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I am grateful to Miriam Baer, William Baude, Maureen Brady, Christopher Buccafusco, David Carlson, Nestor Davidson, Myriam Gilles, Ben Grunwald, Daniel Hemel, Michael Herz, Orin Kerr, Timothy Mulvaney, Luke Norris, John Rappaport, Shelley Ross Saxer, Ric Simmons, Edward Stein, James Stern, Stewart Sterk, Lior Strahilevitz, Matthew Tokson, Felix Wu, Stephen Yelderman, and participants in the AALS New Voices in Property Law Workshop, Cardozo Junior Faculty Workshop, Law and Society Annual Meeting, Mid-Atlantic Junior Faculty Forum at the University of Richmond Law School, and Southeastern Association of Law Schools New Scholars Workshop for their guidance, suggestions, comments, and critiques. I thank the Stephen B. Siegel Program in Real Estate Law for research support.

The author thanks Robert Weisberg, Beth Colgan, Alexandra Brodsky, Emma Kaufman, Andrew Rohrbach, and Gary Dyal for their generous guidance and comments. Special thanks to the student editors who labored to improve this piece: John Butterfield, Megan Coggeshall, Blake Eaton, Carly Gibbs, Jordan G. Golds, Jing Jin, Matthew LaGrone, Valentina Oliver, Eric Petry, Kimon Triantafyllou, and Lael Weinberger. All errors are mine.

My thanks to William H. J. Hubbard, Anthony J. Casey, Vincent S.J. Buccola, Drew H. Bailey, Nora E. Becerra, Huiyi Chen, Eric E. Petry, Vaughn Olson, and Nathaniel K.S. Wackman for comments and criticisms of earlier drafts; to Emily Samra for assistance with research; and to the staff of The University of Chicago Law Review for helping to get this Article into final form.

Thanks to Bruce Ackerman, Matt Adler, Anne Alstott, Ian Ayres, Bob Cooter, Dan Farber, Lee Fennell, Ed Fox, Heather Gerken, Jacob Goldin, Michael Graetz, Andrew Hayashi, Christine Jolls, Amy Kapczynski, Louis Kaplow, Max Kasy, Al Klevorick, Lewis Kornhauser, Doug Kysar, Daniel Markovits, Mitch Polinsky, Alex Raskolnikov, Susan Rose-Ackerman, Chris Sanchirico, David Schleicher, Alan Schwartz, Steve Shavell, Matt Stephenson, Judge Stephen Williams, Gui Woolston, and participants at the Columbia Tax Policy Workshop, Yale Law School Faculty Workshop, National Tax Association Annual Meetings, Loyola Law School Tax Policy Workshop, Boston University Law and Economics Workshop, Boston College Tax Policy Workshop, and William and Mary Faculty Workshop for helpful comments. Thanks to Daniel Giraldo, Brian Highsmith, Quentin Karpilow, Michael Loughlin, Brian McGrail, Farrah Ricketts, Kate Tian, and Jacob Waggoner for excellent research assistance.

Thanks to Stephen Sachs, Patrick Borchers, Alex Boni-Saenz, Mark Rosen, Chris Schmidt, Mike Gentithes, Lori Andrews, Richard Wright, Greg Reilly, and Harold Krent for their helpful comments on this Article .

I would like to thank the individuals who agreed to be interviewed for this article: Hissan Bajwa, Michal Rosenn, Bonnie Broeren, Rob Chesnut, Eric Goldman, Jay Monahan, Ari Shahdadi, Curtis Anderson, Ed Ferguson, Michael Cheah, Hansen Tong, and Miranda Lerner. Katherine Schloss Ackerman (Penn ’17), Elyssa Eisenberg (Penn ’18), and Michelle Kao (Penn ’18) provided research assistance. Tom Baker, Shyam Balganesh, Danielle Citron, Zev Eigen, Meirav Furth-Matzkin, Eric Goldman, Ethan Leib, Sophia Lee, Greg Klass, Florencia Marotta-Wurgler, Melanie McMenamin, Lior Strahilevitz, Rick Swedloff, Michael Risch, Tess Wilkinson-Ryan, David Wishnick, and participants at faculty workshops at the University of Pennsylvania, Boston University, UC Hastings, Villanova University, University of Chicago, and the Second Empirical Contracts Working Group provided useful feedback.

I am grateful to the readers who made this paper what it is, the teachers who gave more support than I deserve, and the friends who inexplicably saw brightness throughout.