Having the cake and eating it too: efficient penalty clauses in Common and Civil contract law

In this paper we examine one of the areas where there is a marked difference between Civil and Common contract law, that of the enforcement of liquidated damages and more particularly of penalty clauses. Common law judges are quite reluctant to enforce liquidated damages, especially if they believe that they include penalty clauses which are not enforceable. On the contrary, in almost all European contract laws liquidated damages are readily enforced, as are penalty clauses when they are not manifestly excessive. Although most law and economics scholars have criticized Common law courts for the non-enforcement of penalty clauses, there is a sizable minority of scholars who have defended the Common law “non-enforcement” policy on the ground that penalty clauses are inefficient because they hinder efficient breach. However, and despite the merits of the arguments advanced by advocates of the non-enforcement of penalty clauses, we believe that Common law’s rejection of penalty clauses is inefficient. We further show that the Civil law solution to the problem is not only comparatively more efficient, but that it can also appease the worries of those scholars who are afraid that efficient breaches will be deterred. The solution that Civil law systems give to the problem manages to enforce the parties’ wishes and to avoid deterring efficient breaches. However, we point out that in order for the Civil law systems to take advantage of this superiority, the interpretation of their Civil Codes should be guided by economic analysis and the respect to the wishes of the contracting parties.     

有效政府的基本价值

建设制度文明是发展有效政府的重要方向。在理论上探讨有效政府技术效率、配置效率、制度效率和动态效率四个方面的基本价值准则和相互之间的关系,对经济与社会的持续发展是至关重要的。     

Efficient compensation for employees' inventions

We analyze a legal reform concerning employees' inventions in Germany. Using a simple principal-agent model, we derive a unique efficient payment scheme: a bonus which is contingent on the project value. We demonstrate that the old German law creates inefficient incentives even if litigation cost is zero. However, the new law (concerning university employees) and the pending reform proposal (concerning other employees) also fail to implement first-best incentives. With suboptimal incentives to spend effort on inventions, the government's goal, an increase in the number of patents, is likely to be missed. A part of this research was done while I enjoyed the hospitality of the University of California in Santa Barbara (Economics Department) and Berkeley (Law School). Financial aid by the Thyssen Stiftung is gratefully acknowledged. classification K 12 . J 33 . C 72     

中国毒品形势的悄然质变与禁毒行为变革动因

我国于20世纪80年代初以来出现的新一轮的毒品问题发展至今,正在发生悄然质变。由以境外渗透,以鸦片、海洛因占绝对主导的毒品贩运和滥用状况发展为以新型毒品为主导的多元毒品制造、贩运和滥用状况。对现行禁毒行为的“修补”性调整难以见效,应进行重大变革。     

黄河三角洲高效生态经济区高等教育发展问题与对策

通过调研黄河三角洲高效生态经济区高等教育现状,分析其存在的投入不足、优质教育资源短缺、专业层次结构不够合理三大问题,对该区域高等教育与区域发展的关系、在全省高等教育发展中的定位进行了探讨,提出了该区域规划期内的发展目标,设计了建设名校、调优专业、深化教学改革、打造优秀团队、推进产学研结合的发展路径,对政府支持高等教育的发展提出了优化布局、增加投入、政策支持的三条对策建议。     

语言的经济学分析框架

人类对语言的选择是一个理性的过程,它取决于语言运用带来的预期收益和预期成本。语言的预期收益和预期成本由使用语言的人数决定,又受到社会开放度与自由度、经济社会发展水平、学习语言天赋和所学语言与母语的关系等因素的影响。语言的理性选择理论证明了语言演进过程中的最小有效规模特征及由此产生的路径依赖。     

国有控股公司实践中的问题及法律对策研究

我国试行国有资产授权经营的实践表明,被授权经营的国有控股公司是代表国家行使国有资产所有者职能,从而实现政企分开和高效运作国有资产的重要企业形式,但在其组建及运作中因缺乏立法的规范而存在一些问题。加快国有控股公司的立法,促使其规范组建,将有助于国有控股公司在国家对国有经济进行战略性调整和对国有企业进行战略性改组的过程中发挥其重要作用。     

贯彻"五条禁令"切实加强公安队伍建设

公安管理的切入点是针对公安队伍存在的问题有的放矢进行的。公安部颁布的“五条禁令”对加强公安队伍建设,解决公安队伍中存在的问题具有重要意义。当前,贯彻“五条禁令”、加强公安内部管理工作应据此进一步明确工作要求,狠抓贯彻落实;同时,要加强和改进思想政治工作,打牢民警的思想基础,把集中排查整治与建立长效管理机制有机地结合起来,强化治本措施。     

The Mandatory Bid Rule: Efficient,After All?

The mandatory bid rule has its origins in the UK and now applies throughout the EU and in many other jurisdictions. Under a mandatory bid, an acquirer of a controlling stake in a listed company has to offer to the remaining shareholders a buy‐out of their minority stakes at a price equal to the consideration received by the incumbent controller. While the rule warrants that no value‐destroying control transfers take place, it is often criticised for preventing value‐increasing transactions. This paper challenges some of the claims made by critics of mandatory bids. Highlighting the effects of synergy gains in private sale‐of‐control transactions, it is shown that mandatory bids prevent inefficient control transfers, where minority shareholder protection rules provide inadequate protection. Furthermore, mandatory bids help facilitate transfers to the most efficient bidders in multi‐bidder settings. The mandatory bid is justifiable, on economic grounds, in wider circumstances than is commonly assumed by law and economics scholars.     

蓝黄战略交融,推进“蓝、黄”区域经济一体化的对策研究

山东半岛蓝色经济区发展规划和黄河三角洲高效生态经济区发展规划都突出了科学发展这一主题,突出了高效生态经济取向;"蓝黄"两区存在着高度重合。在此背景下,如果实现两大经济区的对接、融合,科学规划,一体发展,将会加快两区经济高效健康发展。为了实现区域一体化的构建,该文提出如下具体对策和建议:加快发展绿色能源产业;发展生态观光旅游业,构建蓝黄大旅游圈;优化区域内高校学科设置,加快产学研科技创新体系建设;加强合作,发展疏运交通体系和现代物流体系;设立区域合作发展协调委员会,及时解决一体化发展中的突出问题。