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We thank Bruce Ackerman, Heather Gerken, Richard Helmholz, Aziz Huq, Maximo Langer, Daniel Markovits, Jonathan Masur, Richard McAdams, Adam Samaha, David Sklansky, and Carol Steiker for valuable comments on earlier drafts. We are also grateful to faculty workshop participants at Quinnipiac University Law School, The University of Chicago Law School, Vanderbilt University Law School, and Yale Law School, and to the participants at the University of Chicago Criminal Justice Roundtable. For outstanding research assistance, we thank Jacob Gardener, Liza Khan, Sam Lim, Basha Rubin, Nicolas Thompson, and Diana Watral.

I thank Daniel Abebe, Barry E. Adler, Kenneth Ayotte, Adam B. Badawi, Douglas G. Baird, Omri Ben-Shahar, Erin M. Casey, Stephen Choi, Lee Anne Fennell, Joseph A. Grundfest, M. Todd Henderson, William Hubbard, Mitchell Kane, Ashley Keller, Randall L. Klein, Saul Levmore, Douglas Lichtman, Anup Malani, Troy McKenzie, Jon D. Michaels, Anthony Niblett, Randal C. Picker, Eric Posner, Robert K. Rasmussen, Andres Sawicki, Naomi Schoenbaum, Julia Simon-Kerr, Richard Squire, Lior Strahilevitz, Matthew Tokson, George G. Triantis, Noah Zatz, participants at the Annual Meeting of the American Law and Economics Association, participants at the Annual Meeting of the Midwestern Law and Economics Association, participants at the University of Chicago Law School Faculty Works-in-Progress Workshop, participants at the University of Southern California Center in Law, Economics, and Organization Workshop, and the faculties of Columbia Law School, Cornell Law School, Emory Law School, Marquette University Law School, Stanford Law School, the University of Alabama School of Law, University of California Irvine School of Law, the University of Chicago Law School, University of Colorado Law School, University of Georgia Law School, the University of Minnesota Law School, and Vanderbilt University Law School for helpful comments and discussion.

The author thanks Ishan Bhabha, Christopher Buccafusco, Mark Egerman, Sam Erman, Richard Fallon, Terry Fisher, Sandy Henderson, Richard Posner, David Post, Henry Smith, Rebecca Stone, Cass Sunstein, and Elisabeth Theodore for comments and advice on previous drafts.

Thanks to Ken Ayotte, Barry Adler, Oren Bar-Gill, G. Allen Bass, Ed DeSeve, Lee Fennell, Rick Hills, Omer Kimhi, Daryl Levinson, Julie Roin, David Skeel, and participants in workshops at New York University School of Law and the University of Chicago Law School.

We would like to thank Chad Garrett for his excellent assistance with gathering the data needed for this Article.

I am grateful to Barry Adler, Christopher Bruner, Joshua Fairfield, Anna Gelpern, Clay Gillette, Claire Hill, Margaret Howard, Richard Hynes, Tom Jackson, Lyman Johnson, John Langbein, Michael McConnell, Joshua Rauh, Roberta Romano, and to participants at the Yale Law School Corporate Law Center breakfast program in New York City, the State and Municipal Default Workshop at the Hoover Institution, the law and economics seminar at the University of Minnesota Law School, and a faculty workshop at Washington and Lee School of Law for helpful comments and conversation; to Bill Draper for comments and legislative analysis; to Elizabeth Hendee, Albert Lichy, David Payne, and Spencer Pepper for research assistance; to the University of Pennsylvania Law School for generous summer funding; and to the editors of The University of Chicago Law Review for terrific editorial suggestions.

Sincere thanks to Ed Brunet, Arthur Bryant, Sergio Campos, Howard Erichson, Brian Fitzpatrick, Samuel Issacharoff, Margaret Lemos, David Marcus, Geoffrey Miller, Alexander Reinert, Judith Resnik, Charles Silver, Alex Stein, Stewart Sterk, Jean Sternlight, James Tierney, Stephen Ware, and Adam Zimmerman, as well as participants in the Cardozo Law School summer brown bag series, for thoughtful comments. All errors are our own.

We thank Rebecca Aviel, Ben Barros, Ursula Bentele, Peter Byrne, Michael Cahill, Ed Cheng, John Echeverria, George Fisher, Susan Herman, Brian Lee, Amnon Lehavi, Gregg Macey, Jonathan Masur, Jon Michaels, Eduardo Peñalver, Jim Pfander, Shelley Saxer, Nelson Tebbe, Jay Tidmarsh, Alan Trammell, and the faculty workshop participants at Vanderbilt Law School for helpful comments and conversations. We thank Liz Austin, Andrew Kenny, Tammy Wang, and the staff of the University of Chicago Law Review for truly fantastic editorial guidance. And we thank the Brooklyn Law School Dean’s Summer Research Stipend Program for its financial support.