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Evolution and Spontaneous Uniformity: Evidence from the Evolution of the Limited Liability Company

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  • Kobayashi, Bruce H
  • Ribstein, Larry E

Abstract

The authors examine whether the unguided state-by-state evolution of limited liability company statutes has led to efficient interstate uniformity. Their evidence suggests significant uniformity has been produced in cases where the net benefits of uniformity are positive and that such uniformity has not been produced by herd behavior. The authors' results are consistent with Armen Alchian's intuition about the role of market processes and suggest that the survival of efficient rules, fostered by the rational behavior of decentralized economic actors, are produced by forces beyond the control or foresight of individual lawmakers or legislatures. Copyright 1996 by Oxford University Press.

Suggested Citation

  • Kobayashi, Bruce H & Ribstein, Larry E, 1996. "Evolution and Spontaneous Uniformity: Evidence from the Evolution of the Limited Liability Company," Economic Inquiry, Western Economic Association International, vol. 34(3), pages 464-483, July.
    • Handle: RePEc:oup:ecinqu:v:34:y:1996:i:3:p:464-83
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    Cited by:

    1. Klaus Heine & Wolfgang Kerber, 2002. "European Corporate Laws, Regulatory Competition and Path Dependence," European Journal of Law and Economics, Springer, vol. 13(1), pages 47-71, January.
    2. Eric Hilt, 2016. "Corporation Law and the Shift toward Open Access in the Antebellum United States," NBER Chapters, in: Organizations, Civil Society, and the Roots of Development, pages 147-177, National Bureau of Economic Research, Inc.
    3. Guido Rossi & Salvatore Spagano, 2018. "From Custom to Law, An Economic Rationale behind the Black Lettering," Journal of Economic Issues, Taylor & Francis Journals, vol. 52(4), pages 1109-1124, October.

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