Evolution and Spontaneous Uniformity: Evidence from the Evolution of the Limited Liability Company

Bruce Kobayashi () and Larry E Ribstein

Economic Inquiry, 1996, vol. 34, issue 3, 464-83

Abstract: The authors examine whether the unguided state-by-state evolution of limited liability company statutes has led to efficient interstate uniformity. Their evidence suggests significant uniformity has been produced in cases where the net benefits of uniformity are positive and that such uniformity has not been produced by herd behavior. The authors' results are consistent with Armen Alchian's intuition about the role of market processes and suggest that the survival of efficient rules, fostered by the rational behavior of decentralized economic actors, are produced by forces beyond the control or foresight of individual lawmakers or legislatures. Copyright 1996 by Oxford University Press.

Date: 1996
References: Add references at CitEc
Citations: View citations in EconPapers (4)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:ecinqu:v:34:y:1996:i:3:p:464-83

Ordering information: This journal article can be ordered from
https://academic.oup.com/journals

Access Statistics for this article

Economic Inquiry is currently edited by Preston McAfee

More articles in Economic Inquiry from Western Economic Association International Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK. Contact information at EDIRC.
Bibliographic data for series maintained by Oxford University Press ().