Despite the fact that compensation is the governing principle in contract law remedies, it has tenuous historical, economic and empirical support. A promisor's right to breach and pay damages (which is subject to the compensation principle) is only a subset of a larger family of termination...

Section 15 of China's Protocol of Accession to the World Trade Organisation (WTO) allows importing WTO members to determine, under their national law, whether China is considered to be a market economy for the purpose of price comparability and of calculating dumping margins. Some provisions of...

Section 15 of China's Protocol of Accession to the World Trade Organisation (WTO) allows importing WTO members to determine, under their national law, whether China is considered to be a market economy for the purpose of price comparability and of calculating dumping margins. Some provisions of...

This paper investigates the growth and clustering of craft breweries in New Jersey. We compiled a historical dataset from 1995 to 2020 that allows us to measure the degree of geographic clustering among craft breweries in New Jersey. The number of craft breweries in New Jersey grew 491% from...

This paper uses a principal/agent framework to analyze consumer bankruptcy. The bankruptcy discharge partly insures risk averse borrowers against bad income realizations, but also reduces the borrower's incentive to avoid insolvency. Among our results are: (a) High bankruptcy exemptions increase...

Contract law’s liquidated damage rules prevent enforcement of contractual damage measures that require the promisor, if it breaches, to transfer to the promisee a sum that exceeds the net gain the promisee expected to make from performance; but these rules permit the promisor to transfer...

This paper focuses on certain mechanisms that govern the sale of corporate assets. Under Delaware law, when a potential acquirer makes a serious bid for a target, the target's Board of Directors is required to act as would "auctioneers charged with getting the best price for the stock- holders...