Lee Fennell: "Slices and Lumps" (The 2008 Coase Lecture on Law and Economics)

On February 19, 2008, Professor of Law Lee Fennell presented the 2008 Coase Lecture on Law and Economics. Problems involving the aggregation and division of entitlements, she noted, are ubiquitous in law and in everyday life. Fragments held by multiple parties—such as parcels of land, effort, or segments of a bridge—often must be assembled together to be worth much. Conversely, a presently unified entitlement may be more valuable if it can be split into separate p