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Subscription Page American Law and Economics Review (ISSN 1465-7252) is a biannual journal published by Oxford University Press, 2001 Evans Rd., Cary, NC 27513-2009, USA, for the American Law and Economics Association, P.O. Box 208245, New Haven, CT 06520-8245, USA; Phone: (203) 432-7801; Fax: (203) 432-7225; E-mail: alea@pantheon.yale.edu. Subscriptions: A subscription to American Law and Economics Review comprises 2 issues. Prices include postage; for subscribers outside the Americas, issues are sent air freight. Airmail rates are available on request. Annual Subscription Rate (Volume 17, 2 issues, 2015): Corporate: Print and online access: £269/$404/A C404 Print edition only: £248/$371/A C371 Site-wide online access only: £215/$322/A C322 Institutional: Print and online access: £197/$294/A C294 Print edition only: £181/$270/A C270 Site-wide online access only: £157/$235/A C235 Personal: Print copies included with membership to ALEA. Please note: UK£ rate applies to UK and Rest of World, except US and Canada ($) and Europe (A C). There may be other subscription rates available; for a complete listing, please visit www.aler.oxfordjournals.org/subscriptions/. Full prepayment in the correct currency is required for all orders. Orders are regarded as firm, and payments are not refundable. Subscriptions are accepted and entered on a complete volume basis. Claims cannot be considered more than four months after publication or date of order, whichever is later. All subscriptions in Canada are subject to GST. Subscriptions in the EU may be subject to European VAT. If registered, please supply details to avoid unnecessary charges. Orders from the UK will be subject to a 17.5% VAT charge. For orders from elsewhere in the EU you or your institution should account for VAT by way of a reverse charge. Please provide us with your or your institution’s VAT number. Personal rates are applicable only when a subscription is for individual use and are not available if delivery is made to a corporate address. The current year and two previous years’ issues are available from Oxford University Press. Previous volumes can be obtained online at http://www.periodicals.com/oxford.html or from the Periodicals Service Company, 11 Main Street, Germantown, NY 12526, USA. E-mail: psc@periodicals.com. Phone: (518) 537-4700. Fax: (518) 537-5899. Contact information: Journals Customer Service Department, Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK; Phone: +44(0)1865 353907; Fax: +44 (0)1865 353485; E-mail: jnls.cust.serv@oup.com. In the Americas, please contact: Journals Customer Service Department, Oxford University Press, 2001 Evans Road, Cary, NC 27513, USA; Phone: (800) 852-7323 (toll-free in USA/Canada) or (919) 677-0977; Fax: (919) 677-1714; E-mail: jnlorders@oup. com. In Japan, please contact: Journals Customer Services, Oxford University Press, 4- 5-10-8F, Shiba, Minato-ku, Tokyo, 108-8386, Japan. Email: custserv.jp@oup.com; Phone: (81) 3 5444 5858; Fax: (81) 3 3454 2929. Postal information: American Law and Economics Review is published in April and October by Oxford Journals, 2001 Evans Road, Cary, NC 27513-2009, USA. Periodicals Postage Paid at Cary, NC, and additional mailing offices. Postmaster: Send address changes to American Law and Economics Review, Journals Customer Service Depart- ment, Oxford University Press, 2001 Evans Road, Cary, NC 27513-2009. Oxford Journals environmental and ethical policies: Oxford Journals, a division of Oxford University Press, is committed to working with the global community to bring the highest quality of research to the widest possi- ble audience. Oxford Journals will protect the environment by implementing environmentally friendly policies and practices wherever possible. Please see http://www.oxfordjournals.org/ethicalpolicies.html for further information on environmental and ethical policies. Digital object identifiers: For information on dois and to resolve them, please visit www.doi.org. Permissions: For information on how to request permissions to reproduce articles or information from this journal, please visit www.oxfordjournals.org/jnls/permissions. Advertising: Inquiries about advertising should be sent to Linda Hann, 60 Upper Broadmoor Road, Crowthorne RG45 7DE, UK. Phone/Fax: +44 (0) 1344 779945; E-mail: lhann@lhms.fsnet.co.uk. Disclaimer: Statements of fact and opinion in the articles in American Law and Economic Review are those of the respective authors and contributors and not of the American Law and Economic Association or Oxford University Press. Neither Oxford University Press nor the American Law and Economic Association make any representation, express or implied, in respect of the accuracy of the material in this journal and cannot accept any legal responsibility or liability for any errors or omissions that may be made. The reader should make her or his own evaluation as to the appropriateness or otherwise of any experimental technique described. Copyright c 2015 American Law and Economics Association All rights reserved; no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission of the publisher or a license permitting restricted copying issued in the UK by the Copyright Licensing Agency Ltd, 90 Tottenham Court Road, London W1P9HE, or in the USA by the Copyright Clearance Center, 222 Rosewood Drive, Danvers, MA 01923. Indexing: Journal of Economic Literature on CD, e-JEL, EconLit, Legal Resource Index/Legal Trac, RePEc (Research in Economic Papers), Social Science Research Network (SSRN), and Westlaw. Authors’ information: Manuscripts and editorial correspondence should be addressed to Karen G. Crocco, Managing Editor, American Law and Economics Review, P.O. Box 208245, 127 Wall Street, New Haven, CT 06520, USA. Phone: 203-432-7801; Fax: 203-432-7225; E-mail: alea@pantheon.yale.edu. Authors should submit their manuscript through the journals online submission site at http://mc.manuscriptcentral.com/aler. Please be sure to include the .bib file if you are submitting a .tex file as the typesetter cannot typeset references from a .pdf file. An abstract of not more than 100 words should accompany each manuscript. Footnotes should also be double spaced and numbered sequentially. ALECON01701M http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png American Law and Economics Review Oxford University Press

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American Law and Economics Review , Volume 17 (1) – Mar 1, 2015

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Publisher
Oxford University Press
Copyright
The Author 2015. Published by Oxford University Press on behalf of the American Law and Economics Association. All rights reserved. For permissions, please e-mail: journals.permissionsoup.com.
ISSN
1465-7252
eISSN
1465-7260
DOI
10.1093/aler/ahv010
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Abstract

American Law and Economics Review (ISSN 1465-7252) is a biannual journal published by Oxford University Press, 2001 Evans Rd., Cary, NC 27513-2009, USA, for the American Law and Economics Association, P.O. Box 208245, New Haven, CT 06520-8245, USA; Phone: (203) 432-7801; Fax: (203) 432-7225; E-mail: alea@pantheon.yale.edu. Subscriptions: A subscription to American Law and Economics Review comprises 2 issues. Prices include postage; for subscribers outside the Americas, issues are sent air freight. Airmail rates are available on request. Annual Subscription Rate (Volume 17, 2 issues, 2015): Corporate: Print and online access: £269/$404/A C404 Print edition only: £248/$371/A C371 Site-wide online access only: £215/$322/A C322 Institutional: Print and online access: £197/$294/A C294 Print edition only: £181/$270/A C270 Site-wide online access only: £157/$235/A C235 Personal: Print copies included with membership to ALEA. Please note: UK£ rate applies to UK and Rest of World, except US and Canada ($) and Europe (A C). There may be other subscription rates available; for a complete listing, please visit www.aler.oxfordjournals.org/subscriptions/. Full prepayment in the correct currency is required for all orders. Orders are regarded as firm, and payments are not refundable. Subscriptions are accepted and entered on a complete volume basis. Claims cannot be considered more than four months after publication or date of order, whichever is later. All subscriptions in Canada are subject to GST. Subscriptions in the EU may be subject to European VAT. If registered, please supply details to avoid unnecessary charges. Orders from the UK will be subject to a 17.5% VAT charge. For orders from elsewhere in the EU you or your institution should account for VAT by way of a reverse charge. Please provide us with your or your institution’s VAT number. Personal rates are applicable only when a subscription is for individual use and are not available if delivery is made to a corporate address. The current year and two previous years’ issues are available from Oxford University Press. Previous volumes can be obtained online at http://www.periodicals.com/oxford.html or from the Periodicals Service Company, 11 Main Street, Germantown, NY 12526, USA. E-mail: psc@periodicals.com. Phone: (518) 537-4700. Fax: (518) 537-5899. Contact information: Journals Customer Service Department, Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK; Phone: +44(0)1865 353907; Fax: +44 (0)1865 353485; E-mail: jnls.cust.serv@oup.com. In the Americas, please contact: Journals Customer Service Department, Oxford University Press, 2001 Evans Road, Cary, NC 27513, USA; Phone: (800) 852-7323 (toll-free in USA/Canada) or (919) 677-0977; Fax: (919) 677-1714; E-mail: jnlorders@oup. com. In Japan, please contact: Journals Customer Services, Oxford University Press, 4- 5-10-8F, Shiba, Minato-ku, Tokyo, 108-8386, Japan. Email: custserv.jp@oup.com; Phone: (81) 3 5444 5858; Fax: (81) 3 3454 2929. Postal information: American Law and Economics Review is published in April and October by Oxford Journals, 2001 Evans Road, Cary, NC 27513-2009, USA. Periodicals Postage Paid at Cary, NC, and additional mailing offices. Postmaster: Send address changes to American Law and Economics Review, Journals Customer Service Depart- ment, Oxford University Press, 2001 Evans Road, Cary, NC 27513-2009. Oxford Journals environmental and ethical policies: Oxford Journals, a division of Oxford University Press, is committed to working with the global community to bring the highest quality of research to the widest possi- ble audience. Oxford Journals will protect the environment by implementing environmentally friendly policies and practices wherever possible. Please see http://www.oxfordjournals.org/ethicalpolicies.html for further information on environmental and ethical policies. Digital object identifiers: For information on dois and to resolve them, please visit www.doi.org. Permissions: For information on how to request permissions to reproduce articles or information from this journal, please visit www.oxfordjournals.org/jnls/permissions. Advertising: Inquiries about advertising should be sent to Linda Hann, 60 Upper Broadmoor Road, Crowthorne RG45 7DE, UK. Phone/Fax: +44 (0) 1344 779945; E-mail: lhann@lhms.fsnet.co.uk. Disclaimer: Statements of fact and opinion in the articles in American Law and Economic Review are those of the respective authors and contributors and not of the American Law and Economic Association or Oxford University Press. Neither Oxford University Press nor the American Law and Economic Association make any representation, express or implied, in respect of the accuracy of the material in this journal and cannot accept any legal responsibility or liability for any errors or omissions that may be made. The reader should make her or his own evaluation as to the appropriateness or otherwise of any experimental technique described. Copyright c 2015 American Law and Economics Association All rights reserved; no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission of the publisher or a license permitting restricted copying issued in the UK by the Copyright Licensing Agency Ltd, 90 Tottenham Court Road, London W1P9HE, or in the USA by the Copyright Clearance Center, 222 Rosewood Drive, Danvers, MA 01923. Indexing: Journal of Economic Literature on CD, e-JEL, EconLit, Legal Resource Index/Legal Trac, RePEc (Research in Economic Papers), Social Science Research Network (SSRN), and Westlaw. Authors’ information: Manuscripts and editorial correspondence should be addressed to Karen G. Crocco, Managing Editor, American Law and Economics Review, P.O. Box 208245, 127 Wall Street, New Haven, CT 06520, USA. Phone: 203-432-7801; Fax: 203-432-7225; E-mail: alea@pantheon.yale.edu. Authors should submit their manuscript through the journals online submission site at http://mc.manuscriptcentral.com/aler. Please be sure to include the .bib file if you are submitting a .tex file as the typesetter cannot typeset references from a .pdf file. An abstract of not more than 100 words should accompany each manuscript. Footnotes should also be double spaced and numbered sequentially. ALECON01701M

Journal

American Law and Economics ReviewOxford University Press

Published: Mar 1, 2015

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