Open Doors, Trap Doors, and the Law

Accordingly, the term open door will be used to refer to situations in which an individual can exercise, ex post, a right to rescind or withdraw from (and thus reverse) an ex ante commitment or decision. More specifically, within the realm of contract theory, this article focuses on implications for contract formation interpretation and the design of contractual default rules

Addendum: Electroweak Sudakov effects in W, Z and gamma production at large transverse momentum

In this addendum to Phys. Rev. D 88, no. 1, 013009 (2013), we give results for the electroweak Sudakov corrections in gauge-boson production at large transverse momentum p_T at proton colliders. In order for the results to be easily usable, we provide a simple and accurate parameterization of the corrections as a function of p_T and the center-of-mass energy \sqrt{s}. Additionally, we also discuss the dependence of the electroweak corrections on the rapidity of the produced boson, and comment on the complications that arise in the photon-production case due to isolation requirementsComment: 4 pages, 4 figure

Factorization and resummation for transverse thrust

We analyze transverse thrust in the framework of Soft Collinear Effective Theory and obtain a factorized expression for the cross section that permits resummation of terms enhanced in the dijet limit to arbitrary accuracy. The factorization theorem for this hadron-collider event-shape variable involves collinear emissions at different virtualities and suffers from a collinear anomaly. We compute all its ingredients at the one-loop order, and show that the two-loop input for next-to-next-to-leading logarithmic accuracy can be extracted numerically, from existing fixed-order codes.Comment: 47 pages, 12 figures. v2: journal versio

Electroweak Sudakov effects in W, Z and gamma production at large transverse momentum

We study electroweak Sudakov effects in single W, Z and gamma production at large transverse momentum using Soft Collinear Effective Theory. We present a factorized form of the cross section near the partonic threshold with both QCD and electroweak effects included and compute the electroweak corrections arising at different scales. We analyze their size relative to the QCD corrections as well as the impact of strong-electroweak mixing terms. Numerical results for the vector-boson cross sections at the Large Hadron Collider are presented.Comment: 14 pages, 5 figures. v2: Minor changes, references added. Journal versio

Next-to-next-to-leading logarithmic resummation for transverse thrust

We obtain a prediction for the hadron-collider event-shape variable transverse thrust in which the terms enhanced in the dijet limit are resummed to next-to-next-to-leading logarithmic accuracy. Our method exploits universality properties made manifest in the factorized expression for the cross section and only requires one-loop calculations. The necessary two-loop ingredients are extracted using known results and existing numerical codes. Our technique is general and applicable to other observables as well.Comment: 6 pages, 2 figures. v2: Corrected values in Eq.(15); updated Figure 2 accordingl

A Fair Contracts Approval Mechanism: Reconciling Consumer Contracts and Conventional Contract Law

Consumer contracts diverge from the traditional paradigm of contract law in various conspicuous ways. They are pre-drafted by one party; they cannot be altered or negotiated; they are executed between unfamiliar contracting parties unequal in their market power and sophistication; they are offered frequently by agents who act on behalf of the seller; and promisees (i.e., consumers) do not read or understand them. Consumer contracts are thus useful in modern markets of mass production, but they cast doubt on some fundamental notions of contract law. To reframe the long-lasting debate over consumer contracts, this Article develops a superior legal regime whereby sellers can obtain certification of a form contract by an independent third-party. Such approval may be viewed as a quality certification, akin to a Good Housekeeping Seal of Approval, for standard form contracts. The many impediments to the design of such a project notwithstanding, its overall advantages are promising. The tension between the duty to read contracts and the common practice of signing consumer contracts without reading them will be better reconciled. The adverse consequences of asymmetric information possessed by typical sellers and consumers will be obviated. This regime will also minimize sellers\u27 ability to manipulate consumers\u27 bounded rationality, increase social welfare by reducing transaction costs, diminish socially undesirable litigation over standardized contracts, make a notable step towards minimizing the alleged anomaly that punitive damage awards create in consumer contract cases, and promote market participants\u27 autonomy by advancing trust between the contracting parties

Behavioral Science and Consumer Standard Form Contracts

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An Effective Field Theory Look at Deep Inelastic Scattering

This talk discusses the effective field theory view of deep inelastic scattering. In such an approach, the standard factorization formula of a hard coefficient multiplied by a parton distribution function arises from matching of QCD onto an effective field theory. The DGLAP equations can then be viewed as the standard renormalization group equations that determines the cut-off dependence of the non-local operator whose forward matrix element is the parton distribution function. As an example, the non-singlet quark splitting functions is derived directly from the renormalization properties of the non-local operator itself. This approach, although discussed in the literature, does not appear to be well known to the larger high energy community. In this talk we give a pedagogical introduction to this subject.Comment: 11 pages, 1 figure, To appear in Modern Physics Letters

Hidden Contracts

Transparency is a promising means for enhancing democratic values, countering corruption, and reducing power abuse. Nonetheless, the potential of transparency in the domain of consumer contracts is untapped. This Article suggests utilizing the power of transparency to increase consumer access to justice, better distribute technological gains between businesses and consumers, and deter sellers from breaching their consumer contracts while exploiting consumers’ inferior position. In doing so, this Article focuses on what we dub “Hidden Contracts.” Part I conceptualizes the idea of hidden contracts. It first defines hidden contracts as consumer form contracts that firms unilaterally modify and subsequently remove from the public sphere, despite being binding on consumers. Thereafter, the Article delineates the considerable social costs of hidden contracts. Given these social costs, Part II discusses our empirical study of hidden contracts. The results of this study indicate that leading firms that supply goods and services to billions of online consumers worldwide routinely employ hidden contracts to the detriment of consumers and society. Against this background, Part III proposes introducing a novel contract transparency duty. It further explains how to design this duty to counter firms’ incentive to employ hidden contracts. Next, Part IV tackles key objections to our proposal. Concluding remarks follow

Sneak in Contracts

Consumer contracts are a pervasive legal tool that governmany of our daily activities. Yet, consumer contracts areroutinely modified by businesses after customers accept them.Common modifications include, for example, a change in fees,alteration of a dispute resolution clause, or revision to the firm’sprivacy policy. In fact, unilateral modifications can affectvirtually every aspect of a contract.While the literature widely discusses the problem of ex anteconsent to consumer contracts, it does not adequately addressthe problem of ex post consent to unilateral modifications. Butthe practice of unilateral changes to consumer form contractscomes with significant detriments and social costs. Despitethese costs, there are no systematic empirical studies exploringthis phenomenon. This Article aims to fill this gap byempirically examining the frequency, mechanics, and degree oftransparency of unilateral change mechanisms in consumercontracts.This Article examines 500 sign-in-wrap contracts of the mostpopular websites in the United States that use such agreements.We find that the vast majority of consumer contracts in oursample are “sneak in” contracts—that is, they allow firms unilateral and broad discretion to covertly change consumers’rights and obligations after consumers accept them. Thisstudy’s findings raise concerns as to whether sneak in contractsare aligned with prominent core values and principles ofcontract law, such as consent, promise, reliance, consideration,freedom, choice, empowerment, and community. The study thuscalls for greater transparency in the law that governs themodification of consumer contracts