Spurred by the advances in option theory that have been remaking
financial and economic scholarship over the past thirty years, a
revolution is taking shape in the way legal scholars conceptualize
property and the way it is protected by the law. Ian Ayres's Optional
Law explores how option theory is overthrowing many accepted wisdoms
and producing tangible new tools for courts in deciding cases. Ayres
identifies flaws in the current system and shows how option theory can
radically expand and improve the ways that lawmakers structure legal
entitlements. An option-based system, Ayres shows, gives parties the
option to purchase—or the option to sell—the relevant legal
entitlement. Choosing to exercise a legal option forces decisionmakers
to reveal information about their own valuation of the entitlement.
And, as with auctions, entitlements in option-based law naturally flow
to those who value them the most. Seeing legal entitlements through
this lens suggests a variety of new entitlement structures from which
lawmakers might choose. Optional Law provides a theory for determining
which structure is likely to be most effective in harnessing parties'
private information. Proposing a practical approach to the
foundational question of how to allocate and protect legal rights,
Optional Law will be applauded by legal scholars and professionals who
continue to seek new and better ways of fostering both equitable and
efficient legal rules.
Les mer
Produktdetaljer
ISBN
9780226033488
Publisert
2018
Utgave
1. utgave
Utgiver
Vendor
University of Chicago Press
Språk
Product language
Engelsk
Format
Product format
Digital bok
Forfatter