To our knowledge, the present paper is the first attempt to square some sec- tions of the Italian civil code within the framework of the optional law theory, which is an extension of the Calabresi & Melamed celebrated contribution. Specifically, the paper focuses on the economic analysis of some norms related to property that take the form of put-option rules. Acknowledging the existence of this kind of rules in the law rises several implications: far from being a mere curiosity to legal scholars, op- tional rules have been shown to possess the potential of being a driver of efficiency in transactions, and this potential is largely unexplored. The presence of these rules in the Italian civil code – whereas nothing analogue has been found in American law –, jeopardizes recurring claims in the litterature about the higher flexibility and evolutionary fitness of the common law, on the other hand reveals once again the relevance of a law & economic approach to traditional areas of civil law such as the one concerning property.
Nicita, A., Pardolesi, R., Rizzolli, M. (2006). LE OPZIONI NEL MERCATO DELLE REGOLE. MERCATO CONCORRENZA REGOLE, VIII(2), 239-283.
LE OPZIONI NEL MERCATO DELLE REGOLE
NICITA, ANTONIO;RIZZOLLI, MATTEO
2006-01-01
Abstract
To our knowledge, the present paper is the first attempt to square some sec- tions of the Italian civil code within the framework of the optional law theory, which is an extension of the Calabresi & Melamed celebrated contribution. Specifically, the paper focuses on the economic analysis of some norms related to property that take the form of put-option rules. Acknowledging the existence of this kind of rules in the law rises several implications: far from being a mere curiosity to legal scholars, op- tional rules have been shown to possess the potential of being a driver of efficiency in transactions, and this potential is largely unexplored. The presence of these rules in the Italian civil code – whereas nothing analogue has been found in American law –, jeopardizes recurring claims in the litterature about the higher flexibility and evolutionary fitness of the common law, on the other hand reveals once again the relevance of a law & economic approach to traditional areas of civil law such as the one concerning property.File | Dimensione | Formato | |
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https://hdl.handle.net/11365/35505
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