Monday, March 2, 2009
Edelman: A Derivatives Market in Legal Academia
Paul H. Edelman (Vanderbilt) has published A Derivatives Market in Legal Academia, 12 Green Bag 2d 157 (2009). Here is the abstract:
Building on the success of derivatives markets in the financial arena, I show how similar markets can be used to hedge risk in legal academia. Prudent use of these markets will generate cash, mitigate errors in hiring, and increase the academic prestige of law schools. In short, they can do for legal academia what they have already done to the financial world.
(Hat Tip: Brian Leiter.)
Robert Schiller wrote a book about applying this idea on a huge scale -- basically, letting people hedge every major life decision. It has potential, at least.
Posted by: TaxRascal | Mar 2, 2009 3:43:57 PM