LEADER 03815nam 2200685 a 450 001 9910455566303321 005 20200520144314.0 010 $a1-282-53777-6 010 $a9786612537776 010 $a0-226-03348-1 024 7 $a10.7208/9780226033488 035 $a(CKB)2520000000006443 035 $a(EBL)496611 035 $a(OCoLC)593295909 035 $a(SSID)ssj0000341131 035 $a(PQKBManifestationID)11266041 035 $a(PQKBTitleCode)TC0000341131 035 $a(PQKBWorkID)10390687 035 $a(PQKB)10891538 035 $a(StDuBDS)EDZ0000115676 035 $a(MiAaPQ)EBC496611 035 $a(DE-B1597)524863 035 $a(OCoLC)1135583210 035 $a(DE-B1597)9780226033488 035 $a(Au-PeEL)EBL496611 035 $a(CaPaEBR)ebr10372070 035 $a(CaONFJC)MIL253777 035 $a(EXLCZ)992520000000006443 100 $a20040929d2005 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aOptional law$b[electronic resource] $ethe structure of legal entitlements /$fIan Ayres 210 $aChicago $cUniversity of Chicago Press$dc2005 215 $a1 online resource (296 p.) 300 $aDescription based upon print version of record. 311 $a0-226-03346-5 320 $aIncludes bibliographical references (p. [201]-269) and index. 327 $aPuts as well as calls -- Single-chooser rules -- Dual-chooser rules -- Higher-order liability rules -- Correlated values -- Multiple takings -- Relaxing other (administrative, informational & cognitive) assumptions -- Bargaining in the shadow of different regimes / Ian Ayres and Eric Talley -- Testing the bargaining model -- The property/liability rule debate. 330 $aSpurred 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. 606 $aLaw$xMathematical models 606 $aReal options (Finance)$xMathematical models 606 $aProperty 606 $aRemedies (Law) 608 $aElectronic books. 615 0$aLaw$xMathematical models. 615 0$aReal options (Finance)$xMathematical models. 615 0$aProperty. 615 0$aRemedies (Law) 676 $a346.7303 700 $aAyres$b Ian$0560512 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910455566303321 996 $aOptional law$92269410 997 $aUNINA