Ernst Freund as Precursor of the Rational Study of Corporate Law

Gindis, David, Ernst Freund as Precursor of the Rational Study of Corporate Law (October 27, 2017). Journal of Institutional Economics, Forthcoming. Available at SSRN: https://ssrn.com/abstract=2905547, doi: https://dx.doi.org/10.2139/ssrn.2905547The rise of large business corporations in the late 19th century compelled many American observers to admit that the nature of the corporation had yet to be understood. Published in this context, Ernst Freund's little-known The Legal Nature of Corporations (1897) was an original attempt to come to terms with a new legal and economic reality. But it can also be described, to paraphrase Oliver Wendell Holmes, as the earliest example of the rational study of corporate law. The paper shows that Freund had the intuitions of an institutional economist, and engaged in what today would be called comparative institutional analysis. Remarkably, his argument that the corporate form secures property against insider defection and against outsiders anticipated recent work on entity shielding and capital lock-in, and can be read as an early contribution to what today would be called the theory of the firm.Peer reviewe

Towards an ontology for scenario definition for the assessment of automated vehicles: An object-oriented framework

The development of new assessment methods for the performance of automated vehicles is essential to enable the deployment of automated driving technologies, due to the complex operational domain of automated vehicles. One contributing method is scenario-based assessment in which test cases are derived from real-world road traffic scenarios obtained from driving data. Given the complexity of the reality that is being modeled in these scenarios, it is a challenge to define a structure for capturing these scenarios. An intensional definition that provides a set of characteristics that are deemed to be both necessary and sufficient to qualify as a scenario assures that the scenarios constructed are both complete and intercomparable. In this article, we develop a comprehensive and operable definition of the notion of scenario while considering existing definitions in the literature. This is achieved by proposing an object-oriented framework in which scenarios and their building blocks are defined as classes of objects having attributes, methods, and relationships with other objects. The object-oriented approach promotes clarity, modularity, reusability, and encapsulation of the objects. We provide definitions and justifications of each of the terms. Furthermore, the framework is used to translate the terms in a coding language that is publicly available