Safety Valve Model of Equity As Anti-Opportunism by Kenneth Ayotte, Henry E. Smith and Ezra Friedman (2023, Trade Paperback)
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About this product
Product Identifiers
PublisherCambridge University Press
ISBN-101009217941
ISBN-139781009217941
eBay Product ID (ePID)24061236902
Product Key Features
Book TitleSafety Valve Model of Equity As Anti-Opportunism
Number of Pages75 Pages
LanguageEnglish
Publication Year2023
TopicPublic Policy / Economic Policy
IllustratorYes
GenrePolitical Science
AuthorKenneth Ayotte, Henry E. Smith, Ezra Friedman
Book SeriesElements in Law, Economics and Politics Ser.
FormatTrade Paperback
Dimensions
Item Height0.2 in
Item Length9.1 in
Item Width5.9 in
Additional Product Features
TitleLeadingA
Dewey Edition23
Dewey Decimal346.004
Table Of Content1. Introduction; 2. Related literature; 3. Contracting example; 4. Comparative statics; 5. Further applications; 6. Discussion; 7. Conclusion; Appendix; References.
SynopsisThis Element presents a simple contracting model that captures the role of equity as a safety valve, and shows how it can solve problems posed by opportunists. It also shows that it is often preferable to limit equity, reserving it for use only against those who appear sufficiently likely to be opportunists., Equity can be defined as the use of a more flexible, morally judgmental, and subjective mode of legal decision making that roughly corresponds with historical equity. This Element presents a simple contracting model that captures the role of equity as a safety valve, and shows how it can solve problems posed by opportunists-agents with unusual willingness and ability to take advantage of necessary imperfections in the law. In this model, a simple but imperfect formal legal regime is able to achieve first best in the absence of opportunists. But when opportunists are added, a more flexible regime (equity), can be preferred. However, equity is also vulnerable to being used opportunistically by the parties it intends to protect. Hence, the Element shows that it is often preferable to limit equity, reserving it for use only against those who appear sufficiently likely to be opportunists.
LC Classification NumberK247
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