New Frontiers of Law and Economics

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1 M.A. HSG in Rechtswissenschaft mit Wirtschaftswissenschaften Universität St.Gallen New Frontiers of Law and Economics First International Scientific Conference on Law and Economics at the University of St. Gallen October27-28, 2005St.Gallen, Switzerland Schulthess 2006

2 Tableof Contents Table of Contents Thursday, 27 October 2005 PETER NOBEL Professor of Private, Trade and Commercial Law and Director, Institute of European and International Business Law, University of St. Gallen, Switzerland Opening Speech CLAUDE MENARD Professor of Economics, University of Paris (Pantheon-Sorbonne), and Director, ATOM (Center for Analytical Theory of Organizations and Markets), France BERTRAND DU MARAIS Member of the Conseil d'etat, Adjunct Professor of Law, University of Paris, and Director of the research program on the "Economic Attractiveness oflaw", France Can we Rank Legal Systems According to Their Economic Efficiency? THOMAS S. ULEN Swanlund Cltair, University of Illinois, Professor of Law, College of Law, and Director ofthe Illinois program in Law and Economics, USA The Importance and Promise of Empirical Studies of Law 29 KURT SCHILTKNECHT Professor of Economics, University of Basel, Switzerland The Euro and Migration Policies in the European Union: An Inconsistent Approach 43 Discussion 69

3 Tableof Contents Friday, 28 October 2005 ERNST MOHR Professor of Economics, Institute for Economy and the Environment, and President, University ofst. Gallen, Switzerland Welcoming Address 87 RICHARD A. POSNER Judge, U.S. Court of Appeals for the Seventh Circuit, Senior Lecturer in Law, University of Chicago Law School, USA What is Law and Economics Today? An American View 89 ERICH SCHANZE Professor of Private Law and International Business Law and Director, Institute for Comparative Law, University of Marburg, Germany What is Law and Economics Today? A European View 99 Discussion 115 ERNST MOHR The University of St. Gallen Study Program in Law and Economics 123 PETER NOBEL The University of St. Gallen Study Program in Law and Economics (continued) 127 Discussion and Suggestions Concerning the University of St. Gallen's Initiative for a Füll Legal Studies Program in Law and Economics (B.A./M.A. HSG in Law and Economics) 135

4 Table of Contents DANIEL L. RUBINFELD Robert L. Bridges Professor oflaw, Professor of Economics, University of California, Berkeley, and Visiting Professor oflaw, NYU, New York, USA An Empirical Perspective on Legal Process: Should Europe Introduce Private Antitrust Enforcement? 141 ROBERT E. SCOTT David and Mary Harrison Distinguished Professor oflaw, University of Virginia School oflaw, USA The Elements of Contract Design 149 WlNAND EMONS Professor of Economic Theory, University ofbern, Switzerland Conditional versus Contingent Fees (summary) 159 Discussion 163 RONALD J. GILSON Charles J. Meyers Professor oflaw and Business, Stanford Law School, and Marc and Eva Stern Professor oflaw and Business, Columbia Law School, USA Law and Economics in the Law Firm: The Case of MACs 171 ROBIN PAUL MALLOY El. White Chair and Distiguished Professor oflaw, Senior Associate Dean of College oflaw, Syracuse University, USA Law in a Market Context * '

5 Table of Contents HANS-BERND SCHÄFER Professor of Economics and Director, Institute of Law and Economics, University of Hamburg, Germany What are the Practical Implications of Law and Economics Research in Germany? 193 CHRISTIAN KIRCHNER Professor of German, European and International Civil Law, Business Law and Institutional Economics, School of Business and Economics, Humboldt University, Germany Comparative Law and Institutional Economics - Legal Transplants in Corporate Governance 201 VICTOR P. GOLDBERG Thomas Macioce Professor oflaw and Co-director, Center for Law and Economics Studies, Columbia Law School, USA Some Thoughts on the Economics of Contract Law and Design 215 Summary and Conclusion 219

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