The Use of Non Prosecution Agreements and Deferred Prosecution Agreements

Trends in the Use of Non-Prosecution, Deferred Prosecution, and Plea Agreements in the Settlement of Alleged Corporate Criminal Wrongdoing (April 2015)

Executive Summary

Full Report


      • Cindy R. Alexander, PhD, Principal Investigator Research Fellow, Law & Economics Center
      • Mark A. Cohen, PhD, Principal Investigator, Justin Potter Professor of American Competitive Enterprise and Professor of Law, Vanderbilt University
      • Michael P. Wilt, JD, LLM, Legal Research & Policy Associate
      • Matthew D. Sibery, Research Coordinator
      • Sophia R. Higgins, Economic Research Associate

Additional research information here.

Henry G. Manne Program in Law & Economics Studies

The Law & Economics Center is dedicated to fostering academic collaboration between legal scholars, professionals, and policymakers. By serving as a forum for balanced peer review and discussion, the Henry G. Manne Program in Law & Economics Studies has led to the publication of various papers and policy memos while other programs have provided a foundation for future research.

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Henry G. Manne Program in Law & Economics 2018

2018 Eighth Annual Manne Faculty Forum

Cecot, Caroline, “The Federal Environmental Enforcement Threat”

Mascott, Jennifer, “The Ratifiers’ Theory of Officer Accountability”

Neyland, Jordan, “Do Lawyers Matter in Initial Public Offerings?”

Saguato, Paolo, “The Law & Economics of Netting”

Stevenson, Megan, “Algorithmic Risk Assessment Tools in the Hands of Humans”

2018 Supreme Court Economic Review Research Roundtable: The Economics of Legal Error

The following papers will be published in a forthcoming issue of the Supreme Court Economic Review:

Kobayashi, Bruce, “Error Costs, Legal Standards of Proof, and Statistical Significance”

Garoupa, Nuno, “Explaining the Standard of Proof in Criminal Law: A New Insight”

Friehe, Tim, “Crime and Punishment Under Evidentiary Uncertainty: Laboratory Evidence”

Macey, Jonathan, “Error and Regulatory Risk in Financial Institution Regulation”

Mungan, Murat, “Type-I Error, Stigma Dilution, and Deterrence”

DeAngelo, Gregory, “Judicial Compensation and Performance”

2018 Fourteenth Annual Symposium of the Journal of Law, Economics, and Policy – Regulatory Reform, Transparency, and the American Economy

The following papers were derived from larger pieces published as part of the Federalist Society’s Regulatory Transparency Project:

Cooper, Charles, “Banking Regulators and Operation Choke Point”

Zywicki, Todd, “The CFPB: Protecting Consumers from Themselves”

Baker, Stewart, “Security, Insecurity, and the Internet of Things”

Hurwitz, Gus, “Innovation and the Sharing Economy”

Cooper, James, “Protectionism, Antitrust, and Permission to Work”

Neily, Clark, “Innovation, Opportunity, and Alternatives to Licensing”

Gray, C. Boyden, “Fuel Economy Standards, Zero Emission Vehicles, and the Regulation of Automobiles”

White, Adam, “The Ebb and Flow of EPA’s Waters of the United States Rule”

Henry G. Manne Program in Law & Economics 2017

2017 Seventh Annual Manne Faculty Forum

Cecot, Caroline, “Deregulatory Benefit-Cost Analysis”

Mascott, Jennifer, “Equalizing Process”

Neyland, Jordan, “Star-Crossed: The Dark Side of Star Analysts in Acquisitions”

Saguato, Paolo, “The Organization of Financial Market Infrastructures”

Stevenson, Megan, “Assessing Risk Assessment” 103 Minnesota Law Review 2018 (forthcoming)

Henry G. Manne Program in Law & Economics 2016

2016 Thirteenth Annual Symposium of the Journal of Law, Economics, and Policy – Solving the Public Pension Crisis

The following papers were published in 14 Journal of Law, Economics & Policy (No. 1, Fall 2017):

Randazzo, Anthony, “There is a Tangled Web of Factors Causing Inappropriate Pension Funding Behavior”

Shepard, Scott, “The Lead Lemming: Illinois on the Pension-Crisis Brink”

Boylan, Richard and Stevenson, Dru, “The Impact of District Elections on Municipal Pensions and Investment”

Marcus, Adam and Johnsen, D. Bruce, “Pension Forfeiture and Police Misconduct”

Dick, Diane Lourdes, “Recognizing Taxpayers as Stakeholders in Municipal Bankruptcies”

Stalebrink, Odd, “Public Pension Fund Investments: The Role of Governance Structures”

Norcross, Eileen and Weinberg, Sheila, “A Judge in Their Own Cause: GASB 67/68 and the Continued Mis-Measurement of Public Sector Pension Liabilities”

2016 Sixth Annual Manne Faculty Forum

Treyger, Elina, “The Case Against the DA”

Cecot, Caroline, “An Empirical Look at Why New York Towns Banned Shale Development”

Menashi, Steven, “Taking Steel Seizure Seriously: The Iran Nuclear Agreement and the Separation of Powers,” 86 Fordham Law Review 1199 (Dec. 2017)

Mazo, Eugene, “Residency and Democracy: Durational Residency Requirements from the Framers to the Present,” 43 Florida State Law Review 611 (2016)

Twelfth Annual Symposium of the Journal of Law, Economics, and Policy – The Enduring Legacy of Henry G. Manne

The following papers were published in 12 Journal of Law, Economics, & Policy (No. 3, Fall 2016):

Henderson, M. Todd, “Mining Manne’s Vein.”

Sharfman, Bernard S., “The Tension between Hedge Fund Activism and Corporate Law”

Rosen, Kenneth, “Challenging Insider Trading Orthodoxy.”

Anderson, John P., “The Final Step to Insider Trading Reform: Answering the ‘It’s Just Not Right!’ Objection”

Shadab, Houman,Henry Manne and Nonpublic Company Disclosure.”

Mannix, Brian F., “Races, Rushes, and Runs: Taming the Turbulence in Financial Trading.”  Available at SSRN or

Henry G. Manne Program in Law & Economics 2015

The Eighth Annual Transatlantic Law Forum

Gasaway, Robert and Parrish, Ashley, “Administrative Law in Flux: An Opportunity for Constitutional Reassessment.”

Tomkins, Adam, “The Guardianship of the Public Interest.”

Becker, Florian, “The Development of German Administrative Law.”

Zaring, David, “The Legal Response to the Next Financial Crisis.”

Coleman, James,Regulation by Threat: EPA’s Clean Power Plan.”

Proelss, Alexander,Implementing Climate Change Policy in the EU.”

DeMuth, Christopher and Greve, Michael,For-Profit Government: Agency Finance in an Age of Executive Government.”

Goldoni, Marco, “The Failures of Judicial Review and Central Banking: The ECB before the ECJ.” George Mason Law Review, 42.

Third Annual LEC Public Policy Conference on Privacy and Data Security

Sykuta, Michael, “Big Data in Agriculture: Property Rights, Privacy, and Competition in Ag Data Services.” International Food and Agribusiness Management Review, Vol. 19, Issue A (2016)

Listokin, Siona, “Industry Self-Regulation of Consumer Data Privacy and Security”, 32 John Marshall Journal of Information Technology & Privacy Law 15 (2015)

18th Annual Antitrust Symposium: Perspectives on Global Competition Law

The following articles were published as 22 George Mason Law Review (No. 5, 2015):

Terry Calvani, Jaffer Abbasi, David Blonder, Aimee Imundo, Keynote Panel Discussion

Damien Geradin, “Collective Redress for Antitrust Damages in the European Union: Is this a Reality Now?

Yong Huang, Elizabeth Xiao-Ru Wang, & Roger Xin Zhang, “Essential Facilities Doctrine and Its Application in Intellectual Property Space Under China’s Anti-Monopoly Law

John “Jay” Jurata & Inessa Mirkin Owens, “A New Trade War: Applying Domestic Antitrust Laws to Foreign Patents

William E. Kovacic, “The United States and Its Future Influence on Global Competition Policy

Derek W. Moore & Joshua D. Wright, “Conditional Discounts and the Law of Exclusive Dealing

Daniel Sokol, “Tensions Between Antitrust and Industrial Policy

Randolph W. Tritell, “Meeting the Challenges of the Evolving International Antitrust Landscape

Henry G. Manne Program in Law & Economics 2014

Eleventh Annual Symposium of the Journal of Law, Economics, and Policy: A Symposium on Consumer Credit and the American Economy

The following papers were published in 11 Journal of Law, Economics, & Policy (No. 3, Fall 2015):

Beales, J. Howard, “Behavioral Economics and Credit Regulation”

Cole, G. Marcus, “Rational Consumer Ignorance: When and Why Consumers Should Agree to Form Contracts Without Even Reading Them”

Hawkins, Jim, “Are Bigger Companies Better for Low-Income Borrowers?: Evidence from Payday and Title Loan Advertisements”

Hynes, Richard, “The Social Costs of Credit Reporting Errors”

Miller, Thomas, “Differences in Consumer Credit Choices by Banked and Unbanked Mississippians”

Yezer, Anthony, “Symposium Comments on Consumer Credit and the American Economy

LEC Public Policy Conference on Administration Unbound? Delegation, Deference, and Discretion

The proceedings of this conference have been published as George Mason Law Review, vol. 22, no. 3 (2015).

Stack, Kevin M., “The Interpretive Dimension of Seminole Rock.”

Knudsen, Sanne H., and Wildermuth, Amy, “Lessons from the Lost History of Seminole Rock.”

Gray, Boyden, “The Nondelegation Canon’s Neglected History and Underestimated Legacy.”

David E. Bernstein, “What to do About Federal Agency Science: Some Doubts About Regulatory Daubert.

Cecot, Caroline, and Viscusi, Kip, “Judicial Review of Agency Benefit-Cost Analysis.”

17th Annual Law Review Symposium on Antitrust Law “The FTC: 100 Years of Antitrust and Competition Policy”

The proceedings of the conference have been published as George Mason Law Review, vol. 21, no. 5 (2014)

Ohlhausen, Maureen K., “100 is the New 30: Recommendations for the FTC’s Next 100 Years.”

Blumenthal, William, and Dnes, Stephen, “The Accidental Conception of Multijurisdictional Merger Review.”

Calvani, Terry, and Diveley, Angela, “The FTC at 100: A Modest Proposal for Change.”

Hurwitz, Justin, “Administrative Antitrust.”

Jurata, John “Jay”, and Patel, Amisha R., “Taming the Trolls: Why Antitrust is Not a Viable Solution for Stopping Patent Assertion Entities.”

Rybnicek, Jan M., and Wright, Joshua D., “Defining Section 5 of the FTC Act: The Failure of the Common Law Method and the Case for Formal Agency Guidelines.”

Henry G. Manne program in Law & Economics 2013

The Unique Contributions of Armen Alchian, Robert Bork, and James Buchanan to George Mason University School of Law

Papers presented at this conference were published in a symposium issue (Vol. 10, No. 3) of the Journal of Law, Economics, and Policy.

Manne, Geoffrey A., and Zywicki, Todd J., “Uncertainty, Evolution, and Behavioral Economic Theory.”

Wright, Joshua D., “Some Reflections on Armen Alchian’s Contributions to George Mason University School of Law and the Federal Judiciary.”

McChesney, Fred S., “Magnus Magister: An Affectionate Appreciation of Armen Alchian.”

Ginsburg, Douglas H., and Owings, Taylor M., “Since Bork.”

Adler, Jonathan H. ,”Robert Bork & Commercial Speech.”

Harrison, John, “Public Choice and Judicial Virtue.”

Boettke, Peter, and Palagashvili, Liya,  “James Buchanan’s Contributions to Constitutional Political Economy, Institutional Analysis, and Self-Governance.”

McGinnis, John O., “Public Choice Originalism: Bork, Buchanan, and the Escape from the Progressive Paradigm.”

Haddock, David D., “The Relevant Theory of Irrelevant Externalities: Buchanan, Coase, and Pigou.”

Research Roundtable on Law’s Information Revolution September 2013

Kobayashi, Bruce H.,  “Law’s Information Revolution as Procedural Reform: Predictive Search as a Solution to the In Terrorem Effect of Externalized Discovery Costs.” University of Illinois Law Review, vol. 2014 (2014)

McGinnis, John O., “Law’s Algorithm.” Florida Law Review, vol. 66 (2014).

Knake, Renee N.,  “Legal Information, The Consumer Law Market, and the First Amendment.” Fordham Law Review, vol. 82 (2014).

Blackman, Josh, “What Happens if Data is Speech?” Journal of Constitutional Law Higher Scrutiny, vol. 16 (2014)

Fourth Annual Manne Faculty Forum

Chiang, T.J., The Interpretation-Construction Distinction in Patent Law.” Yale Law Journal, vol. 123 (2013).

Yeh, Susan,  The Construction of Morals.” Journal of Economic Behavior and Organization, vol 104 (2014).

Sturiale, Jennifer E., Variety, Mergers, and the Consumer Welfare Standard: Incorporating Variety Effects into Merger Review.” West Virginia Law Review, vol. 117 (2014).

Third Annual LEC Conference on Competition Policy in Search and Social Media

Bambauer, Jane, “Is Data Speech?” 66 Stanford Law Review 57 (2014).

Austrian Law & Economics Research Roundtable, April 2013

Freyer, Tony, and Morriss, Andrew, “Creating Cayman as an Offshore Financial Center: Structure & Strategy Since 1960.” Arizona State Law Journal, vol. 45 (2013).

Manne, Henry G., “Resurrecting the Ghostly Entrepreneur.” Review of Austrian Economics, vol. 27, issue 3 (2014).

Somin, Ilya, Democracy and Political Ignorance: Why Smaller Government is Smarter

Stearns, Maxwell L., “Private-Rights Litigation and the Normative Foundations of Durable Constitutional Precedent.” Published in Christopher Peters, ed, Precedent in the United States Supreme Court (2014).

16th Annual Law Review Symposium on Antitrust Law “Privacy, Regulation, and Antitrust”

The papers presented at this Symposium were published as the Summer 2013 issue (Vol 20, No. 4) of the George Mason Law Review. Papers published are:

Rosen, Jeffrey, “Keeping Google Good: Remarks on Privacy Regulation and Free Speech.”

Pasquale, Frank, “Privacy, Antitrust, and Power.”

Tucker, Catherine, “The Implications of Improved Attribution and Measurability for Antitrust and Privacy in Online Advertising Markets.”

Thierer, Adam, “A Framework for Benefit-Cost Analysis in Digital Privacy Debates.”

Grunes, Allen P., “Another Look at Privacy.”

Cooper, James C., “Privacy and Antitrust: Underpants Gnomes, the First Amendment, and Subjectivity.”

Henry G. Manne Program in Law & Economics Studies 2012

Second Annual Henry G. Manne Law & Economics Conference, “Unlocking the Law: Building on the Work of Larry Ribstein”

The symposium issue of the International Review of Law and Economics has been published. It is Vol. 38, Supplement (June 2014). It can be found here. Papers published are:

Butler, Henry N., and Kobayashi, Bruce H., “Unlocking the Law: Building on the Work of Larry E. Ribstein.”

Henderson, William D., “From Big Law to Lean Law.”

Curled, Daniel, and Henderson, M. Todd, “Can Lawyers Stay in the Driver’s Seat?”

Barton, Benjamin, H., “A Glass Half Full Look at the Changes in the American Legal Market.”

Hadfield, Gillian K., “The Cost of Law: Promoting Access to Justice Through the (Un)corporate Practice of Law.”

Epstein, Richard A., “Big Law and Big Med: The Deprofessionalization of Legal and Medical Services.”

Garoupa, Nuno, “Globalization and Deregulation of Legal Services.”

O’Connor, Erin O’Hara, and Rutledge, Peter B., “Arbitration, the Law Market, and the Law of Lawyering.”

Manne, Henry G., “How the Structure of Universities Determined the Fate of American Legal Education.”

McGinnis, John O., and Mangas, Russell D., “An Undergraduate Option for Legal Education.”

Bone, Robert G., “Decentralizing the Lawmaking Function: Private Lawmaking Markets and Intellectual Property Rights in Law.”

Adler, Barry E., “Lawyers as Lawmakers, Privilege, and Agency.”

Bradley, Michael, and Gulati, Mitu, and Salvatierra, Irving de Lira, “Lawyers: Gatekeepers of the Sovereign Debt Market?

Maheshri, Vikram, and Winston, Clifford, “An Exploratory Study of the Pricing of Legal Services.”

Manne Faculty Forum, 2012

Boardman, Michelle, “Judicial Regulation of Insurance Policies After National Regulation Reform.”

Chiang, Tun-Jen, “Forcing Patent Claims.” 113 Michigan Law Review 513 (2015).

Newman, Christopher M., “An Exclusive License Is Not an Assignment: Disentangling Divisibility and Transferability of Ownership in Copyright.” 74 Louisiana Law Review (2013).

Perkins, Rachelle Holmes, “Salience and Sin: Designing Taxes in the New Sin Era.” 2014 Brigham Young Law Review 143.

Treyger, Elina, “The Deportation Conundrum.” Seton Hall Law Review, vol. 44, iss. 1 (2014). 

Verret, J.W., “What is the Impact of Corporate Political Activity Under Citizens United? An Empirical and Public Choice Enquiry.”

Henry G. Manne Program in Law & Economics Studies 2011

Research Roundtable: The Law & Economics of Search Engines and Online Advertising

Dellarocas, Christopher, “Double Marginalization in Performance-Based Advertising: Implications and Solutions.” Management Science, vol. 58, no. 6 (2013).

Lao, Marina, “The Perfect is the Enemy of the Good: The Antitrust Objections to the Google Books Settlement.” Antitrust Law Review, vol. 78 (2012).

Lessons Since the Reagan Revolution at the FTC: A 30-Year Perspective on Competition and Consumer Policies

The proceedings of this conference and the papers presented have been published in a book entitled The Regulatory Revolution at the FTC: A Thirty-Year Perspective on Competition and Consumer Protection, edited by James C. Cooper, Director, Research and Policy at the LEC.

Miller III, James C., “Causes and Implications of the Regulatory Revolution at the FTC.”

Kovacic, William E., “The Federal Trade Commission and the Assignment of Regulatory Tasks.”

Brill, Julie, “The Future of FTC Jurisdiction Over Antitrust and Consumer Protection; A Commentary.”

Divinely, Angela, and Wright, Joshua, D., “Do Expert Agencies Outperform Generalist Judges?: Some Preliminary Evidence from the Federal Trade Commission.”

Melamed, A. Douglas, “Paradigm Shopping: Section 5, the FTC, and the Courts.”

McChesney, Fred S., “Consumer Protection and James Miller at the Federal Trade Commission.”

Beales III, Howard J., Muris, Timothy J., and Pitofsky, Robert, “In Defense of the Pfizer Factors.”

Lenard, Thomas M, and Rubin, Paul H., “The FTC Then and Now: Privacy.”

Pautler, Paul A., “Regulation and Behavioral Economics in the Post-Miller FTC.”

Higgins, Richard S., and Perelman, Mark, “Tying to Mitigate the Deadweight Loss of Monopoly Pricing.”

Crane, Daniel A., “Section 5 and the Innovation Curve.”

Program on Economics & Privacy

The Program on Economics & Privacy is dedicated to producing relevant and original research on the intersection of information privacy, law, and economics. To access articles, comments, and memos generated by PEP, click here.