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.
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