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- W3121293680 abstract "The legal literature on default rules studies which fall-back provisions the law does or should prescribe if a contract fails to specify parties’ obligations fully in some contingency that arises. The “does” question is an empirical matter about which I have nothing to say. I will instead concentrate on the “should” question, specifically, on whether there is a theoretical rationale for so-called penalty default rules. Since Ian Ayres and Robert Gertner’s 1989 Yale Law Journal article,1 penalty default rules—which intentionally specify outcomes that the contracting parties do not want—have attained some prominence. Yet, I shall argue that Ayres and Gertner’s analysis of penalty defaults is flawed. These authors devise a model in which the justification offered for a penalty default is to induce one contracting party to reveal socially valuable information that, with transaction costs, she would supposedly keep to herself under a “nonpenalty” default rule. But I will show that, given the authors’ assumption that the pertinent transaction cost is that of “contracting around the default rule,” the party in question has the incentive to divulge the critical information even under the nonpenalty rule. I conclude that the Ayres-Gertner rationale for penalty default is logically in error. (The same is not true in the alternative model of Lucian Bebchuk and Steven Shavell,2 for whom it is communication between parties that is assumed to be costly.) In my discussion, I will limit attention, following Ayres and Gertner, to private contracts between a buyer and a seller in a model based on the well-known case of Hadley v. Baxendale.3 Of course, the" @default.
- W3121293680 created "2021-02-01" @default.
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- W3121293680 date "2006-01-01" @default.
- W3121293680 modified "2023-09-26" @default.
- W3121293680 title "On the Rationale for Penalty Default Rules" @default.
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