Title

Fictitious Fraud: Economics and the Presumption of Reliance

Document Type

Book Section

Publication Year

2015

ISBN

978-3-319-09231-7

ISSN

1572-4395

DOI

10.1007/978-3-319-09232-4_18

Abstract

In the popular imagination, legal proceedings and their rules of law are thought of as paths to unalloyed truth. Both practitioners and scholars know this is often not the case because the law is, as are other domains, riddled with fictions. Indeed, the law sometimes borrows fictions from other domains to help it achieve results that would otherwise be unobtainable. One such place is securities law, in which courts in the United States have borrowed the concept of the ‘efficient market’ from economics to make fraud class actions possible. But that concept is—if not wholly—at least in good measure fictional.

First Page

385

Last Page

403

Num Pages

19

Series

Law and Philosophy Library Series

Series Number

110

Series Title

Legal Fictions in Theory and Practice

Publisher

Springer

Editor

Maksymilian Del Mar & William Twining

Series Editor

Francisco J. Laporta, Frederick Schauer & Torben Spaak

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