Redemption laws give mortgagors the right to redeem their property following default for a statutorily set period of time. This paper develops a theory that explains these laws as a means of protecting landowners against the loss of nontransferable values associated with their land. A longer...

The first professional base ball clubs came in two varieties: stock clubs, which paid their players fixed wages, and player cooperatives, in which players shared the proceeds after expenses. We argue that stock clubs were formed with players of known ability, while co-ops were formed with...

Debtors' prisons have been commonplace throughout history, including in the United States. While imprisonment for debt no doubt elicited some repayment by benefactors of the debtor, we argue that its primary function was to deter default in the first place by giving borrowers an incentive to...

This introductory chapter to Economic Models of Law (forthcoming, Edward Elgar) discusses the use of economic models for understanding law. It also provides a survey of the contents of the volume, which consist of twenty-one previously published articles in the areas of torts, contracts,...

This introductory chapter provides an overview of the contents of the volume titled Research Handbook on Economic Models of Law, forthcoming (Edward Elgar).

This paper develops a general theory of land inheritance rules. We distinguish between two classes of rules: those that allow a testator discretion in disposing of his land (like a best-qualified rule), and those that constrain his choice (like primogeniture). The primary benefit of the latter...