{"product_id":"paperback-9781009217941","title":"A Safety Valve Model of Equity as Anti-opportunism (Paperback \/ softback) 9781009217941","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eA Safety Valve Model of Equity as Anti-opportunism\u003c\/font\u003e\u003cbr\u003e\r\n\r\n\r\n\u003c\/p\u003e\n\u003cp\u003e\u003cem\u003eThis Element shows that rather than being antagonistic to formal law, equity prevents opportunistic exploitation of contract law.\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003eKenneth Ayotte (Author), Ezra Friedman (Author), Henry E Smith (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9781009217941, Cambridge University Press\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003ePaperback \/ softback, published 30 September 2023\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e75 pages\u003cbr\u003e27 x 18 x 0.7 cm, 0.15 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003eEquity can be defined as the use of a more flexible, morally judgmental, and subjective mode of legal decision making that roughly corresponds with historical equity. This Element presents a simple contracting model that captures the role of equity as a safety valve, and shows how it can solve problems posed by opportunists–agents with unusual willingness and ability to take advantage of necessary imperfections in the law. In this model, a simple but imperfect formal legal regime is able to achieve first best in the absence of opportunists. But when opportunists are added, a more flexible regime (equity), can be preferred. However, equity is also vulnerable to being used opportunistically by the parties it intends to protect. Hence, the Element shows that it is often preferable to limit equity, reserving it for use only against those who appear sufficiently likely to be opportunists.\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e1. Introduction\u003cbr\u003e 2. Related literature\u003cbr\u003e 3. Contracting example\u003cbr\u003e 4. Comparative statics\u003cbr\u003e 5. Further applications\u003cbr\u003e 6. Discussion\u003cbr\u003e 7. Conclusion\u003cbr\u003e Appendix\u003cbr\u003e References.\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Public finance [\u003ca title=\"See our other books on Public finance\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Public%20finance%20%5BKFFD%5D%22\"\u003eKFFD\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Cambridge University Press","offers":[{"title":"Default Title","offer_id":46517146157336,"sku":"9781009217941","price":16.89,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/products\/9781009217941i_2e9398a7-e92f-4695-ba13-66f93018a5b6.jpg?v=1696791454","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/paperback-9781009217941","provider":"Freshly Printed Books","version":"1.0","type":"link"}