rights of individual third parties are in play. The government therefore ought to be presumptively willing to use the practice with respect to structural issues, and presumptively unwilling to use it in individual rights cases.
Information, Community, and Action: How Nonprofit Organizations Use Social Media

The rapid diffusion of “microblogging” services such as Twitter is ushering in a new era of possibilities for organizations to communicate with and engage their core stakeholders and the general public. To enhance understanding of the communicative functions microblogging serves for organizations, this study examines the Twitter utilization practices of the 100 largest nonprofit organizations in the United States. The analysis reveals there are three key functions of microblogging updates—“information,”“community,” and “action.” Though the informational use of microblogging is extensive, nonprofit organizations are better at using Twitter to strategically engage their stakeholders via dialogic and community-building practices than they have been with traditional websites. The adoption of social media appears to have engendered new paradigms of public engagement. © 2012 Wiley Periodicals, Inc. (Authors are listed in alphabetical order. The authors would like to thank Tom Feeley, Richard Waters, Seungahn Nah, I-hsuan Chiu, Yuchao Huang, and Kenton Anderson for helpful comments and suggestions.)
Bad News Travels Slowly: Size, Analyst Coverage, and the Profitability of Momentum Strategies

Various theories have been proposed to explain momentum in stock returns. We test the gradual-information-diffusion model of Hong and Stein ~1999! and establish three key results. First, once one moves past the very smallest stocks, the profitability of momentum strategies declines sharply with firm size. Second, holding size fixed, momentum strategies work better among stocks with low analyst coverage. Finally, the effect of analyst coverage is greater for stocks that are past losers than for past winners. These findings are consistent with the hypothesis that firm-specific information, especially negative information, diffuses only gradually across the investing public.
Can Reputation Discipline the Gig Economy? Experimental Evidence from an Online Labor Market

Just as employers face uncertainty when hiring workers, workers also face uncertainty when accepting employment, and bad employers may opportunistically depart from expectations, norms, and laws. H...
Legal and technical standards in digital rights management technology

PANEL IV: MARKET REGULATION AND INNOVATION LEGAL AND TECHNICAL STANDARDS IN DIGITAL RIGHTS MANAGEMENT TECHNOLOGY Dan L. Burk* INTRODUCTION Copyright and similar exclusive rights regimes have long been mainstays of innovation policy, purporting to provide the incentive necessary to generate creative and innovative products for the benefit of the public. The received economic wisdom holds that a period of legal exclusivity allows the developer of a new creation to recoup the investment made in development, either by selling the product at higher than marginal cost or by licensing the work to others who will sell it at higher than marginal cost.I The supranormal profits generated by excluding the creation or its close substitutes from the marketplace provide the incentive for the initial investment in what we term intellectual property. To be sure, the promise of a return on investment is important for the development of all kinds of goods, not merely those we term intellectual property. However, many products of human endeavor require little or no developmental encouragement by way of legal exclusion, as these goods naturally carry the attributes of exclusivity in their form or design. While tangible goods generally benefit from some legal protection against theft, there is already a considerable cost to misappropriation of such goods, and the cost is often substantial enough both to deter pilferage of these products and ensure a return on the investment needed to create them. Absent a radical departure from the usual laws of physics, it is difficult to walk away with a building, 2 or to feed a multitude with five loaves and two fish. Oppenheimer, Wolff & Donnelly Professor of Law, University of Minnesota. Copyright 2004 by Dan L. Burk. 1. See William M. Landes & Richard E. Posner, An Economic Analysis of Copyright Law, 18 J. Legal Stud. 325, 326-27 (1985). 2. See Lawrence Lessig, Constitution and Code, 27 Cumb. L. Rev. 1, 1 (1997). 3. See Matthew 15:32-38, 16:21; cf Exodus 16:4. One of the common themes of mythologies around the world is that, terrestrial scarcity notwithstanding, the gods miraculously provide private goods as if they were public goods. See Hugh Nibley, Work We Must, but the Lunch Is Free in Approaching Zion 202, 217 (Don E. Norton, ed. 1989).
Random Utility Models with Cardinality Context Effects for Online Subscription Service Platforms

A more general family of random utility models is developed to model a cognitive heuristic, known as consideration sets. These new models, denoted as Multinomial Logit Cardinality Effect models (MNL-CE), define perceived representative utility of items by assigning a penalty as a function of assortment cardinality to the representative utility of each item beyond a threshold value (except for the no-choice option). This definition of perceived representative utility of an item is context-dependent and thus a function of assortment attributes (cardinality), in addition to item and user attributes. The user’s net benefit is therefore a trade-off between the benefits and the costs of considering a certain number of items. A developed algorithm efficiently solves the subscription platform assortment optimization problem with equal profit when user selection is modeled via variants of the MNL-CE. The sensitivity of model parameters on the optimal assortment cardinality and no-choice probability is analyzed with the MovieLens dataset.
Merchant Energy Trading in a Network

We formulate the merchant trading of energy in a network of storage and transport assets as a Markov decision process with uncertain energy prices, generalizing known models. Because of the intract...
Judicial Education and Regulatory Capture: Does the Current System of Educating Judges Promote a Well-Functioning Judiciary and Adequately Serve the Public Interest?

Judges control virtually every aspect of judicial education in this country. While such behavior has traditionally been justified as the best if not only means to ensure judicial independence, it is not clear that self-regulation is either necessary or appropriate in matters that affect the public interest so deeply. Indeed, the current state of affairs might reasonably be described as involving a type of regulatory capture. This Essay takes a novel and provocative view of judicial education by analyzing whether the current system promotes permissible values (such as judicial independence) or institutionalizes practices that are harmful to individual judges, the judiciary as an institution and the public at large. In so doing, this Essay considers a number of related issues, including judicial selection procedures, judicial impropriety and the proper role of judges in our society.
Waiver of a State Constitutional Right to Counsel During Post-Attachment Interrogation

This article explores state constitutional doctrine that addresses the issue of waiver of a state constitutional right to counsel during interrogation. The questions posed parallel some of the issues discussed in Patterson v. Illinois, a controversial opinion in which the U.S. Supreme Court noted that an unrepresented defendant's Sixth Amendment right to counsel required no more for a valid waiver than did the Fifth Amendment doctrine of Miranda v. Arizona. It discusses opinions which highlight the ethical standards which, in the view of some courts, are implicated by the scope of the constitutional right to counsel afforded by their respective states.
Temporary and Partial Disability Programs in Nine Countries What Can the United States Learn From Other Countries

This article reviews and compares disability benefit systems in nine countries—Australia, Germany, Great Britain, Japan, the Netherlands, Norway, South Africa, Sweden, and the United States. It foc...
No More Parking Lots: How the Tax Code Keeps Trees Out of a Tree Museum and Paradise Unpaved

“Natural forestland is a precious and unique resource within the United States.” From 1970 to 1998, nearly twenty million acres of rural land were paved over and developed. “In America today, some 365 acres of farms and forests are bulldozed into malls and subdivisions and parking lots every hour.” As open space disappears at an accelerating pace, the public has an increasing interest in the management of forest land. However, a
Sharing Economy Misclassification: Employees and Independent Contractors in Transportation Network Companies

This Note examines employment classification in the sharing economy by analyzing the misclassification suit launched against Uber Technologies, Inc., by its drivers. This Note concludes that a jury is likely to find, based on the current legal classification test, that all Uber drivers in the class action suit are Uber’s employees. However, this Note argues that such a blanket result would be inappropriate and advocates that courts or legislatures need to construct a new employment classification test that is tailored to the complex working relationships in the sharing economy.
Earnings Management Strategies and the Trade‐Off between Tax Benefits and Detection Risk: To Conform or Not to Conform?

ABSTRACT: Prior research has separately examined pretax earnings management activities that have current taxable income consequences (book‐tax “conforming earnings management”) and those that do not have current taxable income consequences (book‐tax “nonconforming earnings management”). Our study documents the prevalence of, and then investigates the firm‐specific characteristics that impact the choice between, these earnings management strategies. We utilize a sample of firms that restated their earnings downward due to accounting irregularities and thus can be presumed to have managed earnings upward. We find that nonconforming earnings management is more prevalent and that firms trade off the net present value of tax benefits against the net expected detection costs associated with nonconforming earnings management. In particular, firms having NOL carryforwards, using a high‐quality auditor, or engaging in the most egregious misstatements rely less on nonconforming earnings management strategies. We al...
Global Health Justice and Governance

While there is a growing body of work on moral issues and global governance in the fields of global justice and international relations, little work has connected principles of global health justice with those of global health governance for a theory of global health. Such a theory would enable analysis and evaluation of the current global health system and would ethically and empirically ground proposals for reforming it to more closely align with moral values. Global health governance has been framed as an issue of national security, human security, human rights, and global public goods. The global health governance literature is essentially untethered to a theorized framework to illuminate or evaluate governance. This article ties global health justice and ethics to principles for governing the global health realm, developing a theoretical framework for global and domestic institutions and actors.
Critical Inquiry: A Tool for Protecting the Dissident Professor's Academic Freedom

Dissident speech, whenever it occurs, is both a test and a measure of the vitality of a democracy. However, in times of national emergency or war, the government's interest in safety and security pushes strongly against the citizens' interest in individual liberty and free expression, especially their right to speak out against or question the government's policies and actors.1 The events of September 11, 2001, and our nation's subsequent involvement in international conflicts have exacerbated the tension between national security and individual expression. However, despite its recent resurgence, this tension is not new.2 Writing more than sixty years ago during World War II, Justice Robert Jackson observed: We can have intellectual individualism and the rich cultural diversities that we owe to exceptional minds only at the price of occasional eccentricity and abnormal attitudes. When they are so harmless to others or to the State . . . the price is not too great. But freedom to differ is not limited to things that do not matter much. That would be a mere shadow of freedom. The test of its substance is the right to differ
Future lock-in: Future implementation increases selection of ‘should’ choices

Abstract People often experience tension over certain choices (e.g., they should reduce their gas consumption or increase their savings, but they do not want to). Some posit that this tension arises from the competing interests of a deliberative “should” self and an affective “want” self. We show that people are more likely to select choices that serve the should self (should-choices) when the choices will be implemented in the distant rather than the near future. This “future lock-in” is demonstrated in four experiments for should-choices involving donation, public policy, and self-improvement. Additionally, we show that future lock-in can arise without changing the structure of a should-choice, but by just changing people’s temporal focus. Finally, we provide evidence that the should self operates at a higher construal level (abstract, superordinate) than the want self, and that this difference in construal partly underlies future lock-in.
Lying and Lawyering: Contrasting American and Jewish Law

Can desirable ends justify what would otherwise be undesirable means? The answers to this question depends on a variety of factors, including the ends to be accomplished, the means to be employed, the person who would use them, and the parties against whom they would be directed. This article begins by discussing American rules regarding lying by lawyers. The article argues that those rules place insufficient importance on the protection of innocents, have a corrosive effect on the moral values of lawyers who obey them and alienate lawyers who disobey them. The article then examines the Jewish law approach which, by contrast to secular law, eschews role-differentiated ethics and requires more contextual, nuanced decisionmaking. Finally, the article explores whether the Jewish law rules would provide useful guidance for revision of America's secular legal ethics laws.
The effect of prices on fixed and mobile telephone penetration: Using price subsidies as natural experiments

Abstract A natural experiment, unintentionally conducted by the price subsidy program Lifeline Assistance, underpins our innovative strategy to estimate consumer demand for communications services. Using a national household panel containing demographic and billing information, we estimate own and cross-elasticities of demand for fixed and mobile services and find moderate substitution between the two. We control for the role of income effects by showing the subsidy has little effect on consumption of similar products and services. To account for potential bias due to endogeneity of program participation, a difference-in-differences analysis of re-sampled households results in estimates similar to the cross-sectional analysis. An asymmetry in the response to Lifeline participation arose depending on whether a household added or dropped Lifeline between samplings. We use the estimated demand parameters to simulate the impact of making the Lifeline program universal, or eliminating it altogether. In either case we find the net impact on combined fixed and mobile penetration is small.
The Hearsay Rule as a Rule of Admission Revisited

[I]t is only a marginal overstatement to say that today, at least in civil cases, the hearsay rule applies in any robust fashion only to available nonparty witnesses within the subpoena power of the court. And it does not apply to them very rigorously. There are numerous exclusions from the definition of hearsay, twenty-seven formal exceptions, and two provisions explicitly encouraging the ad hoc creation of exceptions, an encouragement, it should be noted, of which much has been made. Moreover, hearsay exceptions, once formed, remain. To my knowledge, there are virtually no examples of hearsay exceptions being eliminated; the dynamic is one of ever-increasing scope for the exceptions . . . . The Federal Rules, in concert with modern discovery principles, are quite clearly the harbinger of [the rule’s] demise. My instinct is that it is a death well-deserved, and after a burial suitable to its station, the hearsay rule should be allowed to lie quietly, undisturbed, for eternity.1
Tax policy and urban development: Evidence from the Indiana enterprise zone program

Abstract This paper analyzes the effect of the Indiana enterprise zone (EZ) program on local employment and investment using a panel of local taxing jurisdictions. As in other EZ programs, Indiana's incentives favor capital relative to labor, but the target of the capital incentive is unusual – the stock of inventories. Using various estimation methods, I estimate that zone designation initially reduces the value of depreciable personal property by about 13 percent, but also reduces unemployment claims in the zone and surrounding community by 19 percent. The value of inventories in Indiana zones is 8 percent higher than it would be without the program.