Monday, February 27, 2012

recent research

More from the rolls of Kevin Lewis' blog:

Saturday, February 18, 2012

recent research

Notable articles from Kevin Lewis's log this week:

Friday, February 10, 2012

when academics need to take a step back

Ivory towers are well known to have a distorting effect on academics' relationship to reality. Even so, the occasional study seems so distorted it deserves special note:

Trial by Battle, Peter Leeson, Journal of Legal Analysis, Spring 2011

Abstract: For over a century England's judicial system decided land disputes by ordering disputants' legal representatives to bludgeon one another before an arena of spectating citizens. The victor won the property right for his principal. The vanquished lost his cause and, if he were unlucky, his life. People called these combats trials by battle. This paper investigates the law and economics of trial by battle. In a feudal world where high transaction costs confounded the Coase theorem, I argue that trial by battle allocated disputed property rights efficiently. It did this by allocating contested property to the higher bidder in an all-pay auction. Trial by battle's "auctions" permitted rent seeking. But they encouraged less rent seeking than the obvious alternative: a first-price ascending-bid auction. (italics mine)

Why, oh why, Peter would you bother to argue such a thing?

Monday, February 6, 2012

recent research

Keeping up with Kevin Lewis' log of recent research: