USING ECONOMIC ANALYSIS TO PROVIDE LEGAL ADVICE: AN EXAMPLE INVOLVING BUSINESS INCOME TRUSTS
Bibliographic record
Abstract
Economic analysis of law has been used for policy analysis and to explain legal doctrine. It can also be used by a lawyer in providing a legal opinion. This paper provides an example of how economic analysis can be used in giving a legal opinion. The example is an opinion on the likelihood that investors would be held personally liable for debts arising in the conduct of businesses carried on through a business income trust. Since there is no direct economic analysis of this question in the existing literature, the paper uses the economic analysis of the limited liability of corporations. It uses this analysis because it focuses on the same policy question of whether investors should be made personally liable for debts incurred in the carrying on of a business. The paper reviews the economic analysis of the limited liability of corporations. It then considers how this analysis may extend to business trusts and to business income trusts.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.010 | 0.029 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.001 |
| Bibliometrics | 0.003 | 0.004 |
| Science and technology studies | 0.006 | 0.004 |
| Scholarly communication | 0.005 | 0.006 |
| Open science | 0.001 | 0.003 |
| Research integrity | 0.006 | 0.005 |
| Insufficient payload (model declined to judge) | 0.007 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".