Skip to main content
Article
Fictitious Fraud: Economics and the Presumption of Reliance
Faculty Scholarship
  • Randy D. Gordon, Texas A&M University School of Law
Document Type
Book Section
Publication Date
3-2015
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.

Num Pages
19
Series
Law and Philosophy Library Series
Series Number
110
Series Title
Legal Fictions in Theory and Practice
Publisher
Springer International Publishing
Editor
Maksymilian Del Mar & William Twining
Series Editor
Francisco J. Laporta, Frederick Schauer & Torben Spaak
Citation Information
Randy D. Gordon. "Fictitious Fraud: Economics and the Presumption of Reliance" (2015) p. 385 - 403
Available at: http://works.bepress.com/randy_gordon/24/