This article investigates whether television stations in small markets should be allowed to merge. The Federal Communications Commission prohibits such mergers. The FCC claims that such mergers will reduce the diversity of communications in small markets, and many commentators agree with the...

This paper presents a simple framework for analyzing a hierarchical system of judicial auditing. We concentrate on (what we perceive to be) the two principal reasons that courts and/or legislatures tend to scrutinize the decisions of lower-echelon actors: imprecision and ideological bias. In...

Behavioral Law and Economics has become an increasingly prominent field within legal scholarship, and most recently within the corporate area. A behavioral bias of particular relevance in corporate contexts is the differential between individuals' willingness to pay to obtain a legal entitlement...