Abstract

http://ssrn.com/abstract=1986455
 
 

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Private Lawdrafting, Intellectual Property, and Public Laws


Bruce H. Kobayashi


George Mason University - School of Law

Larry E. Ribstein (Deceased)


University of Illinois College of Law; PERC - Property and Environment Research Center

March 4, 2013

George Mason Law & Economics Research Paper No. 13-20

Abstract:     
Public lawmakers have inadequate and misaligned incentives to engage in legal innovation. Private lawmaking is offered as a potential solution to this problem. However, private lawmaking faces a dilemma: In order to be effective, the cost-reducing standard forms produced by private lawdrafters need to be publicly enacted. However, enactment as law eliminates the intellectual property rights that are essential to properly motivate the private lawdrafters to produce such forms. As a result, private lawdrafters will have inadequate and misaligned incentives to engage in legal innovation that would provide widespread benefits. Absent some mechanism to allow the private lawdrafter a way to appropriate the gains from his investment in cost reducing legal innovation, the promise of private lawmaking may be minimal.

Number of Pages in PDF File: 28

Keywords: Barry Weingast, Charles Goetz, commercial-type market, Cunningham, David Snyder, Eric Talley, Gillian Hadfield, Henry Butler, interest groups, National Conference of Commissioners on Uniform State Laws, political costs, rent-seeking, Ronald Coase, sales, Scott, social welfare, socially valuable

JEL Classification: D23, K11, K20, K40, Q34

working papers series


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Date posted: January 17, 2012 ; Last revised: March 8, 2013

Suggested Citation

Kobayashi, Bruce H. and Ribstein (Deceased), Larry E., Private Lawdrafting, Intellectual Property, and Public Laws (March 4, 2013). George Mason Law & Economics Research Paper No. 13-20. Available at SSRN: http://ssrn.com/abstract=1986455 or http://dx.doi.org/10.2139/ssrn.1986455

Contact Information

Bruce H. Kobayashi (Contact Author)
George Mason University - School of Law ( email )
3301 Fairfax Drive
Arlington, VA 22201
United States
703-993-8034 (Phone)
703-993-8088 (Fax)
HOME PAGE: http://mason.gmu.edu/~bkobayas
Larry Edward Ribstein (Deceased)
University of Illinois College of Law ( email )
504 E. Pennsylvania Avenue
Champaign, IL 61820
United States
217-244-9881 (Phone)
217-244-1478 (Fax)
PERC - Property and Environment Research Center
2048 Analysis Drive
Suite A
Bozeman, MT 59718
United States

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