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A Safety Valve Model of Equity as Anti-opportunism by Kenneth Ayotte (University of California, Berkeley School of Law) at Abbey's Bookshop,
A Safety Valve Model of Equity as Anti-opportunism
— —
Kenneth Ayotte (University of California, Berkeley School of Law) Ezra Friedman (Northwestern University Pritzker School of Law)

A Safety Valve Model of Equity as Anti-opportunism

Kenneth Ayotte (University of California, Berkeley School of Law),  Ezra Friedman (Northwestern University Pritzker School of Law),  Henry E. Smith (Harvard Law School, Massachusetts)

$32.95

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English
Cambridge University Press
07 September 2023
Public finance
Series: Elements in Law, Economics and Politics
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.
By:   , , ,
Imprint:   Cambridge University Press
Country of Publication:   United Kingdom
ISBN:   9781009217941
ISBN 10:   1009217941
Series:   Elements in Law, Economics and Politics
Pages:   75
Publication Date:  
Audience:   General/trade ,  ELT Advanced
Format:   Paperback
Publisher's Status:   Active
1. Introduction; 2. Related literature; 3. Contracting example; 4. Comparative statics; 5. Further applications; 6. Discussion; 7. Conclusion; Appendix; References.

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