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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.

Tabla de contenidos provista por Syndetics

• Preface
• Chapter 1 The Bill of Options?
• Part 1 Bilateral Disputes
• Chapter 2 Puts as Well as Calls
• Chapter 3 Single-Chooser Rules
• Chapter 4 Dual-Chooser Rules
• Chapter 5 Higher-Order Liability Rules
• Part 2 Extensions
• Chapter 6 Correlated Values
• Chapter 7 Multiple Takings
• Chapter 8 Relaxing Other (Administrative, Informational, and Cognitive) Assumptions
• Chapter 9 Bargaining in the Shadow of Different Regimes
• Chapter 10 Testing the Bargaining Model
• Chapter 11 The Property/Liability Rule Debate
• Notes
• Index

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CHOICE Review

Imagine that the law, individual rights, and regulatory action by the government are like the financial options market. This is precisely the analogy Ayres (law, York Univ.) develops in this book that seeks a new way to understand legal liability and compensation for damages. He begins by describing the option market as one of "puts" that give individuals the choice to sell, and "calls" that give individuals that choice to buy stocks or other financial interests, based on their own private information. From this simple model, Ayres develops a progressively more complex and realistic depiction of how individuals can use an options bargaining game either to pay for violations of rights or injuries, or how, in the same way, they may bargain for payments to let their rights be violated. The strength of the options model that Ayres develops is that gradually it provides for a powerful alternative depiction of ways that judges, legislatures, and litigants in the legal process can think about individual rights and how they are protected and enforced. This is a sophisticated book in the law and economics literature. ^BSumming Up: Recommended. Graduate collections in law, economics, and legal theory. D. Schultz Hamline University

Notas de autor provistas por Syndetics

Ian Ayres is the William K. Townsend Professor of Law at Yale Law School. He is a columnist for Forbes magazine and a regular commentator on public radio's Marketplace. He has authored or coauthored seven previous books, most recently Why Not? How to Use Everyday Ingenuity to Solve Problems Big and Small.