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Full-Text Articles in Political Science

Behaviorism In Finance And Securities Law, David A. Skeel Jr. Jan 2014

Behaviorism In Finance And Securities Law, David A. Skeel Jr.

Faculty Scholarship at Penn Law

In this Essay, I take stock (as something of an outsider) of the behavioral economics movement, focusing in particular on its interaction with traditional cost-benefit analysis and its implications for agency structure. The usual strategy for such a project—a strategy that has been used by others with behavioral economics—is to marshal the existing evidence and critically assess its significance. My approach in this Essay is somewhat different. Although I describe behavioral economics and summarize the strongest criticisms of its use, the heart of the Essay is inductive, and focuses on a particular context: financial and securities regulation, as ...


Litigation Reform: An Institutional Approach, Stephen B. Burbank, Sean Farhang Jan 2014

Litigation Reform: An Institutional Approach, Stephen B. Burbank, Sean Farhang

Faculty Scholarship at Penn Law

The program of regulation through private litigation that Democratic Congresses purposefully created starting in the late 1960s soon met opposition emanating primarily from the Republican party. In the long campaign for retrenchment that began in the Reagan administration, consequential reform proved difficult and ultimately failed in Congress. Litigation reformers turned to the courts and, in marked contrast to their legislative failure, were well-rewarded, achieving growing rates of voting support from an increasingly conservative Supreme Court on issues curtailing private enforcement under individual statutes. We also demonstrate that the judiciary’s control of procedure has been central to the campaign to ...