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Selling Mayberry: Communities and Individuals in Law and Economics

Author

Listed:
  • Gideon Parchomovsky

    (University of Pennsylvania Law School)

  • Peter Siegelman

    (Fordham University School of Law)

Abstract

The small village of Cheshire, Ohio was recently acquired in its entirety by the firm whose giant power plant, located at the edge of town, caused it serious pollution problems. Although the plant was worth substantially more than the town, this was not a simple Coasean bargain. This paper combines an ethnographic methodology with theoretical insights from law and economics to present an empirical and theoretic challenge to the standard account of nuisance disputes. We explore the transaction in detail and explain what prevented collective action and holdout problems that are usually thought to hinder bargaining with groups. Specifically, we show how incorporating the role of community into conventional theory offers a new understanding of the likelihood of holdouts, the importance of community dynamics, the interdependency of community-wide nuisance actions, and the role of the law of takings.

Suggested Citation

  • Gideon Parchomovsky & Peter Siegelman, "undated". "Selling Mayberry: Communities and Individuals in Law and Economics," Scholarship at Penn Law upenn_wps-1024, University of Pennsylvania Law School.
    • Handle: RePEc:bep:upennl:upenn_wps-1024
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    File URL: http://lsr.nellco.org/cgi/viewcontent.cgi?article=1024&context=upenn/wps
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    Citations

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    Cited by:

    1. Andrew Johnston & Kenneth Amaeshi & Emmanuel Adegbite & Onyeka Osuji, 2021. "Corporate Social Responsibility as Obligated Internalisation of Social Costs," Journal of Business Ethics, Springer, vol. 170(1), pages 39-52, April.
    2. Giuseppe Bellantuono, 2014. "The regulatory anticommons of green infrastructures," European Journal of Law and Economics, Springer, vol. 37(2), pages 325-354, April.
    3. Janice Nadler & Shari Seidman Diamond, 2008. "Eminent Domain and the Psychology of Property Rights: Proposed Use, Subjective Attachment, and Taker Identity," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 5(4), pages 713-749, December.

    More about this item

    Keywords

    pollution; nuisance; property; torts; community; externalities; takings;
    All these keywords.

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